2014 - 15 Annual Report

Transcription

Binani Cement Limited
(A subsidiary of Binani Industries Limited)
BOARD OF DIRECTORS
REGISTERED OFFICE
Mr. Braj Binani
Chairman
Mr. Jotirmoy Ghose
Managing Director
Mr. V. Subramanian
Director
Mr. S. Sridhar
Director
Mrs. Jayantika Dave
(w.e.f. 27.07.2015)
Additional Director
37/2, Chinar Park,
New Town
Rajarhat Main Road
P.O. Hatiara
Kolkata- 700157
Tel: 033-32626795/96
Fax: 033-40088802
Email: binanigroupcal@rediffmail.com
Website: www.binanicement.in
CIN: U26941WB1996PLC076612
COMPANY SECRETARY
Mr. Amit Kumar Gupta
CORPORATE OFFICE
AUDITORS
Mercantile Chambers,
12, J.N. Heredia Marg,
Ballard Estate,
Mumbai – 400 001.
Tel.: 022-3026 3000/01/02
Fax: 022-22634960
Email: amit.gupta@binani.net
M/s. Kanu Doshi Associates, Chartered Accountants,
Mumbai
FINANCIAL INSTITUTIONS & BANKERS
Bank of Baroda
Bank of India
Canara Bank
Central Bank of India
Dena Bank
IDBI Bank Limited
IFCI Limited
Indian Overseas Bank
Jammu & Kashmir Bank Limited
Oriental Bank of Commerce
Punjab National Bank
SIDBI
State Bank of Bikaner & Jaipur
State Bank of India
State Bank of Patiala
Syndicate Bank
Union Bank of India
United Bank of India
Yes Bank Limited
PLANT LOCATIONS
1.
Village-Binanigram - 307031,
Taluka-Pindwara, District-Sirohi, Rajasthan
2.
Village-Sirohi - 332714,
Taluka-Neem Ka Thana, District-Sikar, Rajasthan
3.
Shandong Binani RongAn Cement Company Limited
Fujiazhuang Village, Dongguan Town,
Ju County of Rizhao Municipality, Shandong Province,
Peoples Republic of China
4.
Binani Cement Factory LLC
Jebel Ali, Dubai, UAE
REGISTRAR & SHARE TRANSFER AGENTS
CONTENTS
M/s. Link Intime India Private Limited
C-13, Pannalal Silk Mills Compound
L. B. S. Marg, Bhandup (W)
Mumbai – 400 078
Tel: 022-25944970
Fax: 022-25946969
Email: vishal.panjabi@linkintime.co.in
Notice for the Nineteenth Annual General Meeting
Directors’ Report
Standalone Financial Statements
Consolidated Financial Statements
Page
2-8
9-34
35-73
74-115
Summary of Financial Statement of Subsidiary Companies 116-117
Route Map, Attendance Slip and Proxy Form
1
an n u al repor t 2014 - 1 5
NOTICE OF ANNUAL GENERAL MEETING
NOTICE is hereby given that the Nineteenth Annual General
Meeting of the Members of BINANI CEMENT LIMITED will be
held on Friday, 25th September 2015 at 2.45 p.m. at Rotary
Sadan, 94/2, Chowringhee Road, Kolkata -700 020 to transact
the following business:-
Independent Director of the Company w.e.f 27th July 2015,
WR KROG WKH RIßFH XS WR WKH FRQFOXVLRQ RI WKH VW $QQXDO
General Meeting of the Company and that she shall not be
liable to retire by rotation.”
ORDINARY BUSINESS:
1.
To receive, consider and adopt the Standalone and
Consolidated Audited Financial Statements of the Company
for the year ended 31st March 2015, including the Audited
Balance Sheet as at 31st March 2015, the Statement of
3URßWDQG/RVVIRUWKH\HDUHQGHGRQWKDWGDWHWRJHWKHUZLWK
Reports of the Directors’ and the Auditors’ thereon.
2.
To appoint a Director in place of Mr. V. Subramanian (DIN
00010994), who retires by rotation and being eligible, offers
himself for re-appointment.
7R FRQVLGHU DQG LI WKRXJKW ßW WR SDVV ZLWK RU ZLWKRXW
PRGLßFDWLRQVWKHIROORZLQJDVDQOrdinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section
197 and any other applicable provisions, if any, of the
Companies Act, 2013 (“the Act”) and the Rules made
WKHUHXQGHU LQFOXGLQJ DQ\ VWDWXWRU\ PRGLßFDWLRQV RU UH
enactment thereof for the time being in force) read with
Schedule V of the Act, and subject to such approvals,
consents, permissions and sanctions of Appropriate and/or
concerned Authorities, and subject to such other conditions
DQG PRGLßFDWLRQV DV PD\ EH SUHVFULEHG LPSRVHG RU
suggested by any of Appropriate Authorities while granting
such approvals, consents, permissions and sanctions and
as are agreed to by the Board of Directors (hereinafter
referred to as the “Board” and shall include duly constituted
Committee(s) thereof), the consent of the Company be and is
hereby accorded to the Board, to revise, effective 1st August
2015, the terms of appointment of Mr. Jotirmoy Ghose, to
the effect that Mr. Ghose shall not be paid any remuneration
during the remainder period of his tenure as the Managing
Director of the Company.
“RESOLVED THAT pursuant to the provisions of Section
139 and other applicable provisions of the Companies Act,
2013 and Rules made thereunder, M/s. MZSK & Associates,
Chartered Accountants (Firm Registration Number
105047W), be and are hereby appointed as Statutory
$XGLWRUVRIWKH&RPSDQ\WRKROGRIßFHIURPWKHFRQFOXVLRQ
of this 19th Annual General Meeting up to a maximum
period until the conclusion of 24th Annual General Meeting,
VXEMHFWWRWKHUDWLßFDWLRQDWHYHU\$QQXDO*HQHUDO0HHWLQJ
at such remuneration, as may be determined by the Board
of Directors/Audit Committee of the Company.”
RESOLVED FURTHER THAT all other terms and conditions
of appointment of Mr. Jotirmoy Ghose, as approved by the
Company at the Extra Ordinary General Meeting held on
10th December 2013, shall remain unchanged.
RESOLVED FURTHER THAT the Board of Directors of the
Company be and is hereby authorised to do all acts and take
all such steps as may be necessary, proper or expedient to
give effect to this Resolution.”
Note: The retiring Auditors, M/s. Kanu Doshi Associates,
have expressed their unwillingness to be re-appointed.
Therefore, Members are requested to appoint M/s.
MZSK & Associates, Chartered Accountants, Mumbai
in place of the retiring Auditors.
SPECIAL BUSINESS:
PRGLßFDWLRQVWKHIROORZLQJDVDSpecial Resolution:
PRGLßFDWLRQVWKHIROORZLQJDVDQOrdinary Resolution:
“RESOLVED THAT pursuant to Section 148 and other
applicable provisions, if any, of the Companies Act, 2013
and Rules made thereunder (including any statutory
PRGLßFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJ
LQ IRUFH WKH &RPSDQ\ KHUHE\ UDWLßHV WKH UHPXQHUDWLRQ RI
`1.00 Lakh plus service tax and out of pocket expenses
payable to M/s. K. G. Goyal & Co, Cost Accountants, for
carrying out Audit of the Cost records of the Company for
the Financial Year ending on 31st March, 2016.”
PRGLßFDWLRQVWKHIROORZLQJDVDQOrdinary Resolution:“RESOLVED THAT pursuant to the provisions of Sections
149, 152 and other applicable provisions, if any, of the
Companies Act, 2013 (“the Act”) and the Rules made
thereunder, read with Schedule IV, (including any statutory
PRGLßFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJ
in force), Mrs. Jayantika Dave (DIN 01585850), who was
appointed as an Additional Director of the Company by
the Board of Directors w.e.f 27th July 2015, and who holds
WKH RIßFH XSWR WKH GDWH RI WKLV $QQXDO *HQHUDO 0HHWLQJ LQ
terms of Section 161(1) of the Act and in respect of whom
the Company has received a notice in writing under Section
160 of the Act from a Member proposing her candidature
IRUWKHRIßFHRI'LUHFWRUEHDQGLVKHUHE\DSSRLQWHGDVDQ
By Order of the Board
Amit Kumar Gupta
Company Secretary
Place : Mumbai
Date : 27th July, 2015
2
NOTES:
1.
An Explanatory Statement pursuant to Section 102 (1) of
the Companies Act, 2013 relating to the Special Business
to be transacted at the Annual General Meeting, is annexed
hereto.
2.
A MEMBER ENTITLED TO ATTEND AND VOTE AT THE
MEETING, IS ENTITLED TO APPOINT A PROXY TO ATTEND
AND VOTE AT THE MEETING ON HIS /HER BEHALF AND
THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.
3.
Pursuant to Section 105 of the Companies Act, 2013 (“the
Act”), a person can act as a Proxy on behalf of not more
UIBOÞGUZ
.FNCFSTBOEIPMEJOHJOUIFBHHSFHBUFOPU
more than 10% of the total share capital of the Company. A
Member holding more than 10% of the total share capital
of the Company may appoint a single person as a Proxy and
such person shall not act as a Proxy for any other Member.
4.
The instrument of Proxy in order to be effective, should
EH GHSRVLWHG DW WKH 5HJLVWHUHG 2IßFH RI WKH &RPSDQ\
duly completed and signed, not less than 48 hours before
the commencement of the meeting. Proxies submitted
on behalf of the Companies / Bodies Corporate etc. must
be supported by an appropriate Resolution / Authority, as
applicable. A Proxy Form is appended with this Notice.
'XULQJWKHSHULRGEHJLQQLQJKRXUVEHIRUHWKHWLPHß[HG
for the commencement of the meeting and ending with the
conclusion of the meeting, a Member would be entitled to
inspect the proxies lodged at any time during the business
KRXUVRIWKH&RPSDQ\DWLWV5HJLVWHUHG2IßFHSURYLGHGWKDW
not less than three days of notice in writing is given to the
Company.
6.
Corporate Members intending to send their authorised
representatives to attend the Meeting are requested to send
WR WKH &RPSDQ\ D FHUWLßHG FRS\ RI WKH %RDUG 5HVROXWLRQ
authorising their representative to attend and vote on their
behalf at the Meeting.
0HPEHUV3UR[LHV VKRXOG EULQJ WKH GXOO\ ßOOHG $WWHQGDQFH
Slip enclosed herewith to attend the meeting.
8.
The Register of Directors and Key Management Personnel
and their shareholding, maintained under Section 170 of
the Companies Act, 2013 and the Register of Contracts
and Arrangement in which the Directors are interested,
maintained under Section 189 of the Companies Act, 2013,
shall be available for inspection by the Members at the
Annual General Meeting.
9.
Members are requested to:
a.
bring their copy of the Annual Report for the meeting.
b.
address their queries relating to Accounts of the
Company, if any, to the Company Secretary of the
Company at least ten working days in advance of the
Annual General Meeting, to enable the Company to
keep the information ready.
c.
note that in respect of the shares held in physical
form, all correspondence relating to share transfers,
transmissions, sub-division, consolidation of shares
or any other related matters and/or change in address
or updation thereof, should be addressed to Registrar
and Share Transfer Agents of the Company, viz.
Link Intime India Private Limited, at C-13, Pannalal
Silk Mills Compound, L.B.S. Marg, Bhandup (W),
Mumbai – 400 078. Members, whose shareholding is
in electronic form, are requested to direct change of
DGGUHVV QRWLßFDWLRQV UHJLVWUDWLRQ RI HPDLO DGGUHVV
and updation of bank account details to their respective
Depository Participant.
d.
quote their DP ID No. /Client ID No. or folio number in
all their correspondence.
10. The Annual Report for 2014-15 along with the Notice of the
Annual General Meeting, Attendance Slip and Proxy Form is
being sent by electronic mode to all the Members who have
registered their email IDs with the Depository Participants,
Registrar and Share Transfer Agents and the Company,
unless where any Member has requested for the physical
copy. The physical copies of the aforesaid documents
ZLOO EH DYDLODEOH IRU LQVSHFWLRQ DW WKH 5HJLVWHUHG 2IßFH RI
the Company during business hours on working days.
Members, who require physical copies of Annual Report
may write to the Company Secretary or Registrar and Share
Transfer Agents. Members may further note that the said
documents will also be available on the Company’s website
www.binanicement.in under Investors’ section for download.
11. The Ministry of Corporate Affairs (MCA) on 10 May, 2012
QRWLßHGWKH,(3)XSORDGLQJRILQIRUPDWLRQUHJDUGLQJXQSDLG
and unclaimed amounts lying with Companies) Rules,
2012 (IEPF Rules), which is applicable to the Company. In
terms of the said IEPF Rules, the Company has uploaded
the information in respect of the unclaimed dividend on
the website of the IEPF viz. www.iepf.gov.in and under
“Investors” section on the website of the Company viz.
www.binanicement.in. The Members are requested to verify
the details of their unclaimed amounts, if any, from the said
websites and write to the Company’s Registrar and Share
Transfer Agents or the Company Secretary before the same
is due for transfer to the Investor Education and Protection
Fund. Pursuant to the provisions of Section 205A(5) and 205C
of the Companies Act, 1956, the Company has transferred
WKHXQSDLGRUXQFODLPHGGLYLGHQGVXSWRWKHßQDQFLDO\HDUV
2006-07, from time to time on due dates, to the Investor
Education and Protection Fund (the IEPF) established by the
Central Government. Due dates for transfer of unclaimed
dividend to the IEPF are given hereinafter:
3
Sr.
No.
conducting the remote e-voting and the voting process at
the AGM in a fair and transparent manner.
Dividend for the Year Due date for Transfer of
ended
unclaimed dividends to
IEPF
1
31.03.2008
04.08.2015
2
31.03.2009
07.08.2016
3
31.03.2010
06.08.2017
4
31.03.2011
08.08.2018
12. Pursuant to Section 101 of the Companies Act, 2013 and
Rules made thereunder, the Companies are allowed to send
communication to Members electronically. Members are
therefore, requested to kindly register/update their email
IDs with their respective Depository Participants and in the
case of physical shares with the Company’s Registrar and
Share Transfer Agents or the Company and make this Green
Initiative a success.
E.
At the AGM, at the end of the discussion on the resolutions
on which voting is to be held, the Chairman shall, with the
assistance of Scrutinizer, order voting through ballot paper/
electronically at the venue of the AGM. Only those Members
attending the meeting, who have not already cast their
vote through remote e-voting shall be entitled to exercise
their voting rights at the meeting. The Members who have
already cast their vote through remote e-voting may attend
the meeting but shall not be entitled to cast their vote again
at the AGM.
F.
The Scrutinizer shall immediately after the conclusion of
the voting at AGM, count the votes cast at the AGM and
thereafter unblock the votes cast through remote e-voting
in the presence of at least two (2) witnesses not in the
employment of the Company. The Scrutinizer shall submit
a consolidated Scrutinizer Report on the total votes cast in
favour or against, if any, not later than three (3) days after the
conclusion of the AGM to the Chairman of the Company. The
Chairman or any other person authorised by the Chairman,
shall declare the result of the voting forthwith.
G.
The result along with the Scrutinizer Report shall be placed
on the Company’s website www.binanicement.in and on the
website of CDSL www.evotingindia.com
$ EULHI SURßOH RI 'LUHFWRUV SURSRVHG WR EH DSSRLQWHG
re-appointed, is annexed hereto and forming part of this
Notice.
14. A Route Map for easy locating the venue of AGM, is annexed
to this Notice.
Voting
A.
B.
C.
D.
Pursuant to Section 108 of the Companies Act, 2013
read with Rule 20 of the Companies (Management and
Administration) Rules, 2014, as amended by the Companies
(Management and Administration) Amendment Rules,
2015, the Company is pleased to provide its Members the
facility of ‘remote e-voting’ (e-voting from a place other
than venue of the Annual General Meeting) to exercise their
right to vote at the 19th Annual General Meeting (AGM) by
electronic means. The Company has approached CDSL for
providing E-voting services through its e-voting platform.
The business may be transacted through e-voting services
rendered by Central Depository Services (India) Limited
(CDSL).
The instructions for shareholders voting electronically are as
under:
The voting right of the Members shall be in proportion
to their shares of the paid-up equity share capital of the
Company as on Friday, 18th September, 2015 (“Cut-off
date”).
Any person, who acquires the share of the Company and
becomes a Member of the Company after the dispatch of
this Notice of AGM and holds the shares as of the Cut-off
date, can also cast their vote through remote e-voting by
following the instructions given in this notice.
The Company has appointed Mr. Manoj Kumar Banthia
(Membership No. 11470) of M/s. MKB & Associates,
Practicing Company Secretary, as the Scrutinizer for
4
i.
The remote e-voting period begins on Tuesday, 22nd
September, 2015 at 9.00 AM and ends on Thursday, 24th
September, 2015 at 5.00 PM. During this period shareholders
of the Company, holding shares either in physical form or in
dematerialized form, as on the cut-off date of Friday, 18th
September 2015, may cast their vote electronically. The
e-voting module shall be disabled by CDSL for voting after
5.00 P.M. on 24th September, 2015.
ii
Shareholders who have already voted prior to the meeting
date would not be entitled to vote at the meeting venue.
iii.
The shareholders should log on to the e-voting website
www.evotingindia.com.
iv.
Click on “Shareholders” tab.
v.
Now Enter your User ID
D
)RU&'6/GLJLWVEHQHßFLDU\,'
b.
For NSDL: 8 Character DP ID followed by 8 Digits Client
,'
c.
Members holding shares in Physical Form should
enter Folio Number registered with the Company.
YL 1H[WHQWHUWKH,PDJH9HULßFDWLRQDVGLVSOD\HGDQG&OLFNRQ
Login.
NO” for voting. Select the option YES or NO as desired. The
option YES implies that you assent to the Resolution and
option NO implies that you dissent to the Resolution.
vii. If the Members are holding shares in demat form and had
logged on to www.evotingindia.com and voted on an earlier
voting of any Company, then your existing password is to be
used.
xiv. Click on the “RESOLUTIONS FILE LINK” if you wish to view
the entire Resolution details.
xv.
YLLL ,I\RXDUHDßUVWWLPHXVHUIROORZWKHVWHSVJLYHQEHORZ
For Members holding shares in Demat Form and Physical
Form
Enter your 10 digit alpha-numeric *PAN
PAN:
issued by Income Tax Department
(Applicable for both demat shareholders as
well as physical shareholders).
xvi. Once you “CONFIRM” your vote on the resolution, you will
not be allowed to modify your vote.
xvii. You can also take out print of the voting done by you by
clicking “Click here to print” option on the voting page.
xviii. If Demat account holder has forgotten the same password
WKHQ(QWHUWKH8VHU,'DQGWKHLPDJHYHULßFDWLRQFRGHDQG
click Forgot Password & enter the details as prompted by
the system.
*Members who have not updated their PAN
with the Company/Depository Participant
are requested to use the Sequence Number
which is printed on the address slip/provided
in the email sent to you.
Dividend Bank Enter the Dividend Bank Details or Date of
Details OR Date Birth (in dd/mm/yyyy format) as recorded
in your demat account or in the company
of Birth (DOB)
records in order to login.
•
After entering these details appropriately, click on “SUBMIT”
tab.
x.
Members holding shares in physical form will then directly
reach the Company selection screen. However, Members
holding shares in demat form will now reach ‘Password
Creation’ menu wherein they are required to mandatorily
HQWHUWKHLUORJLQSDVVZRUGLQWKHQHZSDVVZRUGßHOG.LQGO\
note that this password is to be also used by the demat
holders for voting for resolutions of any other Company
on which they are eligible to vote, provided that Company
opts for e-voting through CDSL platform. It is strongly
recommended not to share your password with any other
person and take utmost care to keep your password
FRQßGHQWLDO
xi.
xix. Note for Non – Individual Shareholders and Custodians.
If both the details are not recorded
with the depository or company please
enter the member id / folio number
LQ WKH 'LYLGHQG %DQN GHWDLOV ßHOG DV
mentioned in instruction (v).
ix.
After selecting the resolution you have decided to vote on,
FOLFNq68%0,7r$FRQßUPDWLRQER[ZLOOEHGLVSOD\HG,I\RX
ZLVK WR FRQßUP \RXU YRWH FOLFN q2.r HOVH WR FKDQJH \RXU
vote, click “CANCEL” and accordingly modify your vote.
•
Non-Individual shareholders (i.e. other than Individuals,
HUF, NRI etc.) and Custodian are required to log on
to www.evotingindia.com and register themselves as
Corporate.
•
A scanned copy of the Registration Form bearing the
stamp and sign of the entity should be emailed to
helpdesk.evoting@cdslindia.com.
•
After receiving the login details a compliance user
should be created using the admin login and password.
The Compliance user would be able to link the
account(s) for which they wish to vote on.
•
The list of accounts should be mailed to helpdesk.
evoting@cdslindia.com and on approval of the accounts
they would be able to cast their vote.
•
A scanned copy of the Board Resolution and Power of
Attorney (POA) which they have issued in favour of the
Custodian, if any, should be uploaded in PDF format in
the system for the scrutinizer to verify the same.
xx. In case anyone has any queries or issues regarding e-voting,
he/she may refer the Frequently Asked Questions (“FAQs”)
and e-voting manual available at www.evotingindia.com,
under help section or write an email to helpdesk.evoting@
cdslindia.com.
For Members holding shares in physical form, the details
can be used only for e-voting on the Resolutions contained
in this Notice.
xii. Click on the EVSN for Binani Cement Limited on which you
choose to vote.
Amit Kumar Gupta
Company Secretary
xiii. On the voting page, you will see “RESOLUTION
DESCRIPTION” and against the same the option “YES/
Place : Mumbai
5
Particulars of Directors seeking appointment / re-appointment at the 19th Annual General Meeting
Name of Director
Mr. V. Subramanian
Mrs. Jayantika Dave
Date of Birth
25.11.1930
24.01.1955
Date of initial Appointment
27.02.2006
27.07. 2015
([SHUWLVHLQVSHFLßFIXQFWLRQDODUHDV
Finance & Accounts
Human Resources
4XDOLßFDWLRQV
B.Com, ICWA
Graduate in Economics & MBA
Number of Equity shares held in the
Company
Nil
Nil
Relationship with other Directors, Key
Managerial Personnel
None
None
Number of Board Meetings attended
during the FY 2014-15
6
Not applicable
Directorships held in other
Public Companies (excluding
Foreign Companies)
Binani Zinc Limited
Goa Glass Fibre Limited
Merit Plaza Limited
Swiss Merchandise Infrastructure Limited
Binani Energy Private Limited
B T Composites Limited
Ingersoll Rand (India) Limited
Binani Industries Limited
Chairman / Member of Committees of
other Companies (includes only Audit
Committee and Stakeholders‘ Relationship
Committee).
Audit Committee
Member - Binani Zinc Limited
- Goa Glass Fibre Limited
Nil
6
ANNEXURE TO NOTICE
Statement pursuant to Section 102 (1) of the Companies Act, 2013.
Item no. 4
Item no. 5
The Board of Directors of the Company has appointed Mrs.
Jayantika Dave (DIN 01585850) as an Additional Director of the
Company with effect from 27th July, 2015. In accordance with
the provisions of Section 161 of the Companies Act, 2013 (“the
$FWr0UV-D\DQWLND'DYHVKDOOKROGRIßFHXSWRWKHGDWHRIWKLV
Annual General Meeting. In terms of the provisions of Section
149 of the Act and the Rules made thereunder, Mrs Jayantika
Dave is eligible to be appointed as an Independent Director.
The Members of the Company in the Extra-ordinary General
Meeting (EGM) held on 10th December 2013 had approved
the appointment and remuneration of Mr. Jotirmoy Ghose as
0DQDJLQJ 'LUHFWRU RI WKH &RPSDQ\ IRU D SHULRG RI ßYH \HDUV
effective 30th October, 2013 on such terms and remuneration
as were mentioned in the notice convening such EGM. The said
appointment was made in terms of the provisions of Section 269
read with Schedule XIII of the Companies Act, 1956.
The aforesaid appointment of Mr. Ghose was subject to the
approval of Central Government, as required under the provisions
of Schedule XIII of the Companies Act, 1956 since he was not a
resident in India and was a Person of Indian Origin. The Central
Government, later on, approved the appointment of Mr. Ghose, as
Managing Director of the Company.
Mrs. Dave, aged about 60 years, is a Graduate in Economics
and MBA. She has held leadership position in Hewlett Packard
and Agilent Technologies before occupying the position of Vice
President (Human Resources) in Ingersoll Rand (India) Limited.
She has multi-faceted career and diverse experience having
worked as Consultant in different areas of business. Mrs. Dave is
currently a Non Executive Non-Independent Director of Ingersoll
Rand (India) Limited.
The Members may note that the Company has a strategy for its
expansion globally and to establish new projects in Tanzania,
Indonesia and Fujairah etc. in the coming years through its
Subsidiary namely Binani Cement Factory LLC, Dubai (BCFLLC),
apart from expansion of the existing facilities in Dubai and China.
The Company has received a declaration of Independence from
Mrs. Jayantika Dave that she meets the criteria of independence
as prescribed under sub-section (6) of Section 149 of the Act.
,Q WKH RSLQLRQ RI WKH %RDUG 0UV -D\DQWLND 'DYH IXOßOOV WKH
FRQGLWLRQVVSHFLßHGLQWKH$FWIRUDSSRLQWPHQWDVDQ,QGHSHQGHQW
Director.
The Board therefore, considered it in the best interest of the
Company, to entrust Mr. Ghose with responsibilities, apart from
being the Managing Director of Binani Cement Limited, to oversee
timely implementation of upcoming projects and develop the
markets for Company’s products in untapped regions. Mr. Ghose
shall continue to discharge the responsibilities as the Managing
Director of the Company. He shall operate out of India and
Dubai, as may be considered necessary by him. Mr. Ghose, while
occupying the position of Managing Director of the Company,
shall not be paid any remuneration by the Company effective
1st August, 2015. However, he shall be engaged by BCFLLC
on such terms and conditions and on such remuneration, as
may be mutually decided between BCFLLC and Mr. Ghose, in
consideration of the services to be rendered by Mr. Ghose to
BCFLLC.
The Company has received a notice in writing under provisions of
Section 160 of the Act from a Member of the Company along with
requisite deposit proposing the candidature of Mrs. Jayantika
Dave as an Independent Director of the Company.
A copy of the draft letter of appointment of Mrs. Jayantika Dave,
setting out the terms and conditions, is available for inspection
E\WKH0HPEHUVDWWKH5HJLVWHUHG2IßFHRIWKH&RPSDQ\GXULQJ
11 a.m. to 1 p.m. on any working day up to the date of this Annual
General Meeting.
The Board considers that with her rich experience, association
RI0UV'DYHZRXOGEHEHQHßFLDOWRWKH&RPSDQ\DQGDVVXFK
recommends the appointment of Mrs. Jayantika Dave as an
Independent Director with effect from 27th July, 2015 for a term
upto the conclusion of the 21st Annual General Meeting and she
shall not be liable to retire by rotation.
The Resolution at item No. 5 is to seek the approval of the
Members to the variation in the terms of appointment of
Mr. Jotirmoy Ghose and the Company to the effect that Mr. Ghose
shall not be paid any remuneration during the remainder period
of his tenure as the Managing Director of the Company.
Except Mr. Jotirmoy Ghose, none of the Directors and Key
Managerial Personnel or their relatives is concerned or
LQWHUHVWHGßQDQFLDOO\RURWKHUZLVHLQWKH5HVROXWLRQ
Except Mrs. Jayantika Dave, none of the Directors and Key
Managerial Personnel or their relatives are concerned or
LQWHUHVWHGßQDQFLDOO\RURWKHUZLVHLQWKH5HVROXWLRQ
The Board recommends the Resolution set out in item no. 5 for
the approval of the Members.
The Board recommends the Resolution set out in item no. 4 for
A Supplementary Agreement executed between Mr. Jotirmoy
7
Rules, 2014, the remuneration payable to the Cost Auditors is to
EHDSSURYHGUDWLßHGE\WKH0HPEHUVRIWKH&RPSDQ\
Ghose and the Company to give effect to the above, shall be
available for inspection by any Member during 11.00 a.m to 1.00
p.m. on any working day up to the date of this Annual General
Meeting.
The Board recommends the proposed remuneration to M/s. K. G.
Goyal & Co. the same being reasonable considering their stature
and also commensurate to the volume of work involved.
Item no. 6
The Company is obliged, under Section 148 of the Companies
Act, 2013 to have an audit of its cost records, conducted
by a Cost Accountant in practice. The Board therefore, on
the recommendation of the Audit Committee, approved the
appointment of M/s. K. G. Goyal & Co., Cost Accountants, as
the Cost Auditors of the Company for carrying out Audit of Cost
UHFRUGV RI WKH &RPSDQ\ IRU WKH ßQDQFLDO \HDU HQGLQJ RQ VW
March, 2016, at a remuneration of ` 1.00 Lakh plus service tax
and reimbursement of out of pocket expenses.
None of the Directors and Key Managerial Personnel of the
Company or their relatives is concerned or interested in the
Resolution.
In terms of the provision of Section 148(3) of the Companies Act,
2013 read with Rule 14(a)(ii) of the Companies (Audit and Auditors)
Place : Mumbai
The Board recommends the Resolution set forth in item no. 6 for
Amit Kumar Gupta
Company Secretary
8
DIRECTORS’ REPORT
Dear Members,
Your Directors present Nineteenth Annual Report of the Company
together with the Audited Financial Statements for the Financial
Year ended on 31st March, 2015.
1.
FINANCIAL HIGHLIGHTS
7KHßQDQFLDOKLJKOLJKWVIRUWKH\HDUHQGHGVW0DUFK
are summarized below:
The business of the Company was severely affected because
of the poor demand situation due to lower activities in
infrastructure and real estate segments. The situation
aggravated due to coercive actions taken by the Rajasthan
VAT Authorities in connection with recovery of past dues,
which were earlier in disputes, which led to disruption
in production and dispatches for some time during the
year under review. During the Financial Year 2014-15, the
Company generated 2,400.18 Lakhs Kwh of power against
3,083.95 Lakhs Kwh last year.
(` in Lakhs)
Particulars
Total Revenue (Including other
income)
3URßWEHIRUH'HSUHFLDWLRQ,QWHUHVW
Taxation and Exceptional Items
Provision for Depreciation
Finance Cost
3URßW/RVVEHIRUH7D[
Exceptional items
Exceptional items
3URßW/RVVEHIRUH7D[
Less: Tax Expenses
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%DODQFHRI3URßWEURXJKWIRUZDUG
from previous year
Balance carried forward to
Balance Sheet
2.
31st
March,
2015
183,998
31st
March,
2014
196,224
29,347
24,452
7,471
35,325
(13,449)
10,533
27,325
(13,407)
1,283
(14,732)
4,244
(10,488)
27,020
15,928
(29,335)
9,623
(19,712)
46,733
16,532
27,020
3.
DIVIDEND
In view of loss, the Directors did not recommend any
dividend on Preference and Equity Shares of the Company
for the Financial Year ended 31st March, 2015.
4.
SHARE CAPITAL
During the year under review, the Company issued and
allotted 6,002,000, 0.01% Non-Cumulative Redeemable
Preference Shares of ` 100/-each, aggregating to ` 6,002.00
Lakhs to Binani Industries Limited, Promoter of the
Company. The proceeds from issue of Preference Shares
were utilized for the purpose of meeting critical working
capital requirement of the Company. Consequently, the total
paid-up share capital of the Company stood at ` 24,862.38
Lakhs (previous year ` 18,860.38 Lakhs) as on 31st March,
2015.
5.
CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements have been prepared
in compliance with applicable Accounting Standards issued
by the Institute of Chartered Accountants of India and form
part of this Annual Report.
REVIEW OF OPERATIONS
During the Financial Year under review, your Company’s
Cement Production and sales stood at 4.50 million MT
and 4.47 million MT respectively as compared to 4.99
million MT and 5.14 million MT respectively in the previous
year. The Company’s total Income was lower at ` 183,998
Lakhs as against ` 196,224 Lakhs last year. The Company
WRRN VHYHUDO PHDVXUHV WR LPSURYH WKH HIßFLHQFLHV DFURVV
different functional areas which despite lower sales volume,
KLJKHU LQSXW DQG ORJLVWLF FRVWV UHVXOWHG LQ KLJKHU 3URßW
before Depreciation, Interest, Taxation and Exceptional
Items at ` 29,347 Lakhs, higher by about 20%, as compared
to ` /DNKV LQ WKH SUHYLRXV ßQDQFLDO \HDU +RZHYHU
KLJKHUßQDQFHFRVWVDQGLQWHUHVWSURYLVLRQRI` 1,283 Lakhs
in terms of section 234C of the Income Tax Act, 1961 relating
to prior years (shown under Exceptional Item), resulted in
the Company reporting a net loss of ` 10,488 Lakhs for the
year under review as against the net loss of ` 19,712 Lakhs
in the previous year.
6.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(5) of the Companies
Act, 2013 (“the Act”), your Directors state that:
9
D
LQ SUHSDUDWLRQ RI WKH DQQXDO ßQDQFLDO VWDWHPHQWV
for the year ended 31st March, 2015, the applicable
Accounting Standards read with requirements set out
under Schedule III to the Act, have been followed and
WKHUHDUHQRPDWHULDOGHSDUWXUHVIURPWKHVDPH
b.
they have selected such accounting policies and applied
them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company at
the end of the Financial Year as at 31st March 2015 and
RIWKHSURßWDQGORVVRIWKH&RPSDQ\IRUWKDWSHULRG
F
WKH\ KDYH WDNHQ SURSHU DQG VXIßFLHQW FDUH IRU
the maintenance of adequate accounting records
is expected to increase further to 421 million MT by the end
of 2017. The production for FY 2014-15 stood at about 270
million MT and per capita consumption at around 190 kgs.
The housing sector is the biggest demand driver of cement,
accounting for about 67% of the total consumption. The
other major consumers of cement include infrastructure at
13%, commercial and industrial construction at 11% and 9%
respectively.
in accordance with the provisions of this Act for
safeguarding the assets of the Company and for
SUHYHQWLQJDQGGHWHFWLQJIUDXGDQGRWKHULUUHJXODULWLHV
d.
they have prepared the annual accounts on a going
FRQFHUQEDVLV
H
WKH\ KDYH ODLG GRZQ LQWHUQDO ßQDQFLDO FRQWUROV WR
be followed by the Company and that such internal
ßQDQFLDO FRQWUROV DUH DGHTXDWH DQG ZHUH RSHUDWLQJ
HIIHFWLYHO\
f.
7.
The Government thrust on the development of National
Highways, Rural and Urban Roads, Affordable Housing, Port
Connectivity, Development of 100 Smart Cities, etc. should
help in boosting the muted growth of the Cement Industry.
they have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such
systems were adequate and operating effectively.
The cement market in India is expected to grow at a
compounded annual growth rate (CAGR) of 8.96 percent
during the period 2014-2019.
MATERIAL CHANGES AND COMMITMENTS AFFECTING
THE FINANCIAL POSITION OF THE COMPANY
10.3 Company Performance and Outlook
There have been no material changes and commitments
DIIHFWLQJ WKH ßQDQFLDO SRVLWLRQ RI WKH &RPSDQ\ EHWZHHQ
the end of Financial Year under review and the date of this
Report.
8.
10.3.1 Company Performance
Demand for cement is highly correlated with cyclical
activities like construction and infrastructure
development. The sluggish demand of cement
continued in 2014-15 and due to the unavoidable
production shutdown in early part of the year owing
to coercive measures initiated by the Rajasthan VAT
Authorities, the Company could achieve production of
4.501 million MT as compared to 4.994 million MT in
WKH)LQDQFLDO<HDUORZHUE\DERXW
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE,
GUARANTEES GIVEN AND SECURITIES PROVIDED
During the year under review, the Company had not given
any loan and guarantee, made any investment or provided
any security under section 186 of the Companies Act, 2013.
9.
Consequently, cement sales were also lower by 13%
at 4.473 million MT as against 5.137 million MT in the
previous year. Share of Portland Pozzolana Cement
(PPC) as a percentage to total sales, reduced from 56%
WRGXHWRKLJKHUà\DVKFRVWV
DEPOSIT
The Company has not accepted any deposit from the public
within the meaning of the provisions of Section 73 of the
Companies Act, 2013 and Rules made thereunder.
10. BUSINESS PERFORMANCE AND OUTLOOK
Cement Production and Sales
56.12
56.81
51.37
33.36
20
10
28.42
19.15
22.48
30
28.14
44.73
21.08
40
33.5
Qty. in lakh MT
50
25.87
The Indian economy grew by about 7.4% in FY 2014-15 as
compared to 6.9% previous year, mostly driven by improved
economic fundamentals and revision in GDP methodology
calculation. Declining commodity prices, especially decline
in oil prices by about 40%, have contributed positively and
VXEVWDQWLDOO\ WR GULYH LQàDWLRQ GRZQ 7KLV VXJJHVWV WKDW
slowdown is behind us and economy is heading towards
strong recovery going forward.
54.38
28.82
60
21.12
10.1 Economic Review and Outlook
PPC
OPC
Sales
0
With the strengthening of macro-economic prospects, Indian
economy is best positioned among emerging economies,
gaining global Investors attention. The Government also
envisages GDP growth to accelerate to 8% in FY 2015-16.
The reforms proposed by the Government, coupled with
easing monetary position, facilitated by ongoing moderation
LQLQàDWLRQH[SHFWHGWRERRVWFRQVXPSWLRQDQGJURZWK
10-11
11-12
12-13
13-14
14-15
Year
PPC - Portland Pozzolana Cement
OPC - Ordinary Portland Cement
10.3.2 Outlook
10.3.2.1 Opportunities
With the positive sentiments prevailing, consequent
upon a stable Government at the Centre, coupled
with large planned investments in infrastructure and
housing /real estate sectors, the demand for cement
10.2 Indian Cement Industry
India is the second largest cement producer in the world with
nearly 366 million MT of cement production capacity, which
10
RMB 368.59 Million (equivalent to ` 36,613.33 Lakhs). SBRCC
however, incurred loss of RMB 42.96 Million (equivalent to
` 4,266.92 Lakhs) due to lower volume, higher cost and low
price realizations. Further, Binani Cement Factory LLC, UAE
( BCFLLC) registered a turnover of about AED 133.49 Million
(equivalent to ` 22,209.61 Lakhs) and earned a nominal
SURßWRI$('0LOOLRQHTXLYDOHQWWR` 477.19 Lakhs).
is likely to get a boost in the coming years. Decreasing
FRPPRGLW\ SULFHV DQG FRQWUROOHG LQàDWLRQ ZLOO SDYH
the way for controlling costs of manufacturing.
Opportunities also exist in terms of technology
LQQRYDWLRQVIRULPSURYLQJHIßFLHQF\DQGLQVWDOODWLRQRI
Waste Heat Recovery System.
The Company has strategized to focus on the markets
within a radius of 400 kms to optimize its logistic costs
and streamline and strengthen its distribution network.
In addition, the Company continues to streamline the
SURFHVVHV ZLWK D YLHZ WR EULQJ DOO DURXQG HIßFLHQFLHV
which will facilitate yielding better margin.
Binani Cement Tanzania Limited reported a turnover of TZS
165.30 Million (equivalent to ` 59.18 Lakhs) and incurred
loss of TZS 872.23 Million (equivalent to 312.26 Lakhs).
Other Subsidiaries viz. PT Anggana Energy Resources,
Indonesia and BCL Tradelink Limited, UAE, did not take
up any operations and Binani Cement (Uganda) Limited is
under liquidation.
10.3.2.2 Threats, Risks and Concerns
With Indian Economy progressing towards the growth
trajectory, still economy might take another year to
stabilize completely. Intense competition, over capacity
situation in the regions where the Company operates
coupled with expansion plans of global giants and
increasing small players, will pose challenge and put
pressure on the price realization.
Overseas Investment Subsidiaries: Krishna Holdings
Pte Limited and Bhumi Resources (Singapore) Pte. Ltd.,
VXEVLGLDLULHV LQ 6LQJDSRUH HDUQHG D SURßW RI 86' Million (equivalent to ` 221.81 Lakhs) and USD 0.03 Million
(equivalent to ` 17.93 Lakhs) respectively for the year
under review. Mukundan Holdings Limited and Murari
Holdings Limited, Special Purpose Vehicles, incorporated
in British Virgin Islands (BVI) incurred loss of USD 1.50
Million (equivalent to ` 917.16 Lakhs) and USD 0.51 Million
(equivalent to ` 313.28 Lakhs) respectively for the year under
review.
The matter with the Rajasthan VAT Authorities in
respect of past tax dues (which were under dispute)
may still have material impact on performance.
Overall, the Company is hopeful of reporting much better
performance in the years ahead, barring unforeseen
circumstances.
Indian Subsidiaries namely Binani Energy Private Limited,
Binani Ready Mix Concrete Limited, Swiss Merchandise
Infrastructure Limited & Merit Plaza Limited did not take
up any business during the year under review. These
Subsidiaries reported marginal loss which were mainly on
account of routine administrative expenses.
11. SUBSIDIARY COMPANIES
11.1 Report on Subsidiary Companies
In terms of the proviso to sub section (3) of section 129 of
the Companies Act, 2013(the “Act”), the salient features
RI WKH ßQDQFLDO VWDWHPHQWV RI VXEVLGLDULHV DUH SURYLGHG
in the prescribed form AOC-1, which is Annexed to the
ßQDQFLDOVWDWHPHQWVDQGIRUPVSDUWRIWKLV$QQXDO5HSRUW
The Company does not have any Associate Company within
the meaning of Section 2(6) of the Act. Further, there
were no material changes in the nature of business of the
subsidiaries.
12. SCHEME FOR TRANSFER OF POWER UNDERTAKING
The Company had obtained in June 2014 sanction from
the Hon’ble High Court of Calcutta, to the Scheme
of Arrangement for hive-off of the Company’s Power
Undertaking to wholly owned subsidiary namely Binani
Energy Private Limited. However, the Scheme did not
become effective pending receipt of NOCs from the secured
FUHGLWRUV DQG ßOLQJ RI FHUWLßHG FRSLHV RI WKH 2UGHU RI WKH
Hon’ble High Court of Calcutta sanctioning the said Scheme
with the Registrar of Companies, West Bengal.
7KH ßQDQFLDO VWDWHPHQWV LQ UHVSHFW RI WKH VXEVLGLDULHV
will be kept open for inspection by the Members at the
5HJLVWHUHG 2IßFH RI WKH &RPSDQ\ WLOO WKH HQVXLQJ $QQXDO
General Meeting. Members, interested in obtaining a copy
RIWKHDXGLWHGDQQXDOßQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDU\
companies may write to the Company Secretary, who shall
provide a copy of the same upon receipt of such request.
Your Directors considered that in view the developments/
changes which have taken place, it would not be prudent to
implement the Scheme at this stage and in its present form.
Therefore, the Board has decided to withdraw the Scheme
E\ßOLQJQHFHVVDU\DSSOLFDWLRQZLWKWKH+RQpEOH+LJK&RXUW
at Calcutta.
11.2 Performance of Subsidiaries
Overseas Operating Subsidiaries: Shandong Binani
Rong’An Cement Company Limited (SBRCC), a cement
manufacturing Company in China achieved a turnover of
11
13. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Sr. Name
No
1. Mr. K. K. Jain*
13.1 Directors
During the year under review, Mrs. Nidhi Binani Singhania,
Ms. Shradha Binani, Directors resigned on 14th April, 2014.
Mr. Ramkrishna Moogimane, Mr. Jitender Balakrishnan, Mr.
M. D. Mallya and Mr. T.R.C Nair, Directors resigned on 30th
April, 2014, 19th May, 2014, 26th May, 2014 and 24th July,
2014 respectively.
Mr. Amit Kumar Gupta
3.
Mr. V. Srikrishnan**
With effect
from
Chief Financial 30th May,
2IßFHU
2014
Company
5th June,
Secretary
2014
Chief Financial 8th June,
RIßFHU
2015
* Upto 30th April, 2015, ** Upto 11th July, 2015.
The Board places on record its appreciation for valuable
contribution made by each of the outgoing Directors during
their tenure with the Company.
14. BOARD MEETINGS
The Board meets at regular intervals, inter alia to review,
discuss and decide on Company’s strategic move, quarterly/
$QQXDOßQDQFLDOSHUIRUPDQFHDQGRWKHUSROLF\PDWWHUV7KH
Agenda for the meetings of the Board together with the
appropriate supporting documents are circulated well in
advance of the meeting to enable the Directors to take an
informed decision.
Mr. V. Subramanian, Non-Executive Non-Independent
Director, retires by rotation at the ensuing Annual General
Meeting and being eligible, has offered himself for reappointment.
The Board of Directors has appointed Mrs. Jayantika Dave
as an Additional Director designated as “Independent
Director” of the Company with effect from 27th July, 2015, in
terms of provision of Section 161 of the Companies Act, 2013
(“the Act”).
Mrs. Dave, aged about 60 years, is a Graduate in Economics
and MBA. She has held leadership position in Hewlett
Packard and Agilent Technologies before occupying the
position of Vice President (Human Resources) in Ingersoll
Rand (India) Limited. She has multi - faceted career and
diverse experience having worked as Consultant in different
areas of business. Mrs. Dave is currently a Non Executive
Non-Independent Director on the Board of Ingersoll Rand
(India) Limited.
2.
Designation
'XULQJ WKH ßQDQFLDO \HDU HQGHG VW 0DUFK HLJKW
Board meetings were held on 30th May, 2014, 30th
June, 2014, 7th August, 2014, 9th September, 2014, 29th
September, 2014, 22nd October, 2014, 13th December,
2014 and 30th January, 2015. The interval between any two
meetings was well within the maximum prescribed time gap
of 120 days. Attendance of the Directors at the meetings was
as under:
Directors
Mr. Braj Binani
Mr. Jotirmoy Ghose
Mr. S. Sridhar
Mr. V. Subramanian
Mr. T. R. C Nair*
0UV 'DYH VKDOO KROG WKH RIßFH XS WR WKH GDWH RI HQVXLQJ
Annual General Meeting. The Company has received a
notice along with requisite deposit from a Member signifying
its intention to propose the candidature of Mrs. Dave
as an Independent Director. Your Directors recommend
appointment of Mrs. Jayantika Dave for a term of upto the
conclusion of 21st Annual General Meeting.
Number of meetings attended
6
6
8
6
2
* Resigned w.e.f. 24th July, 2014.
15. BOARD COMMITTEES
15.1 Audit Committee
As on 31st March, 2015, the Audit Committee comprised of
3 (three) Directors as under:
Mr. S Sridhar and Mrs. Jayantika Dave, Independent
Directors have given declaration that they meet the criteria
of Independence as laid down under Section 149(6) of the
Companies Act, 2013.
a)
b)
c)
The Board recommends the aforesaid appointment / reDSSRLQWPHQWRIWKH'LUHFWRUV%ULHISURßOHRIWKH'LUHFWRUV
proposed to be appointed / re-appointed is annexed to the
Notice convening ensuing Annual General Meeting.
Mr. S. Sridhar
Mr. V. Subramanian
Mr. Jotirmoy Ghose
– Chairman
– Member
– Member
The Board at its meeting held on 27th July, 2015 has inducted
Mrs. Jayantika Dave, Additional Director (Independent) as
a Member of the Audit Committee in place of Mr. Jotirmoy
Ghose.
13.2 Key Managerial Personnel
Apart from Mr. Jotirmoy Ghose, Managing Director,
the Company has appointed following persons as Key
Managerial Personnel pursuant to the provisions of Section
203 of the Act:
12
7KH0DQDJLQJ'LUHFWRUDQG&KLHI)LQDQFLDO2IßFHUDUHWKH
permanent Invitee at the Audit Committee meetings. The
Company Secretary acts as the Secretary to the Committee.
The Statutory Auditors and Internal Auditors are also invited
to attend the meetings. All recommendations of Audit
Committee were accepted by the Board.
appointment of Directors/Key Managerial Personnel/Senior
Management Personnel and their remuneration, evaluation
of Board etc.
The Audit Committee acts in accordance with the terms of
UHIHUHQFH VSHFLßHG E\ WKH %RDUG ZKLFK inter alia include,
matter related to auditor’s appointment, audit process,
UHYLHZ RI ßQDQFLDO VWDWHPHQWV LQFOXGLQJ DXGLWRUVp UHSRUW
approval of related party transaction, scrutiny of inter
corporate loans and investments, evaluation of internal
control system, risk management systems, overseeing
ßQDQFLDO UHSRUWLQJ SURFHVV DQG GLVFORVXUH RI WKH ßQDQFLDO
information etc.
Committee Member
'XULQJWKHßQDQFLDO\HDUHQGHGVW0DUFKIRXU
meetings of the Committee were held on 30th May, 2014,
6th August, 2014, 21st October, 2014 and 29th January, 2015
and attendance of Members at the meetings was as under:
Committee Member
Mr. S. Sridhar
Mr. V. Subramanian
Mr. T. R. C Nair*
Mr. Jotirmoy Ghose
Mr. T. R. C Nair*
1
Mr. S. Sridhar
Mr. V. Subramanian
Mr. Jotirmoy Ghose
- Chairman
- Member
- Member
The Committee looks after activities relating to Corporate
Social Responsibility of the Company.
- Chairman
- Member
'XULQJ WKH ßQDQFLDO \HDU HQGHG VW 0DUFK WKH
Committee met on 29th January, 2015, which was attended
by Mr. V. Subramanian and Mr. Jotirmoy Ghose.
16. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013, an
annual performance evaluation of Board, its Committees
and individual Directors were carried out based on a
structured criteria adopted by the Board as per the
recommendation of the Nomination and Remuneration
Committee. While formulating the criteria various aspects
were considered such as manner of conduct of meetings,
level of participation by the Directors, disclosures, discharge
of duties and obligations by the Directors, openness in
deliberation and governance etc.
The Stakeholders Relationship Committee acts in
DFFRUGDQFH ZLWK WKH WHUPV RI UHIHUHQFH VSHFLßHG E\ WKH
Board which inter alia include, matter related to transfer of
VKDUHV LVVXH RI GXSOLFDWH VKDUHV FHUWLßFDWHV UHGUHVVDO RI
investors grievances etc.
7KHUHZDVQRPHHWLQJKHOGGXULQJWKHßQDQFLDO\HDUHQGHG
31st March, 2015.
17. NOMINATION AND REMUNERATION POLICY
15.3 Nomination and Remuneration Committee
In terms of the provisions of Section 178(3) of the Act, the
Board of Directors has adopted a Policy on appointment
and remuneration of Directors, Key Managerial Personnel
(KMP) and Senior Management Personnel. The said policy
is annexed to this Report as Annexure-A.
As on 31st March, 2015, the Nomination and Remuneration
Committee comprised of 2 (two) Directors as under:
Mr. S. Sridhar
Mr. V. Subramanian
2
a)
b)
c)
Mrs. Jayantika Dave, Additional Independent Director as a
Member of the Stakeholders Relationship Committee.
a)
b)
1
Mr. V. Subramanian
As on 31st March, 2015, the Corporate Social Responsibility
Committee comprised of 3 (three) Directors as under:
3
4
1
2
As on 31st March, 2015, the Stakeholders Relationship
Committee comprised of 2 (two) Directors as under:
Mr. S. Sridhar
* Ceased to be a Member w.e.f. 24th July, 2014.
15.2 Stakeholders Relationship Committee
Mr. V Subramanian
Mr. Jotirmoy Ghose
15.4 Corporate Social Responsibility Committee
* Ceased to be a Member w.e.f. 24th July, 2014.
a)
b)
'XULQJWKHßQDQFLDO\HDUHQGHGVW0DUFKWZR
meetings of the Committee were held on 30th May, 2014
and 30th January, 2015 and attendance of Members at the
meetings was as under:
- Chairman
- Member
The information about the remuneration paid to the
Directors and KMPs are provided in the prescribed form
MGT-9 and forms part of this Report.
Mrs. Jayantika Dave, Additional Independent Director as
the Chairperson of the Nomination and Remuneration
Committee.
18. RELATED PARTY TRANSACTIONS
The Nomination and Remuneration Committee acts
LQ DFFRUGDQFH ZLWK WKH WHUPV RI UHIHUHQFH VSHFLßHG E\
the Board which inter alia include, matter related to
The related party transactions entered into by the Company
during the year under review, were on arm’s length basis
13
and in the ordinary course of business or pursuant to the
arrangements/Contracts entered into by the Company prior
to the Act coming into effect i.e. 1st April, 2014.
good case for getting waiver of Interest, therefore no
provision of interest is required.
c.
All related party transactions are placed before the Audit
Committee meeting for their review on a quarterly basis.
Disclosure of related party transactions referred to in
Section 188(1) in the prescribed Form AOC-2 is given as
Annexure-B and forming part of this Report.
21. COST AUDITORS
19. AUDITORS
Your Directors have appointed M/s. K. G. Goyal & Co., Cost
Accountants, to conduct Audits of the Company’s Cost
records for the year ending 31st March, 2016. Pursuant to
the provisions of Section 148 of the Companies Act, 2013
and the Rules made thereunder, Members are requested to
FRQVLGHUWKHUDWLßFDWLRQRIWKHUHPXQHUDWLRQSD\DEOHWR0V
K. G. Goyal & Co.
M/s. Kanu Doshi Associates, Chartered Accountants (Firm
Registration no.104746W), Statutory Auditors of the Company
KROGRIßFHXSWRWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJRIWKH
Company and they are eligible to be re-appointed. However,
they have expressed their unwillingness to be re-appointed
as Statutory Auditors of the Company for the Financial Year
2015-16.
In view of the above, the Board of Directors have proposed
the appointment of M/s. MZSK & Associates, Chartered
Accountants, Mumbai (Firm Registration No. 105047W) for
a term from the conclusion of the ensuing Annual General
Meeting up to a maximum period until the conclusion of
24th Annual General Meeting. M/s. MZSK & Associates,
KDYH FRQßUPHG WKDW LI DSSRLQWHG IRU WKH ßQDQFLDO \HDU
2015-16, their appointment will be in accordance with
Section 139 read with Section 141 of the Companies Act,
2013.
Pursuant to the provision of Section 204 of the Companies
Act, 2013 and Rules made thereunder, the Company
had appointed M/s Vinod Kothari & Company, Company
Secretaries (C.P.No-1391) to carry out Secretarial Audit in
the Company for the Financial Year 2014-15. The Secretarial
Audit Report is annexed to this Report as Annexure-C.
The Auditors have emphasized on the matter relating to
non-appointment of a Woman Director and an Independent
Director in terms of provisions of Section 149 of the
Companies Act, 2013. The Board wishes to state that despite
LWVEHVWHQGHDYRXUVXLWDEOHSHUVRQVFRXOGQRWEHLGHQWLßHG
during the year under review. However, with the induction
of Mrs. Jayantika Dave effective 27th July, 2015, the
Company has complied with the requirement of a Woman
and also Independent Directors. Thus, the Board’s present
composition is fully compliant of the provisions of the Act.
20. AUDITORS’ OBSERVATIONS
The Auditors, in their Report, have made observations under
the head “Emphasis of Matters” with respect to a) Order of
Competition Commission of India (CCI) imposing penalty of
` /DNKVE2UGHURI6DOHV7D['HSDUWPHQWLPSRVLQJ
interest of `/DNKVDQGF2XWVWDQGLQJ&RUSRUDWH
Guarantees aggregating to ` 2,29,446.40 Lakhs issued by the
Company to the Banks and Financial Institutions on behalf
of its subsidiaries, step down subsidiaries and to holding
Company and its subsidiaries, step down subsidiaries.
23. INVESTOR EDUCATION AND PROTECTION FUND
During the year under review, in compliance with Section
205C of the Companies Act, 1956, the Company has
transferred a sum of ` 110,120 lying as unclaimed Share
Application Monies received by the Company pursuant
to the Public Offer in the year 2007, to Investor Education
and Protection Fund (IEPF) established by the Central
Government. Further, unpaid dividends pertaining to
ßQDQFLDO \HDU HQGHG VW 0DUFK DPRXQWLQJ WR
` 271,044 were also transferred to IEPF.
Your Directors wish to state as follows:
The Company is advised by external legal counsel that it
has a good case for the Competition Appellate Tribunal
setting aside the order passed by CCI, and accordingly
no provision is considered necessary in this regard.
E
7KH&RPSDQ\KDVßOHGZULWSHWLWLRQZDLYHUDSSOLFDWLRQ
in Hon’ble High Court / with concerned authority. The
Company has paid ` 3,077.93 Lakhs under protest.
However, the Directors are of the view that it has a
7KH &RPSDQ\ KDG ßOHG WKH &RVW $XGLW 5HSRUWV IRU WKH
ßQDQFLDO\HDUZLWKWKH0LQLVWU\RI&RUSRUDWH$IIDLUV
on 2nd September, 2014.
22. SECRETARIAL AUDITORS
Your Directors recommend the appointment of M/s. MZSK &
Associates as the Statutory Auditors of the Company whose
DSSRLQWPHQW VKDOO EH VXEMHFW WR WKH UDWLßFDWLRQ DW HYHU\
Annual General Meeting.
a.
Although the Guarantees issued by the Company are
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at the year end, the Directors are of the view that these
DUHQRWH[SHFWHGWRUHVXOWLQWRDQ\ßQDQFLDOOLDELOLW\WR
the Company.
24. VIGIL MECHANISM (WHISTLE BLOWER POLICY)
Pursuant to the provision of Section 177(9) of the Companies
Act, 2013, the Company has established a vigil mechanism
(Whistle Blower Policy) to facilitate its Employees and
Directors to voice their concerns or observations without
14
VXFKH[SHQGLWXUHFRXOGQRWEHLGHQWLßHGIURPDPRQJVWWKH
VSHFLßHGDFWLYLWLHVXQGHU6FKHGXOH9,,RIWKH$FW
fear, the instance of any unethical or unacceptable business
practice or event of misconduct/ unethical behaviors,
actual or suspected fraud and violation of Company’s
Code of Conduct etc. The Policy provides for adequate
safeguards against victimization of persons who use such
mechanism and also have the provision for direct access to
the chairperson of the Audit Committee in appropriate or
exceptional cases. The policy is placed on the website of the
Company at www.binanicement.in.
28. EXTRACT OF ANNUAL RETURN
The extract of Annual Return in form MGT-9, as required
under Section 92 of the Companies Act, 2013, is provided as
Annexure-E and forms part of this Report.
29. RISK MANAGEMENT
25. SEXUAL HARASSMENT POLICY
The Company has adopted a Policy on prevention, prohibition
and redressal of sexual harassment at workplace in line with
the provision of Sexual Harassment of Women at Workplace
(Preventions, Prohibition and Redressal) Act, 2013 and the
Rules framed thereunder.
'XULQJWKH\HDUXQGHUUHYLHZQRFRPSODLQWVZHUHßOHGE\
anyone on sexual harassment.
7KH&RPSDQ\KDGLGHQWLßHGFHUWDLQULVNDUHDVZLWKUHJDUG
to the operations of the Company which was facilitated by
D UHQRZQHG ßUP RI &RQVXWDQWV LQ 0XPEDL 7KH ,QWHUQDO
Auditors review the steps taken for risk mitigation/
minimisation, wherever possible and the status of the
same is reviewed by the Audit Committee periodically. The
Company’s Board is conscious of the need to periodically
review the risks mitigation process.
30. INTERNAL CONTROL SYSTEM
The Company has adequate internal control systems and
procedures commensurate with its size and nature of
business. The objective of such system and procedures is to
HQVXUHHIßFLHQWXVHDQGSURWHFWLRQRI&RPSDQ\pVUHVRXUFHV
DFFXUDF\ LQ ßQDQFLDO UHSRUWLQJ DQG GXH FRPSOLDQFHV RI
statutes and corporate policies. The policies and procedures
DGRSWHGE\WKH&RPSDQ\IDFLOLWDWHWKHRUGHUO\DQGHIßFLHQW
conduct of its business and adherence to the Company’s
policies, prevention and detection of frauds and errors,
accuracy and completeness of records and the timely
SUHSDUDWLRQRIUHOLDEOHßQDQFLDOLQIRUPDWLRQ
26. CODE OF CONDUCT
The Board of Directors had earlier adopted a “Code of
Conduct for the Board of Directors and Senior Management
Personnel” of the Company. The said Code of conduct is
available on the Company’s website www.binanicement.in.
All Board Members and Senior Management Personnel
KDYH DIßUPHG FRPSOLDQFH ZLWK WKH &RGH RI &RQGXFW 7KH
Managing Director of the Company has given declaration
WR WKH %RDUG DIßUPLQJ WKH FRPSOLDQFH RI WKH &RGH E\ WKH
Members of the Board and Senior Management Personnel
for the year ended on 31st March, 2015.
Internal Audit is conducted periodically across all locations
E\DßUPRI&KDUWHUHG$FFRXQWDQWVZKRYHULI\DQGUHSRUWRQ
effectiveness of internal control. The Company monitors and
controls all operating parameters on an ongoing basis. The
Audit Committee reviews the adequacy and effectiveness of
internal control systems and provide guidance for further
strengthening them, from time to time.
27. CORPORATE SOCIAL RESPONSIBILITY
The Braj Binani Group, for several years, spends
considerable amount on an ongoing basis through its
operating companies, for social cause and upliftment and
welfare of the weaker section of the society and on education
of the underprivileged children.
In accordance with the provisions of Section 135 read with
Schedule VII of the Companies Act, 2013, the Company,
as a part of its initiative under the “Corporate Social
Responsibility” drive, has adopted a CSR Policy outlining
various CSR activities to be undertaken by the Company
in the area of preventive health care, making available
safe drinking water, promoting education, ensuring
environmental sustainability etc. The CSR policy of the
Company can be accessed on the Company’s weblink
http://www.binanicement.in/investor-relations.
31. OTHER DISCLOSURES
The report on CSR activities, as required under the
Companies (Corporate Social Responsibility Policy) Rules,
2014, is set out as Annexure-D and forming part of this
Report. The Board of Directors wish to state that despite its
HQGHDYRU WR VSHQG WKH UHTXLVLWH DPRXQW RQ VSHFLßHG &65
activities under the provisions of Section 135 of the Act for
the Financial Year 2014-15, the Company could not spend
the requisite amount since appropriate projects, requiring
15
Your Directors state that no disclosures or reporting is
required in respect of the following items, as the same
are either not applicable to the Company or relevant
transactions / event have not taken place during the year
under review:
a. Issue of Equity shares with differential rights as to
dividend, voting or otherwise
b. Issue of shares (including sweat equity shares) to
employees of the Company under any scheme.
c. The Managing Director of the Company has not
received any remuneration or commission from any of
its subsidiaries.
G 1R VLJQLßFDQW RU PDWHULDO RUGHUV ZHUH SDVVHG E\ WKH
Regulators or Courts or Tribunals which impact the
going concern status and Company’s operations in
future.
32. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS & OUTGO
36. HUMAN RESOURCE/INDUSTRIAL RELATIONS
The Company understands that employees are vital and
valuable assets. The Company recognises people as the
primary source of its competitiveness and continues its
focus on people development by leveraging technology
and developing a continuously learning human resource
EDVHWRXQOHDVKWKHLUSRWHQWLDODQGIXOßOOWKHLUDVSLUDWLRQV
The strategic thrust of Human Resource has been on
improvement of the performance of employees through
training & development and also to identify outperformers
who are having potential for taking higher responsibilities.
Pursuant to Section 134(3)(m) of the Companies Act, 2013
read with Rules 8(3) of the Companies (Accounts) Rules,
2014 details relating to Conservation of Energy, Technology
Absorption and Foreign Exchange and Outgo are given in
Annexure-F which forms part of this Report.
33. PARTICULARS OF EMPLOYEES
The information required under Section 197 of the
Companies Act, 1956, read with Rule 5(2) the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014, is provided in the Annexure-G and forming part
of the Report.
The Company had 704 permanent employees on its rolls
as on 31st March, 2015. The employee relations remained
cordial throughout the year. The Board places on record its
sincere appreciation for the valuable contribution made by
employees across all levels in the organization.
34. RECOGNITION AND AWARDS
The Company’s Indian operations bestowed with the
following awards / recognitions during the year 2014-15
LQGLIIHUHQWßHOGVZKLFKLVWKHWHVWLPRQ\RIWKH&RPSDQ\pV
thrust on enhancing the quality standards and high
HIßFLHQF\DQGSURGXFWLYLW\
•
“National Award for Prevention of Pollution” in Cement
Category for year 2010-11 by Ministry of Environment &
Forest, New Delhi.
•
“Greentech Environment Excellence Silver Award –
2014” from Greentech Foundation, New Delhi.
•
“Best Employer Award for the year 2013” given
by Employers Association, Rajasthan.
•
“Environment Protection & CSR Award” from DM
(Sirohi) Rajasthan.
•
District Level “Trees Booster Award 2014-15” from
Forest Dept, Govt. of Rajasthan for our Neem-KaThana Grinding Unit.
37. APPRECIATION
Your Directors wish to record their appreciation for the
continued assistance and co-operation extended to the
Company by the Government agencies, Banks, Financial
Institutions, Dealers and Customers and to all other
Stakeholders, for their continued support to the Company.
For and on behalf of the Board
Braj Binani
Chairman
Place : Mumbai
The Company’s China Unit received the following awards
from CPC Ju Country Party Committee and Ju Country
People’s Government during the year 2014-15:
s
(FRQRP\ZRUNFRQWULEXWLRQEURQ]HDZDUG
•
Enterprise of Integrity
Statements in the Directors Report describing the Company’s
objectives, projections, expectations and estimates regarding
future performance may be “forward looking statements” within
the meaning of applicable laws and regulations and are based on
currently available information. The management believes these
to be true to the best of its knowledge at the time of preparation
of this report. However, these statements are contingent upon
future events and uncertainties which inter alia include input
DYDLODELOLW\DQGSULFHVGHPDQGDQGSULFLQJRIßQLVKHGSURGXFWV
in the Company’s principal markets, changes in Government
regulations, tax laws, economic developments within the country
and other incidental factors, that could cause actual results
to differ materially from those as may be indicated by such
statement.
35. SAFETY, HEALTH & WORK ENVIRONMENT
The Company always believes in providing conducive work
environment with utmost attention and care on safety and
health of employees and all other workers operating at the
plants. There were no major accidents reported in during
the Financial Year 2014–15. The Company conducts training
& counseling sessions for its workers/ employees on safe
manufacturing practices on regular basis.
Training of employees for safety and growth continue to be
the Company’s top priority at all levels. The Management
has incorporated safety as one of the Key Result Areas for
each and every employee.
16
ANNEXURE-A
NOMINATION AND REMUNERATION POLICY
1.
2.
BACKGROUND
3.3 “Directors” mean Directors of the Company.
The Board of Directors (“the Board”) of Binani Cement
Limited (“the Company”) had constituted the Nomination
and Remuneration Committee (“the Committee”) in terms
of the provisions of Section 178 of the Companies Act, 2013
(“the Act”). Pursuant to the said Section, the Committee
VKDOO IRUPXODWH WKH FULWHULD IRU GHWHUPLQLQJ TXDOLßFDWLRQV
positive attributes and independence of a Director and
recommend to the Board of Directors a Policy relating to the
remuneration for the Directors, Key Managerial Personnel
and other employees.
3.4 “Key Managerial Personnel” (KMP) means
&KLHI([HFXWLYH2IßFHURUWKH0DQDJLQJ'LUHFWRU
or the Manager or in their absence a Whole time
'LUHFWRU
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&KLHI)LQDQFLDO2IßFHUDQG
6XFK RWKHU RIßFHU DV PD\ EH SUHVFULEHG XQGHU
the Act.
OBJECTIVES
3.5 “Senior Management Personnel” (SMP) means
personnel of the Company who are members of
Company’s core management team. This would also
include all members of management one level below
the Executive Directors including all functional heads.
The primary objective of the Policy is to provide a framework
and set standards for the nomination, remuneration and
evaluation of the Directors, Key Managerial Personnel
DQG 2IßFLDOV LQ WKH FDGUH RI WKH Senior Management. The
Company aims to achieve a balance of merit, experience
and skills amongst its Directors, Key Managerial Personnel
and Senior Management.
4.
ROLE OF COMMITTEE
4.1 Terms of Reference
4.1.1. To identify persons who are competent to
become Directors and who may be appointed
as Key Managerial Personnel and Senior
Management Personnel in accordance with the
criteria laid down, and recommend to the Board
WKHLUDSSRLQWPHQWDQGUHPRYDO
The Key Objectives of the Committee would be:
2.1 To guide the Board in relation to appointment and
removal of Directors, Key Managerial Personnel and
6HQLRU0DQDJHPHQW3HUVRQQHO
2.2 To evaluate the performance of the members of the
Board and provide necessary report to the Board for
IXUWKHUHYDOXDWLRQE\WKH%RDUG
4.1.2 To formulate the criteria for determining
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SRVLWLYH
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DQG
independence of a Director, and recommend to
the Board the policy, relating to the remuneration
of the Directors, Key Managerial Personnel and
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2.3 To recommend to the Board on Remuneration payable
to the Directors, Key Managerial Personnel and Senior
0DQDJHPHQW3HUVRQQHO
2.4 To determine remuneration commensurate with the
&RPSDQ\pVVL]HDQGßQDQFLDOSRVLWLRQDQGWUHQGVZLWK
UHVSHFWWRWKDWDGRSWHGE\WKHSHHUVLQWKHLQGXVWU\
3.
4.1.3 To recommend/review remuneration of the
Managing Director(s) and Whole-time Director(s)
EDVHGRQWKHLUSHUIRUPDQFH
2.5 To formulate a Policy which will ensure long term
sustainability and retention of talented managerial
personnel.
4.1.4 To formulate criteria for evaluation
,QGHSHQGHQW'LUHFWRUVDQGWKH%RDUG
2.6 To develop a succession plan for the Board and to
regularly review thereof.
4.1.5 To carry out evaluation of every Director’s
SHUIRUPDQFH
DEFINITIONS
4.1.6 To carry out any other function, as may be
mandated by the Board from time to time
DQGRU HQIRUFHG E\ DQ\ VWDWXWRU\ QRWLßFDWLRQ
DPHQGPHQW RU PRGLßFDWLRQ DV PD\ EH
applicable.
3.1 “Act” means the Companies Act, 2013 and Rules
framed thereunder, as amended from time to time.
3.2 “Board” means Board of Directors of the Company.
17
of
5.
6.
COMPOSITION AND FUNCTIONING OF THE COMMITTEE
5.1 Composition
POLICY FOR APPOINTMENT AND REMOVAL OF DIRECTOR,
KMP AND SMP
6.1 "QQPJOUNFOU$SJUFSJBBOE2VBMJÞDBUJPOT
5.1.1 The Committee shall be comprised of a
minimum of three Non-Executive Directors,
majority of them being Independent Directors.
6.1.1. The Committee shall identify and ascertain the
LQWHJULW\TXDOLßFDWLRQH[SHUWLVHDQGH[SHULHQFH
of the person for appointment as Director, KMP
or SMP and recommend to the Board his/her
appointment.
5.1.2 Any two members of the Committee shall
constitute a quorum for the Committee
meetings.
5.1.3 Term of the Committee shall be continued
unless terminated by the Board of Directors
5.2 Chairperson of the Committee
5.2.1 Chairperson of the Committee shall be an
Independent Director.
$SHUVRQVKRXOGSRVVHVVDGHTXDWHTXDOLßFDWLRQ
expertise and experience for the position he/she
is considered for appointment. The Committee
KDV GLVFUHWLRQ WR GHFLGH ZKHWKHU TXDOLßFDWLRQ
expertise and experience possessed by a person
LV VXIßFLHQWVDWLVIDFWRU\ IRU WKH FRQFHUQHG
position.
6.1.3 The Company shall not appoint or continue
the employment of any person as Managing
Director/Whole-time Director who has attained
the age of seventy years. Provided that the
term of the person holding this position may
be extended beyond the age of seventy years
with the approval of shareholders by passing a
special resolution.
5.2.2 Chairperson of the Company may be appointed
as a Member of the Committee but shall not be
a Chairman of the Committee.
5.2.3 In the absence of the Chairperson, the Members
of the Committee present at the meeting, shall
choose one amongst them to act as Chairperson.
5.3 Frequency of Meetings
6.1.4 Appointment of Independent Directors shall be
subject compliance of provisions of section 149
of the Companies Act, 2013, read with schedule
IV and Rules made thereunder
5.3.1 The meeting of the Committee shall be held at
such regular intervals, as may be considered
necessary.
6.2 Term /Tenure
5.3.2 The Committee may invite such executives, as
it considers appropriate, to be present at the
meetings of the Committee.
6.2.1. Managing Director / Whole-time Director:
The Company shall appoint or re-appoint any
person as its Managing Director or Executive
'LUHFWRUIRUDWHUPQRWH[FHHGLQJßYH\HDUVDWD
time. No re-appointment shall be made earlier
than one year before the expiry of term.
5.4 Secretary
The Company secretary of the Company shall act as
Secretary of the Committee.
5.5 Voting
6.2.2 Independent Director
5.5.1 Matters arising at Committee meetings, shall be
decided by a majority of votes of Members present
and any such decision shall for all purposes be
deemed a decision of the Committee.
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D WHUP XS WR ßYH FRQVHFXWLYH \HDUV RQ WKH
Board of the Company and will be eligible
for re-appointment on the Company passing
of a Special Resolution by the Company and
disclosure of such appointment in the Board’s
Report to the Shareholders.
1R ,QGHSHQGHQW 'LUHFWRU VKDOO KROG RIßFH
for more than two consecutive terms, but
such Independent Director shall be eligible
for appointment after expiry of three years of
ceasing to become an Independent Director.
Provided that an Independent Director shall
5.5.2 In the case of equality of votes, the Chairman of
the meeting will have a casting vote.
5.6 Interested Committee Member not to participate in
the meeting
A Member of the Committee is not entitled to be
present when his/her remuneration is discussed at
such meeting or when his/her performance is being
evaluated.
18
above, to its Managing Director/ Whole-time
Director subject to the approval of the Central
Government, wherever necessary.
not, during the said period of three years, be
appointed in or be associated with the Company
in any other capacity, either directly or indirectly.
7.1.3 Provisions for excess remuneration:
6.3 Evaluation
If any Managing / Whole-time Director draws
or receives, directly or indirectly by way of
remuneration any such sums in excess of the
limits prescribed under the Act or without the
prior sanction of the Central Government, where
required, he/she shall refund such sums to the
Company and until such sum is refunded, hold
the same in trust for the Company.
The Committee shall carry out evaluation of
performance of every Director, KMP and SMP on yearly
basis or at such frequent intervals, as its Members may
decide.
6.4 Removal
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as provided under the Act or Rules made thereunder,
the Committee may recommend, to the Board with
reasons recorded in writing, removal of such Director
or KMP subject however, to the provisions and
compliance of the said Act, rules and regulations.
7.2 Remuneration
Director
REMUNERATION
7.2.2 Sitting Fees:
The Non-Executive / Independent Directors will
be paid Sitting Fees for attending meetings of
Board or Committee thereof. Provided that the
amount of such fees shall not exceed Rupees
One Lac per meeting of the Board or Committee
or such amount as may be prescribed by the
Central Government from time to time.
7.3 General
FOR
7.3.1 The remuneration to the KMPs and SMPs
will be determined by the Committee and
recommended to the Board for approval. The
remuneration shall be subject to the approval of
the Shareholders of the Company and Central
Government, wherever required.
7.1 Remuneration to the Managing Director, Whole-time
Director, KMP and SMP
7.1.1. Fixed pay:
The Managing Director, Whole-time Directors,
KMPs and SMPs shall be eligible for a monthly
remuneration, as may be approved by the Board
on the recommendation of the Committee. The
remuneration shall include salary, allowances,
perquisites and Company’s contribution
to Provident Fund, as the case may be, in
accordance with Company’s Policy as amended
from time to time and in case of Managing
Director and Whole-time Director as approved
by the Shareholders and Central Government,
wherever required.
7.3.2 Upon evaluation of the performance, Annual
Increments in the remuneration may be
recommended by the Committee to the Board
which shall be within the limits approved by the
Shareholders, wherever applicable.
7.3.3 Where any insurance is taken by the Company
for its Directors, KMPs and SMPs for protecting
them against any liability, the premium paid
on such insurance shall not be treated as part
of the remuneration payable to such persons.
Provided that if such person is provided to be
guilty, the premium paid on such insurance shall
be treated as part of the remuneration.
7.1.2 Minimum Remuneration:
Independent
Non-Executive / Independent Directors shall not
be entitled to any remuneration.
The Director, KMP and Senior Management Personnel
shall retire as per the applicable provisions of the Act
and the prevailing policy of the Company. As per the
current Policy, while the Independent Directors shall
be liable to retire on completion of 75 years of age, a
KMP or SMP (excluding the Directors) shall be liable to
retire upon completion of 60 years of age. The Board if
it considers to be in the Company’s interest, shall have
the discretion to retain, an Independent Director, KMP
and SMP even after attaining the retirement age
POLICY RELATING TO THE
DIRECTORS, KMP AND SMP.
Non-Executive/
7.2.1 Remuneration:
6.5 Retirement
7
to
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QR SURßWV RU LWV SURßWV DUH LQDGHTXDWH WKH
Company shall pay remuneration as determined
19
ANNEXURE-B
FORM NO. AOC -2
(Pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.
Particulars of contracts/arrangements entered into by the Company with related parties referred to in sub section (1) of Section 188 of the
Companies Act, 2013 including certain arms length transaction under third proviso thereto.
1.
Details of contracts or arrangements or transactions not at Arm’s length basis.
During the Financial Year 2014-15, the Company has not entered into any contract or arrangement or transaction with its related
parties which is not at arm’s length.
2.
Details of material contracts or arrangements or transactions at Arm’s length basis.
a.
Name (s) of the related party & nature of relationship: Dhaneshwar Solutions [a division of Binani Metals Limited (BML)]. BML
is a related party in terms of clause (v) of Sub-section 76 of Section 2 of the Companies Act, 2013.
b.
Nature of contracts/arrangements/transaction: Availing of Transportation and other Logistic services.
c.
Duration of the contracts/arrangements/transaction: 1st April, 2014 to 31st March, 2015.
d.
Salient terms of the contracts or arrangements or transaction including the value, if any: Availing of transportation and logistic
VROXWLRQVRQGD\WRGD\EDVLVDWWKH&RPSDQ\pVPDQXIDFWXULQJSODQWV7KHYDOXHRIWUDQVDFWLRQIRUßQDQFLDO\HDUZDV
` 441,85.34 Lakhs.
e.
Date of approval by the Board, if any: Upto 31st December 2014, the services were availed pursuant to the contract dated
16th March, 2012 which was approved by the Board on 11th March, 2012. Post 1st January 2015, the services were availed in
accordance with generally accepted commercial practices.
f.
Amount paid as advances, if any: Nil
20
ANNEXURE-C
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2015
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014]
To,
The Members,
We have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence to good
corporate practices by Binani Cement Limited (hereinafter called
“the Company”). Secretarial Audit was conducted in a manner
that provided us a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing our opinion
thereon.
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&RPSDQ\EHORQJVDVLGHQWLßHGE\WKHPDQDJHPHQWWKDWLV
to say:
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&HPHQW&HVV5XOHV
E
&HPHQW4XDOLW\&RQWURO2UGHU
c.
Environmental (Protection) Act, 1986 Read with
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d.
The Hazardous Wastes (Managements Handling and
7UDQVERXQGDU\0RYHPHQW5XOHV
e.
The Water (Prevention & Control of Pollution) Act, 1974
read with Water (Prevention & Control of Pollution)
5XOHV
f.
Water (Prevention and Control of Pollution) Cess Act,
g.
The Air (Prevention & Control of Pollution) Act, 1981
Read with the Air( Prevention and control of pollution)
5XOH
h.
Mines Act, 1952 and Rules issued thereunder.
%DVHGRQRXUYHULßFDWLRQRIWKH&RPSDQ\pVERRNVSDSHUVPLQXWH
ERRNVIRUPVDQGUHWXUQVßOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\
WKH&RPSDQ\DVVSHFLßHGLQ$QQH[XUH,DQGDOVRWKHLQIRUPDWLRQ
SURYLGHG E\ WKH &RPSDQ\ LWV RIßFHUV DJHQWV DQG DXWKRUL]HG
representatives during the conduct of secretarial audit, we
hereby report that in our opinion, the Company has, during the
DXGLW SHULRG FRYHULQJ WKH ßQDQFLDO \HDU HQGHG RQ 0DUFK 2015 (“Audit Period”), complied with the statutory provisions
listed hereunder and also that the Company has proper boardprocesses and compliance-mechanism in place to the extent, in
the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and
UHWXUQV ßOHG DQG RWKHU UHFRUGV PDLQWDLQHG E\ %LQDQL &HPHQW
/LPLWHGIRUWKHßQDQFLDO\HDUHQGHGRQ0DUFKDFFRUGLQJ
to the provisions of:
1.
The Companies Act, 2013 and the rules made thereunder
LQFOXGLQJDQ\UHHQDFWPHQWWKHUHRIo$FWp
2.
The Securities Contracts (Regulation) Act, 1956 (“SCRA”)
DQGWKHUXOHVPDGHWKHUHXQGHU
3.
The Depositories Act, 1996 and the regulations and byeODZVIUDPHGWKHUHXQGHU
4.
Foreign Exchange Management Act, 1999 and the rules
and regulations made thereunder to the extent of Overseas
'LUHFW,QYHVWPHQW
5.
The following Regulations and Guidelines prescribed under
the Securities and Exchange Board of India Act, 1992 (“SEBI
Act”):a.
Management Responsibility:
The Securities and Exchange Board of India (Registrars
to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with
FOLHQW
21
1.
Maintenance of secretarial records is the responsibility of
the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on
RXUDXGLW
2.
We have followed the audit practices and the processes as
were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The
YHULßFDWLRQ ZDV GRQH RQ WHVW EDVLV WR HQVXUH WKDW FRUUHFW
IDFWVDUHUHàHFWHGLQVHFUHWDULDOUHFRUGV:HEHOLHYHWKDWWKH
processes and practices, we followed provide a reasonable
EDVLVIRURXURSLQLRQ
:HKDYHQRWYHULßHGWKHFRUUHFWQHVVDQGDSSURSULDWHQHVVRI
ßQDQFLDOUHFRUGVDQG%RRNVRI$FFRXQWVRIWKH&RPSDQ\
4.
Wherever required, we have obtained the Management
representation about the compliance of laws, rules and
UHJXODWLRQDQGKDSSHQLQJRIHYHQWVHWF
5.
The compliance of the provisions of Corporate and other
applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited
WRWKHYHULßFDWLRQRISURFHGXUHRQWHVWEDVLV
6.
The Secretarial Audit report is neither an assurance as to
WKH IXWXUH YLDELOLW\ RI WKH &RPSDQ\ QRU RI WKH HIßFDF\ RU
effectiveness with which the management has conducted
the affairs of the Company.
REWDLQLQJ IXUWKHU LQIRUPDWLRQ DQG FODULßFDWLRQV RQ WKH DJHQGD
items before the meeting and for meaningful participation at the
meeting.
Majority decision is carried through while the dissenting
members’ views, if any, are captured and recorded as part of the
minutes.
We further report that there are adequate systems and processes
in the Company commensurate with the size and operations of
the Company to monitor and ensure compliance with applicable
laws, rules, regulations and guidelines.
Our Observations:
During the Audit Period the Company has complied with the
provisions of the Act, Rules, Regulations, Guidelines etc.
mentioned above subject to the following observations:
We further report that during the Audit Period, the Company
KDV QRW XQGHUWDNHQ DQ\ VSHFLßF HYHQW DFWLRQ WKDW FDQ KDYH D
major bearing on the company’s affairs in pursuance of the above
referred laws, rules, regulations, guidelines, standards, etc.,
except as follows:
Observation based on Assumptions:
'XULQJWKHßQDQFLDO\HDUWKH&RPSDQ\KDVUHFHLYHGFHUWDLQ
amounts Interest free Deposits from Binani Industries
Limited (BIL), the holding company as promoter’s
contribution, which is in pursuance of stipulations of the
Joint Lenders’ Forum of the Company’s lenders, constituted
in terms of RBI guidelines. The Company has relied upon a
legal opinion to the effect that the interest-free deposit in
question is not in the nature of a “loan” for the purpose of
185 (2) of Act, 2013, as the intent was to provide long-term
support to the Company based on stipulations of the Joint
Lenders’ Forum. The amount has eventually been utilised
as subscription to preference shares of the Company,
and therefore, the amount did not have the attributes of
borrowing.
(i)
Redeemable
The Company had obtained approval to issue 1,20,00,000
0.01% NCRPS of ` 100 each to its holding company Binani
Industries Limited, in one or more tranches, to meet
the critical working capital requirements, facilitate networth rebuilding, strengthening long term resources etc.
Special resolution was passed by way of Postal Ballot on
20th March, 2015. Allotment has been made to the extent of
` 60.02 Crores in terms of stipulation by the Joint Lenders
Forum (JLF)
(ii)
Matters of Emphasis:
1.
Private Placement of Non-Cumulative
Preference Shares (NCRPS):
As on 31st March 2015, the Company did not have a woman
director as required under the provisions of Section 149 (1)
of Act, 2013. The Company is also required to appoint one
more Independent Director. In as much as the Company did
not have the requisite number of independent directors, it
affects the required number of independent directors on
the Audit Committee and Nomination and Remuneration
Committee in accordance with the provisions of sec 177/
178 of the Companies Act 2013, and consequentially, the
decisions taken by the said Committees.
Special resolution in terms of section 180 (1) (a) & (c ) was
passed by the Company at the 18th Annual General Meeting
KHOGRQWK6HSWHPEHUWRDIßUPWKHERUURZLQJSRZHUV
and power to create mortgage/charge/hypothecation on the
movable, immoveable property of the Company to the extent
of ` &URUHV
Vinod Kothari & Company
Company Secretaries in Practice
ACS 4718, C P No. 1391
We further report that:
Place : Kolkata
Date : 1st June, 2015
The Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors
and Independent Directors, except as stated above. 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
Meetings, agenda and detailed notes on agenda were sent at
least seven days in advance, and a system exists for seeking and
22
Annexure-I
LIST OF DOCUMENTS
1.
Corporate Matters
1.1 Minutes books of the following Committees were provided:
1.1.1 Board Meeting
1.1.2 Audit Committee
1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH
1.1.4 Corporate Social Responsibility Committee
1.1.5 Share Transfer Committee
1.1.6 Finance Committee
1.1.7 Allotment Committee
1.1.8 General Meeting
1.2
Agenda papers for Board Meeting along with Notice.
1.3
Annual Report 2014, Financials for 31st December, 2014
1.4
Memorandum and Articles of Association
'LVFORVXUHVXQGHU$FW
3ROLFLHVIUDPHGXQGHU$FW
)RUPVDQGUHWXUQVßOHGZLWKWKH52&5%,
1.8 Register maintained under Act, 2013
1.9 Expert Opinions taken by the Company
23
ANNEXURE-D
ANNUAL REPORT ON CSR ACTIVITIES
1
A Brief outline of the Company’s CSR policy,
including overview of projects or programs
proposed to be undertaken and a reference to the
web-link to the CSR policy and project or programs.
The Company by its CSR Activities has committed to participate in Social
cause, be it uplifting the weaker section of the society or communal
developments. The key focus area of the Company’s CSR activities are
RQH RU PRUH IURP DPRQJVW WKH DFWLYLWLHV VSHFLßHG XQGHU VFKHGXOH 9,, RI
the Companies Act, 2013 and Rules made thereunder. The Company’s CSR
initiatives shall be integrated with its business practices with an overall
objective of the growth and development of the society and the Country.
The CSR Policy of the Company has available at the following link.
http://www.binanicement.in/investor-relations/csr-policy/
2
The Composition of the CSR Committee.
1.
Mr. S. Sridhar, Chairman (Independent Director)
2.
Mr. V. Subramanian, Member (Non Executive Non Independent
Director)
3.
Mr. Jotirmoy Ghose, Member (Managing Director)
3
$YHUDJH QHW SURßW RI WKH &RPSDQ\ IRU ODVW WKUHH ` 2,469 Lakhs
ßQDQFLDO\HDUV
4
Prescribed CSR Expenditure (two per cent of the ` 49.39 Lakhs
amount as in item 3 above).
5
'HWDLOVRI&65VSHQWGXULQJWKHßQDQFLDO\HDU
D 7RWDODPRXQWWREHVSHQWIRUWKHßQDQFLDO\HDU ` 49.39 Lakhs
` 36.35 Lakhs
E $PRXQWXQVSHQWLIDQ\
c)
(1)
Sr.
No.
1
Manner in which the amount spent during the Yes
Financial Year is detailed below
(2)
(3)
CSR
project
or activity
*EFOUJÞFE
Sector
in which the
Project is
covered
Making
Available Safe
Drinking Water,
Eye checkup
camp etc. and
distribution of
cotton caps
during winter.
Preventive Heath
care & provision
for Safe Drinking
Water
(4)
Projects or
programs
(i) Local area or
other
(ii) Specify
the State and
district where
projects or
programs was
undertaken
Pindwara, Sirohi,
Rajasthan
(5)
(6)
Amount outlay
(budget)
project or
programs wise
(` In Lakhs)
Amount spent on
the projects or
programs Subheads:
(i)Direct expenditure
on projects or
programs
(ii) Overheads:
(` In Lakhs)
20.00
1.99
24
(7)
Cumulative
expenditure
upto to the
reporting
period
(` In Lakhs)
1.99
(8)
Amount
spent: Direct
or through
implementing
agency
Direct
(1)
Sr.
No.
2
3.
4.
(2)
(3)
CSR
project
or activity
*EFOUJÞFE
Sector
in which the
Project is
covered
Education
Support to
students,
maintenance
work in School.
Maintenance
of Park and
Garden
Promotion of
Education
Development of
Market place at
Village
TOTAL
Rural
Development
Project
Environmental
sustainability
(5)
(6)
Projects or
programs
(i) Local area or
other
(ii) Specify
the State and
district where
projects or
programs was
undertaken
Sadlwa, Amli,
Malap, Thandiberi,
Pindwara, Dist.
Sirohi, Rajasthan
(4)
Amount outlay
(budget)
project or
programs wise
(` In Lakhs)
Amount spent on
the projects or
programs Subheads:
(i)Direct expenditure
on projects or
programs
(ii) Overheads:
(` In Lakhs)
(7)
(8)
15.00
6.48
6.48
Direct
Pindwara, Dist.
Sirohi & Udaipur,
Dist. Udaipur,
Rajasthan
Pindwara, Dist.
Sirohi, Rajasthan
10.00
4.57
4.57
Direct
5.00
-
-
Direct
50.00
13.04
13.04
Cumulative
expenditure
upto to the
reporting
period
(` In Lakhs)
Amount
spent: Direct
or through
implementing
agency
1.
REASON FOR SHORTFALL OF CSR SPEND
6LQFH WKH DSSURSULDWH SURMHFWVDYHQXHV FRXOG QRW EH LGHQWLßHG ZKLFK FRXOG MXVWLI\ VXFK VSHQG UHVXOWHG LQ ORZHU VSHQGLQJ LQ WKH
Financial Year 2014-15 by ` 36.35 Lakhs. However, all efforts will be put to identify right projects for CSR activity in future.
2.
RESPONSIBILITY STATEMENT OF THE CSR COMMITTEE
:HKHUHE\FRQßUPWKDWWKHLPSOHPHQWDWLRQDQGPRQLWRULQJRI&653ROLF\LVLQFRPSOLDQFHZLWK&65REMHFWLYHVDQG&65SROLF\RIWKH
Company.
S. Sridhar
Chairman CSR Committee
Place : Mumbai
25
Jotirmoy Ghose
Member
V. Subramanian
Member
ANNEXURE- E
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
As on Financial Year ended on 31.03.2015
Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014.
I.
REGISTRATION & OTHER DETAILS:
1.
CIN
U26941WB1996PLC076612
2.
Registration Date
15th January, 1996
3.
Name of the Company
4.
Category/Sub-category of the Company
Company limited by shares/ Indian Non-Government Company
5.
$GGUHVV RI WKH 5HJLVWHUHG RIßFH FRQWDFW 37/2, Chinar Park, New Town, Rajarhat Main Road, P.O. Hatiara, Kolkata-700157
details
Tel : 033-32626795, Fax : 033-40088802, E-mail : Mumbai@binani.net
6.
Whether listed Company
7.
Name, Address & contact details of the Registrar Link Intime India Private Limited
& Transfer Agent, if any.
C-13, Pannalal Silk Mills Compound,
LBS Marg, Bhandup (West),
Mumbai- 400078.
Tel: 022-25963838/25944970, Fax: 022-25946969,
E-mail : rnt.helpdesk@linkintime.co.in
II.
No
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.
1.
Name and Description of main products
/ services
Cement
NIC Code of the Product/service
% to total turnover of the Company
23942
99.95
$VSHU1DWLRQDO,QGXVWULDO&ODVVLßFDWLRQt0LQLVWU\RI6WDWLVWLFVDQG3URJUDPPH,PSOHPHQWDWLRQ
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sr. Name and
No. Address of the Company
1.
2
3
4
CIN/GLN
Holding/
Subsidiary/
Associate
L24117WB1962PLC025584 Holding
37/2. Chinar Park, New Town, Rajarhat, Main
Road, P.O. Hatiara, West Bengal – 700157
Merit Plaza Limited
U70109WB2010PLC155943 Subsidiary
Swiss Merchandise Infrastructure Limited U45400WB2010PLC154432 Subsidiary
Binani Energy Private Limited
U72200WB1996PTC171627 Subsidiary
26
% of
Shares
held
98.43%
Applicable
Section
100%
2(87)(ii)
100%
2(87)(ii)
100%
2(87)(ii)
2(46)
Sr. Name and
No. Address of the Company
5
Binani Ready Mix Concrete Limited
6
Mukundan Holdings Limited (MHL)
P.O. Box - 957, Offshore Incorporations Centre,
Road Town, Tortola, British Virgin Islands
7
Murari Holdings Limited (MuHL)
Akara Bldg, 24, DE CASTRO Street, Wickhams,
Cay 1, Road Town, Tortola, British Virgin
Islands
8
Krishna Holdings Pte. Limited (KHL)
21, Bukit Batok Crescent
#15-74, WCEGA Tower,
Singapore - 658065
9
Bhumi Resources (Singapore) Pte. Ltd.
(Bhumi)
21, Bukit Batok Crescent
#15-74, WCEGA Tower,
Singapore - 658065
10 Binani Cement Factory LLC (BCFLLC)
Jebel Ali, Dubai, UAE
11 Shandong Binani Rong’An Cement Co. Ltd.
(SBRCC)
Fujiazhuang Village, Dongguan Town,
Ju County of Rizhao Municipality
Shandong Province,
Peoples Republic of China
12 PT Anggana Energy Resources (Anggana)
Menara Kuningan 8D, Lantai 8, JL. H. R.
Rasuna Said, Block X-7, Kav. 5, Jakarta
Selatan, Indonesia
13 BC Tradelink Limited
P.O.Box-10257, Mhando Street,
Masaki, Dar-es-Salaam,
Tanzania
14 Binani Cement Tanzania Limited
P.O.Box-105114, Mhando Street,
Masaki, Dar-es-Salaam,
Tanzania
15 Binani Cement (Uganda) Limited **
P.O. Box - 24544, Kampala Uganda
** Under liquidation.
CIN/GLN
Holding/
Subsidiary/
Associate
U45400WB2010PLC155265 Subsidiary
% of
Shares
held
100%
Applicable
Section
2(87)(ii)
N.A
Subsidiary
100%
2(87)(ii)
N.A
Subsidiary
100%
2(87)(ii)
N.A
Subsidiary
100%
2(87)(ii)
N.A
Subsidiary
100%
2(87)(ii)
N.A
Subsidiary
2(87)(ii)
N.A
Subsidiary
MUHL- 51%
MHL-49%
KHL- 90%
N.A
Subsidiary
BHUMI- 100%
2(87)(ii)
N.A
Subsidiary
BCFLLC- 100%
2(87)(ii)
N.A
Subsidiary
BCFLLC- 100%
2(87)(ii)
N.A
Subsidiary
BCFLLC- 100%
2(87)(ii)
27
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
(as on 01.04.2014)
Demat
A. Promoters
(1) Indian
a) Individual/ HUF
b) Central Govt
c) State Govt(s)
d) Bodies Corporate
185,649,364
e) Banks / FI
f) Any other
Sub-total (A) (1):185,649,364
(2) Foreign
(a) NRIs - Individuals
(b) Other – Individuals
(c) Bodies Corporate
(d) Banks / FI
(e) Any Other….
Sub-total (A) (2):Total shareholding of
185,649,364
Promoter (A) =(A)(1)+(A)(2)
B. Public Shareholding
(1) Institutions
(a) Mutual Funds
(b) Banks / FIs
(c) Central Govt
(d) State Govt(s)
(e) Venture Capital Funds
(f) Insurance Companies
(g) FIIs
(h) Foreign Venture
Capital Funds
(i) Others (specify)
Sub-total (B)(1):2. Non-Institutions
(a) Bodies Corp.
(i) Indian
(ii) Overseas
494,843
-
Physical
Total
% of
Total
Shares
No. of Shares held at the end of the year
%
[as on 31.03.2015] Change
during
Demat
Physical
Total
% of
the year
Total
Shares
100 185,649,464
100 185,649,464
98.43 185,649,364
98.43 185,649,364
100 185,649,464
100 185,649,464
98.43
98.43
100 185,649,464
98.43 185,649,364
100 185,649,464
98.43
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
494,843
-
0.26
-
489,271
-
-
489,271
-
0.26
-
-
28
Category of Shareholders
No. of Shares held at the beginning of the year
(as on 01.04.2014)
Demat
Physical
(b) Individuals
2,282,946
(i) Individual
shareholders holding
nominal share capital
upto ` 1 lakh
92,826
(ii)Individual
shareholders holding
nominal share capital in
excess of `1 lakh
(c) Others - LIIPL-Binani
80
Cement Exit Offer
Escrow Demat Account
Non Resident Indians
66,075
Overseas Corporate Bodies
Foreign Nationals
Clearing Members
9,002
Trusts
5,000
Sub-total (B)(2):2,950,772
Total Public Shareholding
2,950,772
(B)=(B)(1)+ (B)(2)
C. Shares held by Custodian
for GDRs & ADRs
Grand Total (A+B+C)
188,600,136
ii.
Total
% of
Total
Shares
1,018
2,283,964
1.21
2,287,314
1722
2,289,036
1.21
-
-
92,826
0.05
92,826
-
92,826
0.05
-
-
80
-
80
-
80
-
-
20
1,038
1,038
66,095
9,002
5,000
2,951,810
2,951,810
0.04
1.57
1.57
67,105
8,472
5,000
2,950,068
2,950,068
20
1,742
1,742
67,125
8,472
5,000
2,951,810
2,951,810
0.04
1.57
1.57
-
-
-
-
-
-
-
-
-
1,842 188,601,274
100.00
-
1,138 188,601,274
100.00 188,599,432
Shareholding of Promoters
Sr. Shareholder’s Name
No.
Shareholding at the beginning of the year
(as on 01.04.2014)
No. of
Shares
1
No. of Shares held at the end of the year
%
[as on 31.03.2015] Change
during
Demat
Physical
Total
% of
the year
Total
Shares
iii.
% of total % of Shares
Shares of
Pledged /
the Company encumbered
to total
shares
185,649,464
98.43
74.96
Shareholding at the end of the year % change in
(as on 31.03.2015) shareholding
during the
No. of
% of total %of Shares
year
Shares
Shares of
Pledged /
the Company encumbered
to total
shares
185,649,464
98.43
100.00
-
Change in Promoters’ Shareholding (please specify, if there is no change)
Sr.
No.
At the beginning of the year
Date wise Increase/Decrease in Promoters
Share holding during the Year specifying the
reasons for increase /decrease (e.g. allotment/
transfer/bonus/sweat equity etc).
At the end of the year
Shareholding at the beginning of the Cumulative Shareholding during the
year (as on 01.04.2014)
year (as on 31.03.2015)
No. of shares % of total shares
No. of shares % of total shares
of the Company
of the Company
185,649,464
98.43
185,649,464
98.43
No Change
185,649,464
29
98.43
185,649,464
98.43
iv.
Shareholding Pattern of top ten Shareholders:
(Other than Directors, Promoters and Holders of GDRs and ADRs):
Sr.
No.
Name
1
2
3
4
5
6
7
8
9
10
Kanakratan Agency Pvt. Ltd.
Brij Bhushan Singal
Gangadhar Narsingdas Agrawal
Ramalingam Ganapathy
Ritesh Vilasrao Deshmukh
Jagdish Chand Saggar
Anjani Nitin Kasliwal
Atul Prakash Anand
Kartikeya Nitin Kasliwal
Rita Murarka
v.
Shareholding at the
beginning of the year
[as on 01.04.2014]
No. of
% of total
shares shares of the
Company
416,120
0.22
52,000
0.03
17,000
0.01
14,500
0.01
13,206
0.01
10,620
0.01
10,000
0.01
10,000
0.01
10,000
0.01
10,000
0.01
Date
Increase/
Decrease in
shareholding
Reason
No Change
Cumulative Shareholding
during the Year
[as on 31.03.2015]
No. of
% of total
shares shares of the
Company
416,120
0.22
52,000
0.03
17,000
0.01
14,500
0.01
13,206
0.01
10,620
0.01
10,000
0.01
10,000
0.01
10,000
0.01
10,000
0.01
Shareholding of Directors and Key Managerial Personnel:
None of the Directors and Key Managerial Personnel holds any share in the Company.
V.
INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(` In Lakhs)
Secured Loans
excluding deposits
Unsecured Loans
Deposits
Total
Indebtedness
2,30,369.19
2,500.00
-
2,32,869.19
5,330.97
35.18
-
5,366.15
461.98
-
-
461.98
2,36,162.14
2,535.18
-
2,38,697.32
Indebtedness at the beginning of the
ÞOBODJBMZFBS
i)
Principal Amount
ii)
Interest due but not paid
iii)
Interest accrued but not due
Total (i+ii+iii)
$IBOHFJO*OEFCUFEOFTTEVSJOHUIFÞOBODJBM
year
Addition
1,24,299.61
297.18
-
1,24,596.79
Reduction
64,113.27
306.88
-
64,420.15
Net Change
60,186.34
(9.70)
-
60,176.64
2,89,272.46
2,500.00
-
2,91,772.46
6,709.79
25.48
-
6,735.27
366.22
-
-
366.22
2,96,348.47
2,525.48
-
2,98,873.95
*OEFCUFEOFTTBUUIFFOEPGUIFÞOBODJBMZFBS
i)
Principal Amount
ii)
Interest due but not paid
iii)
Interest accrued but not due
Total (i+ii+iii)
30
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNELA.
Remuneration to Managing Director, Whole-time Directors and/or Manager:
(` In Lakhs)
Sr. Particulars of Remuneration
No.
1
Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act,
1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
F 3URßWVLQOLHXRIVDODU\XQGHUVHFWLRQ,QFRPHWD[$FW
2
Stock Option
3
Sweat Equity
4
&RPPLVVLRQ DVRISURßW
- others, specify…
5
6
Mr. Jotirmoy Ghose,
Managing Director
Total Amount
117.01
117.01
14.61
-
14.61
-
131.62
-
131.62
-
Others, Specify
Recovery of excess amount paid
Total (A)
Ceiling as per the Act*
* The Company had incurred a loss during the Financial Year 2014-15. The remuneration paid to Mr. Jotirmoy Ghose, Managing Director,
was in terms of his appointment approved by the Shareholders on 10th December, 2013 pursuant to Schedule XIII of the Companies Act,
UHDGZLWK1RWLßFDWLRQQR*65(GDWHGWK-XO\LVVXHGE\WKH0LQLVWU\RI&RUSRUDWH$IIDLUV
B.
Remuneration to other Directors
(` In Lakhs)
Sr. Particulars of Remuneration
No.
1
Independent Directors
Fee for attending Board/Committee Meetings
Commission
Others, please specify
2
Total (1)
Other Non-Executive Directors
Name of Directors
Mr. S. Sridhar
3.60
Mr. Braj Binani
Fee for attending Board/Committee Meetings
Commission
Others, please specify
1.70
-
Total (2)
Total (B)=(1+2)
Total Managerial Remuneration (A+B)
Overall Ceiling as per the Act**
1.70
** The Company had incurred a loss during the FY 2014-15.
31
3.60
Mr. V. Mr. T. R. C Nair
Subramanian
3.40
0.80
3.40
0.80
Total Amount
3.60
3.60
Total Amount
5.90
5.90
9.50
141.12
-
C.
REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
(` In Lakhs)
Sr.
No.
1
2
3
4
5
Particulars of Remuneration
Mr. K K Jain,
Chief Financial
0GÞDFS
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,QFRPH
tax Act, 1961
Stock Option
Sweat Equity
&RPPLVVLRQ DVRISUR¿W
- others, specify
Others, (Employer’s Contribution to Provident Fund)
Total
Key Managerial Personnel
Mr. Amit
Mr. Atul
Kumar Gupta,
Falgunia,
Company
Company
4FDSFUBSZ
4FDSFUBSZ
Total
33.84
8.54
23.80
66.18
2.71
-
-
0.06
-
2.77
-
-
-
-
-
-
-
-
-
2.07
38.62
0.25
8.79
1.42
25.28
3.74
72.69
*w.e.f. 30.05.2014, **Upto 30.04.2014, ***w.e.f. 05.06.2014.
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type
A. COMPANY
Penalty
Punishment
Compounding
B. DIRECTORS
Penalty
Punishment
Compounding
Authority Appeal made,
[RD / NCLT/
if any (give
COURT]
Details)
Section of the
Companies Act
Brief
Description
Details of Penalty
/ Punishment/
Compounding fees
imposed
-
-
-
-
-
Section 211(1)
& (2)
Interest received by the
Company was netted off
from the interest paid in the
FY 2010-11
`20,500/-
Company Law
Board
-
FY 2010-11.
Section 211(1)
& (2)
FY 2006-08.
` 3,000/-
Company Law
Board
-
`18,000/-
Company Law
Board
-
C. OTHER OFFICERS IN DEFAULT
Penalty
Punishment
Compounding
Section 211(1)
& (2)
32
ANNEXURE - F
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rules 8(3) of the Companies (Accounts) Rules, 2014
A.
CONSERVATION OF ENERGY
a)
Energy conservation measures taken
Cement Plant – Binanigram
.LOQ&RROHUGLVFKDUJHKDPPHUFUXVKHURSHQLQJLWVGLVFKDUJHKRRGPRGLßHGWRDYRLGVWRSSDJHLQFOLQNHUERXOGHUV
coating jamming resulting in power saving.
2.
Raw Mill - 2: Reclaimer transport circuit belt 312BC1 path made straight by removing bend therefore belt resistance
decreased and also low rating motor installed from 90 kW to 55 kW.
5DZ0LOOt5DZPDWHULDOWUDQVSRUWFLUFXLWMHWSXOVHßOWHUGULYHVLVRODWHGDIWHUUHPRYLQJRIEHQGRI%&EHOW
/LPHVWRQHFUXVKHUFRPSUHVVRUKRXVHFRROLQJV\VWHPPRGLßHGE\SURYLGLQJVRIWZDWHUFRROLQJV\VWHPLQSODFHRIKDUG
ZDWHUIURP0LQHVSXPSKRXVHUHVXOWLQJLQSRZHUVDYLQJDQGDOVRLPSURYLQJWKHHIßFLHQF\RIFRPSUHVVRU
5DZ0LOO,QOHWFKXWHPRGLßHGWRDYRLGPDWHULDOMDPPLQJLQUDLQ\VHDVRQUHVXOWLQJLQUHGXFWLRQLQZRUNVWRSSDJHDQG
power saving.
Cement Plant – Neem ka Thana
1.
Installed Variable Frequency Drives (VFDs) at various drives (Clinker Apron conveyor, blower & all truck loaders) to reduce
RPM for optimum performance.
2.
Mill outlet water spray nozzle compressed air stopped during low cement temperature in winter month resulting in
compressor power saving.
Thermal Power Plant
b)
1.
Optimized the performance of Boiler feed pump in CPP2 by reducing impeller stages from 16 to 14 stages.
5HSODFHGLQHIßFLHQWSXPSVQRpVLQ'0SODQWLQ&33ZLWKHQHUJ\HIßFLHQWSXPSV
3.
Optimized lighting transformer voltage from 235 to 215 volt.
Steps in utilization of alternate source of Energy
–
c)
Capital investment on energy conservation equipment
–
B.
TECHNOLOGY ABSORPTION
Nil
C.
FOREIGN EXCHANGE EARNING AND OUTGO
Particulars
Foreign exchange earned
Foreign exchange used*
2014-15
Nil
24,800.06
(` In Lakhs)
2013-14
Nil
32,423.44
* Excludes investment in overseas subsidiaries
33
34
Mr. Gautam Ray *
Mr. Bhadresh Khara
4
5
M.A.
(Economics)
B.E.(Mech.)
& MBA
53
55
Vice President
(Commercial)
Grasim Industries
Ltd.
Vice President
Operations,
Arkan Building
Materials, Abu
Dhabi, UAE
15.01.1997
01.12.2013
Dy. Manager
(Marketing)
Gujarat Ambuja
Cement,
Ahmedabad
Business HeadRMC, Binani
Industries Ltd.,
Mumbai
24.05.2013 Sr.Vice PresidentPrism Cement
Ltd. Satna
10.10.2005
30.10.2013
Nil
Nil
Nil
Nil
Nil
No
No
No
No
No
(PSOR\HGIRUSDUWRIWKHßQDQFLDO\HDU
28
27
51
60
53
None of the above employees is related to any Director of the Company.
B.E. (Civil)
B.Com.&
C.A.
30
38
28
3
Noncontractual
Noncontractual
Non- AMIE (Mech),
contractual
PGDM &
Dip. in Ind.
Safety
Noncontractual
Contractual
Whether
% of Equity
relative
Shares
held by the
of any
employee in
director/
the Company
manager
within the
of the
meaning of Company.
clause (iii) If so, name
Sub Rule 2
of such
director or
manager
2
61.56
18.03
21.76
93.44
131.62
Nature of 2VBMJÞDBUJPO Experience
Age
Date of Last employment
employment
(in years)
(in commencement
held
whether
years) of employment
contractual or
otherwise
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Company’s Contribution to Provident Fund and Superannuation Fund.
Executive Vice
President
(Marketing)
Jt.President
(Finance)
President
(Works)
President
(Corporate
Affairs)
Managing
Director
[` In Lakhs]
Designation Remuneration
1
Notes:
Mr. Anant Kumar Mahobe *
Mr. R.S. Joshi
2
3
Mr. Jotirmoy Ghose
1
Sr. Name
No.
The information required under Section 197 of the Companies Act, 1956, read with Rule 5(2) the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, for the Financial Year ended 31st March, 2015
ANNEXURE- G
INDEPENDENT AUDITORS’ REPORT
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fraud or error. In making those risk assessments, the auditor
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view, in order to design audit procedures that are appropriate
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Report on the Financial Statements
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BINANI CEMENT LIMITED (“the Company”), which comprise the
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information.
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of adequate accounting records in accordance with the provisions
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and appropriate to provide a basis for our audit opinion on
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Opinion
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manner so required and give a true and fair view in conformity
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the year ended on that date.
Auditor’s Responsibility
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the view that it has a good case of getting waiver from the
department for interest and hence provision of interest is
not required.
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statements regarding guarantees aggregating of
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ANNEXURE TO THE AUDITORS’ REPORT
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39
BALANCE SHEET AS AT 31ST MARCH, 2015
1RWH1R
PARTICULARS
EQUITY AND LIABILITIES
SHAREHOLDERS’ FUNDS
6KDUH&DSLWDO
5HVHUYHVDQG6XUSOXV
31st March, 2015
(` in Lakhs)
VW0DUFK
24,862.38
27,565.12
52,427.50
NON-CURRENT LIABILITIES
Long-term borrowings
'HIHUUHGWD[OLDELOLWLHV1HW
2WKHU/RQJWHUPOLDELOLWLHV
Long term provisions
273,734.09
6,006.75
3,225.45
309.92
283,276.21
CURRENT LIABILITIES
6KRUWWHUPERUURZLQJV
7UDGHSD\DEOHV
2WKHUFXUUHQWOLDELOLWLHV
6KRUWWHUPSURYLVLRQV
8
7,404.04
40,834.63
52,518.80
216.36
100,973.83
436,677.54
104,287.29
151.18
17,480.93
105,930.05
26,932.94
16.75
254,799.14
18,201.93
14,782.95
10,872.88
121,540.95
16,479.69
181,878.40
436,677.54
TOTAL
ASSETS
NON-CURRENT ASSETS
)L[HGDVVHWV
7DQJLEOHDVVHWV
,QWDQJLEOHDVVHWV
&DSLWDOZRUNLQSURJUHVV
1RQFXUUHQWLQYHVWPHQWV
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Other non-current assets
CURRENT ASSETS
Inventories
7UDGH5HFHLYDEOHV
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6KRUWWHUPORDQVDQGDGYDQFHV
Other current assets
TOTAL
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
7KHDFFRPSDQ\LQJQRWHVDUHLQWHJUDOSDUWRIWKHßQDQFLDOVWDWHPHQWV
$VSHURXUDWWDFKHGUHSRUWRIHYHQGDWH
For and on behalf of the Board of Directors
)LUP5HJLVWUDWLRQ1R:
Braj Binani
Chairman
Jayesh Parmar
Amit Kumar Gupta
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0HPEHUVKLS1R
3ODFH0XPEDL
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40
Jotirmoy Ghose
Managing Director
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STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2015
(` in Lakhs)
1RWH1R
PARTICULARS
5HYHQXHIURPRSHUDWLRQV*URVV
31st March, 2015
VW0DUFK
196,618.18
26,154.24
170,463.94
13,533.99
183,997.93
/HVV([FLVH'XW\
5HYHQXHIURPRSHUDWLRQV1HW
Other Income
Total Revenue
Expenses :
&RVWRI0DWHULDOV&RQVXPHG
24,479.51
3XUFKDVHRI6WRFNLQ7UDGH
1.61
&KDQJHVLQLQYHQWRULHVRIßQLVKHGJRRGVZRUNLQSURJUHVVDQG6WRFNLQ7UDGH
2,528.29
(PSOR\HH%HQHßW([SHQVH
5,579.25
Finance Costs
35,325.16
'HSUHFLDWLRQDQG$PRUWL]DWLRQ([SHQVH
7,471.38
2WKHU([SHQVHV
122,062.03
Total Expenses
197,447.23
1SPÞU-PTT
CFGPSFFYDFQUJPOBMBOEFYUSBPSEJOBSZJUFNTBOEUBY
(13,449.30)
(1,282.79)
(14,732.09)
-
-
(14,732.09)
([FHSWLRQDO,WHPV
WR
1SPÞU-PTT
CFGPSFFYUSBPSEJOBSZJUFNTBOEUBY
([WUDRUGLQDU\,WHPV
1SPÞU-PTT
#FGPSF5BY
7D[H[SHQVH
'HIHUUHGWD[
(4,243.93)
(10,488.16)
Basic
(5.56)
'LOXWHG
(5.56)
1SPÞU-PTT
GPSUIFQFSJPEGSPNDPOUJOVJOHPQFSBUJPOT
Earning per equity share (in `
)LUP5HJLVWUDWLRQ1R:
Braj Binani
Chairman
Jayesh Parmar
Amit Kumar Gupta
0HPEHUVKLS1R
3ODFH0XPEDL
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41
Jotirmoy Ghose
Managing Director
3ODFH0XPEDL
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NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2015
NOTE NO. - 1
(` in Lakhs)
SHARE CAPITAL
PARTICULARS
AUTHORISED
(TXLW\6KDUHV3UHYLRXV<HDURI`HDFK
3UHIHUHQFH6KDUHV3UHYLRXV<HDUQLORI`HDFK
TOTAL
31st March, 2015
VW0DUFK
30,389.96
12,000.00
42,389.96
18,860.13
0.25
18,860.38
6,002.00
-
24,862.38
ISSUED, SUBSCRIBED AND PAID UP
3UHYLRXV<HDU(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS
$GG$PRXQWSDLGXSRQIRUIHLWHG6KDUHV
SUB-TOTAL
3UHYLRXV<HDUQLO1RQFXPXODWLYHUHGHHPDEOH3UHIHUHQFH6KDUHVRI`
HDFKIXOO\SDLGXS
TOTAL
Equity Shares :
3UHYLRXV\HDU(TXLW\6KDUHVRI`HDFKIXOO\SDLGXSKHOGE\WKHKROGLQJ&RPSDQ\
- Binani Industries Limited and its nominees.
(TXLW\6KDUHVKDYHEHHQERXJKWEDFNLQßQDQFLDO\HDUXQGHUWHQGHURIIHUURXWHDQGODWHUH[WLQJXLVKHG
5HFRQFLODWLRQRIQXPEHURIVKDUHVRXWVWDQGLQJDWWKHEHJLQQLQJDQGDWWKHHQGRIWKH\HDU
Particulars
Outstanding at the beginning of the year
Outstanding at the end of the year
7HUPV5LJKWVDWWDFKHGWRHTXLW\VKDUHV
No. of shares
188,601,274
188,601,274
(` in Lakhs)
18,860.13
18,860.13
1RRIVKDUHV
(` in Lakhs)
7KH&RPSDQ\KDVRQO\RQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKKROGHURIHTXLW\VKDUHVHQWLWOHGWR
RQHYRWHSHUVKDUH7KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHWRUVLV
VXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
,QWKHHYHQWRIOLTXLGDWLRQRIWKH&RPSDQ\WKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHUHPDLQLQJDVVHWVRIWKH&RPSDQ\
DIWHU GLVWULEXWLRQ RI SUHIHUHQWLDO DPRXQWV 7KH GLVWULEXWLRQ ZLOO EH LQ SURSRUWLRQ WR WKH QXPEHU RI HTXLW\ VKDUHV KHOG E\ WKH
VKDUHKROGHUV
0.01% Non-cumulative Redeemable Preference Shares :
3UHYLRXV\HDUQLO1RQFXPXODWLYHUHGHHPDEOH3UHIHUHQFH6KDUHVRI`HDFKIXOO\SDLGXSKHOGE\WKH
KROGLQJ&RPSDQ\%LQDQL,QGXVWULHV/LPLWHG
1RQ&XPXODWLYH5HGHHPDEOH3UHIHUHQFH6KDUHVRI`HDFKIXOO\SDLGXSKDYHEHHQLVVXHGDQGDOORWWHGIRU
FDVKDW3DUWR%LQDQL,QGXVWULHV/LPLWHGLQWKH)LQDQFLDO<HDU
5HFRQFLOLDWLRQRIQXPEHURIVKDUHVRXWVWDQGLQJDWWKHEHJLQQLQJDQGDWWKHHQGRIWKH\HDU
Particulars
No. of shares
(` in Lakhs) 1RRIVKDUHV (` in Lakhs)
Outstanding at the beginning of the year
$GG,VVXHG6XEVFULEHGDQG3DLGXSGXULQJWKH\HDU
6,002,000
6,002.00
6,002,000
6,002.00
7HUPV5LJKWVDWWDFKHGWRSUHIHUHQFHVKDUHV
+ROGHURIWKH6KDUHVVKDOOEHHQWLWOHGWRGLYLGHQG#SHUDQQXPIURPWKHGDWHRIDOORWPHQW 1RQSDUWLFLSDWLQJDQGFDUU\DSUHIHUHQWLDOULJKWYLV¼YLV(TXLW\6KDUHVRIWKH&RPSDQ\ZLWKUHVSHFWWRSD\PHQWRIGLYLGHQGDQG
UHSD\PHQWLQFDVHRIDZLQGLQJXSRUUHSD\PHQWRIFDSLWDODQGVKDOOFDUU\YRWLQJULJKWVDVSHUWKHSURYLVLRQVRI6HFWLRQRIWKH
&RPSDQLHV$FW
5HGHHPDEOHIRUFDVKDWSDUDWWKHHQGRI\HDUIURPWKHGDWHRIDOORWPHQWZLWKDQRSWLRQWRWKH&RPSDQ\WRUHGHHPDQ\WLPH
HDUOLHU
42
NOTE NO. - 2
RESERVE & SURPLUS
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
CAPITAL REDEMPTION RESERVE
$VSHU/DVW%DODQFH6KHHW
1,450.00
$GG/HVV7UDQVIHUIURPWR3URßWDQG/RVV$FFRXQW
-
1,450.00
-
GENERAL RESERVE
7,843.00
$GG7UDQVIHUUHGIURP3URßWDQG/RVV$FFRXQW
-
7,843.00
-
BALANCE IN PROFIT & LOSS ACCOUNT
7UDQVIHUUHGIURP3URßWDQG/RVV$FFRXQW
([FHVV GHSUHFLDWLRQ FKDUJHG WR UHWDLQHG HDUQLQJV DV SHU WKH
WUDQVLWLRQDO SURYLVLRQ RI VFKHGXOH ,, RI &RPSDQLHV $FW 5HIHU
QRWHQR
27,020.32
(10,488.16)
16,532.16
(987.68)
15,544.48
-
FOREIGN CURRENCY TRANSLATION RESERVE
2,727.64
$GG([FKDQJH'LIIHUHQFHGXULQJWKH\HDURQQHW,QYHVWPHQWLQQRQ
LQWHJUDOIRUHLJQRSHUDWLRQV
-
TOTAL
2,727.64
-
27,565.12
NOTE NO. - 3
LONG TERM BORROWINGS
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
TERM LOANS (REFER NOTE NO. 33 A)
From Bank
6HFXUHG
229,269.65
Unsecured
-
229,269.65
-
Financial Institutions
6HFXUHG
TOTAL
44,464.44
273,734.09
NOTE NO. - 4
OTHER LONG TERM LIABILITIES
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
Trade Deposits
3,225.45
TOTAL
3,225.45
43
NOTE NO. - 5
LONG TERM PROVISIONS
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
)RU*UDWXLW\
For Leave Encashment
84.46
225.46
TOTAL
309.92
309.92
NOTE NO. - 6
SHORT TERM BORROWINGS
(` in Lakhs)
PARTICULARS
VW0DUFK
31st March, 2015
LOANS REPAYABLE ON DEMAND
From Bank
6HFXUHG5HIHUQRWHQR%
From Others
Unsecured (Inter Corporate Deposits)
OTHER LOANS AND ADVANCES
6HFXUHG5HIHUQRWHQR$
8QVHFXUHG5HIHUQRWHQR
2,500.00
TOTAL
4,904.04
-
2,500.00
7,404.04
NOTE NO. - 7
OTHER CURRENT LIABILITIES
(` in Lakhs)
PARTICULARS
31st March, 2015
&XUUHQWPDWXULWLHVRI/RQJWHUPGHEW5HIHUQRWHQR$
Interest accrued but not due on borrowings
,QWHUHVWDFFUXHGDQGGXHRQERUURZLQJVRWKHUV
Unpaid dividends
6WDWXWRU\'XHV3D\DEOH
$GYDQFHIURPFXVWRPHUV
10,634.33
366.22
6,894.32
16.30
31,513.96
3,093.67
TOTAL
52,518.80
VW0DUFK
52,518.80
NOTE NO. - 8
SHORT TERM PROVISIONS
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
PROVISION FOR EMPLOYEE BENEFITS
)RU*UDWXLW\
178.28
38.08
TOTAL
216.36
216.36
44
45
809.07
205,408.05 1,220.21
809.07
809.07
564.52
32.31 206,595.95 93,722.92
205,408.05 93.37
8,459.13
8,365.76
32.31 205,786.88 93,158.40
-
293.99
333.10
606.23
10.08
5,050.33
255.72
229.84
530.38
1,040.01
606.27
38.27
103.26
75.85
1,940.17
177.85
89,146.79 8,998.23
46.25
3,760.62
657.89
151.18
657.89
151.18
24.57 102,157.48 104,438.47 111,685.13
93,722.92 111,685.13
17,480.93 -
24.57 101,499.59 104,287.29 111,440.58
-
93,776.96
-
(` in Lakhs)
Net Block
7RWDODV
Total as
DWVW
at 31st
March,
March,
2015
%XLOGLQJVLQFOXGHVDVVHWVEXLOWRQODQGQRWRZQHGE\WKH&RPSDQ\`/DNKV3UHYLRXV\HDU`/DNKV
3ODQW0DFKLQHU\LQFOXGHVDVVHWVEXLOWRQODQGQRWRZQHGE\WKH&RPSDQ\`/DNKV3UHYLRXV\HDU`/DNKV
,QFOXGHVH[SHQVHVRI`/DNKVLQFXUUHGIRUGHYHORSPHQWRIQHZ0LQHDUHDIURPZKLFKRUHKDVQRWEHHQ\HWH[WUDFWHG
'HSUHFLDWLRQFKDUJHIRUWKH\HDULQFOXGHV`/DNKV3UHYLRXV\HDU`/DNKVFDSLWDOLVHGDVSUHRSHUDWLYHH[SHQVHV
Notes :
Total Intangible assets
Total Fixed assets
Total Previous year
Capital Work-inProgress
2,980.18
784.12
182,923.75 -
8,998.23
56.33
8,810.95
Total as
at 31st
March,
2015
%FQSFDJBUJPO"NPSUJTBUJPO
4BMFT
Total as
As at 1st Additions
at 31st
April, 2014 during the 5SBOTGFST
year (refer Adjustments March,
2015
note no. 54)
-
Gross Block
As at 1st Additions
4BMFT
April, 2014 during
5SBOTGFST
the year Adjustments
Fixed assets
Tangible assets
)UHHKROG/DQG
/HDVHKROG/DQG
%XLOGLQJ,QFOXGLQJ
5RDGVUHIHUQRWHQR
EHORZ
3ODQWDQG0DFKLQHU\
UHIHUQRWHQREHORZ
5DLOZD\6LGLQJV
0LQH([SORUDWLRQ
'HYHORSPHQWVUHIHU
QRWHQREHORZ
)XUQLWXUH)L[WXUHV
9HKLFOHV
2IßFHDQG2WKHU
Equipments
Total Tangible assets
204,598.98 1,220.21
Intangible assets
&RPSXWHU6RIWZDUH
-
Particulars
FIXED ASSETS
NOTE NO. - 9
NOTE NO. - 10
NON CURRENT INVESTMENTS
(` in Lakhs)
PARTICULARS
VW0DUFK
31st March, 2015
Trade (valued at cost unless stated otherwise)
Investment in Equity shares of Subsidiaries
Unquoted
IXOO\ SDLGXS 6KDUHV SUHYLRXV \HDU RI
0XNXQGDQ+ROGLQJV/WGRI86'ROODUHDFKIXOO\SDLGXS
36,936.70
)XOO\SDLGXS6KDUHVSUHYLRXV\HDURI.ULVKQD
+ROGLQJV3WH/WG6LQJDSRUHRI6LQJDSRUH'ROODUHDFK
15,798.84
IXOO\ SDLGXS SUHYLRXV \HDU 6KDUHV RI 0XUDUL
+ROGLQJV/WGRI86'ROODUHDFK
27,447.81
IXOO\ SDLGXS 6KDUHV SUHYLRXV \HDU RI %KXPL
5HVRXUFHV6LQJDSRUH3WH/WGRI86'ROODUHDFK
6,797.53
)XOO\ SDLGXS 6KDUHV SUHYLRXV \HDU RI 0HULW 3OD]D
Ltd. of `HDFK
5.00
)XOO\ SDLGXS 6KDUHV SUHYLRXV \HDU RI 6ZLVV
Merchandise Infrastructure Ltd. of `HDFK
5.00
)XOO\ SDLGXS VKDUHV SUHYLRXV \HDU RI %LQDQL
5HDG\0L[&RQFUHWH/WGRI`HDFK
-
/HVV,QYHVWPHQWVZULWWHQRII
-
)XOO\ SDLGXS VKDUHV SUHYLRXV \HDU RI %LQDQL (QHUJ\
3YW/WGRI`HDFK
-
-
3.18
IXOO\ SDLGXS SUHYLRXV \HDU &XPXODWLYH
3UHIHUHQFH 6KDUHV RI .ULVKQD +ROGLQJV 3WH /WG 6LQJDSRUH RI
6LQJDSRUH'ROODUHDFK
2,616.41
IXOO\SDLGXSSUHYLRXV\HDU1RQ&XPXODWLYH
3UHIHUHQFH6KDUHVRI0XNXQGDQ+ROGLQJV/WGRI86'ROODUHDFK
8,079.00
IXOO\SDLGXSSUHYLRXV\HDU1RQ&XPXODWLYH
3UHIHUHQFH6KDUHVRI0XUDUL+ROGLQJV/WGRI86'ROODUHDFK
8,240.58
105,930.05
Investment in Preference shares of Subsidiaries
Unquoted
TOTAL
46
NOTE NO. - 11
LONG TERM LOANS AND ADVANCES
(` in Lakhs)
PARTICULARS
VW0DUFK
31st March, 2015
Unsecured considered good
&DSLWDO $GYDQFHV ,QFOXGHV ` QLO SUHYLRXV \HDU ` /DNKV WR D
UHODWHGSDUW\%,/,QIUDWHFK)HOORZ6XEVLGLDU\
6HFXULW\'HSRVLWV
/RDQVDQG$GYDQFHVWR6XEVLGLDU\&RPSDQLHV5HIHUQRWHQRIRU
UHODWHGSDUWLHV
$GYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG
10,184.63
524.22
10,151.00
478.63
$GYDQFH7D[,QFOXGLQJ7D[GHGXFWHGDW6RXUFHQHW
1,705.68
0DW&UHGLW(QWLWOHPHQW
3,877.99
)ULQJH%HQHßW7D[QHW
10.79
26,932.94
26,932.94
TOTAL
NOTE NO. - 12
OTHER NON-CURRENT ASSETS
(` in Lakhs)
PARTICULARS
VW0DUFK
31st March, 2015
Other Bank Balances
'HSRVLW$FFRXQWVRULJLQDOPDWXULW\RIPRUHWKDQPRQWKV
LQPDUJLQ$FFRXQWV
16.75
-
TOTAL
16.75
-
NOTE NO. - 13
INVENTORIES (REFER NOTE NO. 25)
(` in Lakhs)
PARTICULARS
31st March, 2015
5DZ0DWHULDODQG3DFNLQJ0DWHULDO,QFOXGHV`/DNKVLQWUDQVLW
3UHYLRXV\HDU`/DNKV
:RUN,Q3URFHVV
)LQLVKHG*RRGV
6WRUHVDQG6SDUHVSDUWVDQG)XHO,QFOXGHV`/DNKVLQWUDQVLW
3UHYLRXV\HDU`/DNKV
/RRVH7RROV6WRFN
1,012.90
81.10
9,044.45
8,049.23
14.25
18,201.93
18,201.93
TOTAL
47
VW0DUFK
NOTE NO. - 14
TRADE RECEIVABLES
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
Unsecured, considered good
2WKHU'HEWVOHVVWKDQVL[PRQWKV
11,571.55
8QVHFXUHGFRQVLGHUHGGRXEWIXO
'HEWVRXWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKV
/HVV5HFHLYDEOHVZULWWHQRII
3,211.40
-
3,211.40
14,782.95
TOTAL
-
NOTE NO. - 15
CASH & BANK BALANCES
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
CASH & CASH EQUIVALENTS
%DODQFHVZLWK%DQNV
&XUUHQW$FFRXQWV
3,572.52
Cheques, drafts on hand
1,818.79
Cash on hand
8.15
5,399.46
OTHER BANK BALANCES
'HSRVLW$FFRXQWVRULJLQDOPDWXULW\RIPRUHWKDQPRQWKV
LQPDUJLQ$FFRXQWV
5,457.06
'LYLGHQG$FFRXQWV
16.36
5,473.42
10,872.88
TOTAL
NOTE NO. - 16
SHORT TERM LOANS AND ADVANCES
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
Loans and advances to related parties (Unsecured considered good)
'XHIURP6XEVLGLDU\&RPSDQLHV5HIHUQRWHQRIRUUHODWHGSDUWLHV
-
/HVV'XHVZULWWHQRII
-
-
-
,QWHU&RUSRUDWH'HSRVLWVWR+ROGLQJ&RPSDQ\5HIHUQRWHQRIRU
UHODWHGSDUWLHV
114,857.24
114,857.24
Others (Unsecured considered good)
$GYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG
4,813.03
%DODQFHZLWK6WDWXWRU\$XWKRULWLHV
1,870.68
6,683.71
121,540.95
TOTAL
48
NOTE NO. - 17
OTHER CURRENT ASSETS
(` in Lakhs)
PARTICULARS
VW0DUFK
31st March, 2015
,QWHUHVW 5HFHLYDEOH ,QFOXGHV ` /DNKV 3UHYLRXV \HDU
`/DNKVIURPDUHODWHGSDUW\%LQDQL,QGXVWULHV/WG+ROGLQJ
Company)
$VVHWVKHOGIRUGLVSRVDO
)RUZDUG&RQWUDFW3UHPLXP8QDPRUWLVHG
16,454.69
25.00
-
TOTAL
16,479.69
16,479.69
NOTE NO. - 18
REVENUE FROM OPERATIONS
(` in Lakhs)
PARTICULARS
Sale of Products
Cement *
&OLQNHU
2WKHU7UDGHG*RRGV
VW0DUFK
31st March, 2015
Other operating revenues
Less : Excise Duty
TOTAL
Quantity MT
Value
Quantity MT
9DOXH
4,472,872
195,598.10
3,852.63
100.12
-
-
919.96
196,618.18
26,154.24
170,463.94
6DOHVLQFOXGHVDOHRIWUDGHGJRRGVRI07DPRXQWLQJWR`/DNKV3UHYLRXV\HDU07DPRXQWLQJWR`/DNKV
DQGVHOIFRQVXPSWLRQRI07DPRXQWLQJWR`/DNKV3UHYLRXV\HDU07DPRXQWLQJWR`/DNKV
6DOHVLQFOXGHVDPSOHV073UHYLRXV\HDU07
NOTE NO. - 19
OTHER INCOME
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
12,753.87
,QWHUHVW,QFRPH)L[HG'HSRVLWV
223.96
,QWHUHVW,QFRPH2WKHUV>LQFOXGHV`/DNKVSUHYLRXV\HDU`QLO
IURP%,/,QIUDWHFK/WG)HOORZ6XEVLGLDU\@
436.41
1.33
-
118.42
13,533.99
Interest Income (Inter Corporate Deposits)
'LYLGHQG5HFHLYHG&XUUHQW,QYHVWPHQW
2WKHU0LVFHOODQHRXV,QFRPH
TOTAL
49
NOTE NO. - 20
COST OF MATERIALS CONSUMED
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
5,674.86
58.07
*\SVXP
4,982.13
)O\DVK
5,704.26
3DFNLQJ0DWHULDOV
8,060.19
3XUFKDVHG&OLQNHU
-
24,479.51
Limestone
6LOLFD6DQGZLWKLURQRUHUHGRFKHU
TOTAL
NOTE NO. - 21
CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE
PARTICULARS
(` in Lakhs)
VW0DUFK
31st March, 2015
*ODSFBTF
%FDSFBTFJO8PSLJO1SPDFTT
2SHQLQJ6WRFN
20.71
&ORVLQJ6WRFN
81.10
(60.39)
*ODSFBTF
%FDSFBTFJO'JOJTIFE4UPDLT
2SHQLQJ6WRFN
11,904.32
&ORVLQJ6WRFN
9,044.45
2,859.87
([FLVH'XW\RQ&HPHQWFOLQNHUVWRFNDQGVDPSOHVHWF
(271.19)
TOTAL
2,528.29
NOTE NO. - 22
EMPLOYEE BENEFIT EXPENSE
(` in Lakhs)
31st March, 2015
VW0DUFK
4,827.12
&RQWULEXWLRQWR3URYLGHQWDQGRWKHU)XQGV
300.02
*UDWXLW\([SHQVHV
125.92
:RUNPHQDQG6WDII:HOIDUH([SHQVHV
326.19
5,579.25
PARTICULARS
6DODULHVDQG:DJHV
TOTAL
50
NOTE NO. - 23
FINANCE COSTS
(` in Lakhs)
PARTICULARS
,QWHUHVWH[SHQVHV
Other borrowing costs
*DLQ/RVVRQIRUHLJQFXUUHQF\WUDQVDFWLRQVQHW
TOTAL
31st March, 2015
VW0DUFK
34,227.17
1,097.13
0.86
35,325.16
NOTE NO. - 24
OTHER EXPENSES
(` in Lakhs)
PARTICULARS
31st March, 2015
VW0DUFK
3RZHU)XHO
48,850.07
)UHLJKWDQG/RDGLQJ([SHQVHVRQ&OLQNHU7UDQVIHU
4,078.71
&RQVXPSWLRQRI6WRUHVDQG6SDUHV
5,554.62
5HSDLUVDQG0DLQWHQDQFH
%XLOGLQJV
3ODQWDQG0DFKLQHU\
Others
2WKHU2SHUDWLQJ([SHQVHV
87.61
1,423.08
111.19
2,280.85
5HQW
458.98
Insurance
449.89
5DWHVDQG7D[HV
([FKDQJH)OXFWXDWLRQQHW
$GYHUWLVHPHQWDQG6DOHV3URPRWLRQ
5R\DOW\RQ7UDGHPDUN
Directors Fee
)UHLJKW)RUZDUGLQJ
Commission
/RVVRQVDOHGLVFDUGRI)L[HG$VVHWVQHW
32.83
359.21
1,580.14
3,422.61
11.05
46,776.10
2,233.33
-
0DQDJHPHQW6HUYLFHV)HH
1,240.00
0LVFHOODQHRXV([SHQVHV
3,111.76
122,062.03
TOTAL
51
NOTE NO. - 25
SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
7KH ßQDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ KDYH EHHQ SUHSDUHG LQ DFFRUGDQFH ZLWK JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV LQ ,QGLD
,QGLDQ*$$37KH&RPSDQ\KDVSUHSDUHGWKHVHßQDQFLDOVWDWHPHQWVWRFRPSO\ZLWKDOOPDWHULDODVSHFWVZLWKUHVSHFWWRWKH$FFRXQWLQJ
6WDQGDUGVVSHFLßHGXQGHU6HFWLRQRIWKH&RPSDQLHV$FWqWKH$FWrUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
7KH)LQDQFLDO6WDWHPHQWVKDYHEHHQSUHSDUHGRQDFFUXDOEDVLVDQGXQGHUWKHKLVWRULFDOFRVWFRQYHQWLRQ7KHDFFRXQWLQJSROLFLHV
DGRSWHGLQWKHSUHSDUDWLRQRIßQDQFLDOVWDWHPHQWVDUHFRQVLVWHQWZLWKWKRVHRISUHYLRXV\HDU
USE OF ESTIMATES
7KH SUHSDUDWLRQ RI WKH ßQDQFLDO VWDWHPHQWV LQ FRQIRUPLW\ ZLWK WKH JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV UHTXLUHV HVWLPDWHV DQG
DVVXPSWLRQVWREHPDGHWKDWDIIHFWWKHUHSRUWHGDPRXQWRIDVVHWVDQGOLDELOLWLHVRQWKHGDWHRIWKHßQDQFLDOVWDWHPHQWVDQGWKHUHSRUWHG
DPRXQWRIUHYHQXHVDQGH[SHQVHVGXULQJWKHUHSRUWLQJSHULRG'LIIHUHQFHVEHWZHHQDFWXDOUHVXOWVDQGHVWLPDWHVDUHUHFRJQLVHGLQWKH
SHULRGLQZKLFKWKHUHVXOWVDUHNQRZQPDWHULDOLVHG
REVENUE RECOGNITION
D
'RPHVWLFVDOHVDUHDFFRXQWHGIRURQWUDQVIHURIVXEVWDQWLDOULVNVDQGUHZDUGVZKLFKJHQHUDOO\FRLQFLGHVZLWKGLVSDWFKRISURGXFWV
WRFXVWRPHUVDQG([SRUWVDOHVDUHDFFRXQWHGIRURQWKHEDVLVRIGDWHVRI%LOORI/DGLQJ6DOHVDUHQHWRI5HEDWH'LVFRXQW
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'LYLGHQGLQFRPHRQLQYHVWPHQWVLVDFFRXQWHGIRUZKHQWKHULJKWWRUHFHLYHWKHSD\PHQWLVHVWDEOLVKHG,QWHUHVWLQFRPHLVUHFRJQLVHG
RQDFFUXDOEDVLV
ACCOUNTING OF CLAIMS
D
&ODLPVUHFHLYDEOHDUHDFFRXQWHGIRUDWWKHWLPHZKHQUHDVRQDEOHFHUWDLQW\RIUHFHLSWLVHVWDEOLVKHG&ODLPVSD\DEOHDUHDFFRXQWHG
for at the time of acceptance.
E
&ODLPVUDLVHGE\*RYHUQPHQW$XWKRULWLHVUHJDUGLQJWD[HVDQGGXWLHVDUHDFFRXQWHGIRUEDVHGRQWKHPHULWVRIHDFKFODLP,IVDPH
LVGLVSXWHGE\WKH&RPSDQ\WKHVHDUHVKRZQDVo&RQWLQJHQW/LDELOLWLHVp
FIXED ASSETS
)L[HG$VVHWVDUHVWDWHGDWFRVWQHWRI&HQYDWOHVVDFFXPXODWHGGHSUHFLDWLRQDQGLPSDLUPHQWORVVLIDQ\&RVWLQFOXGHVWULDOUXQDQG
VWDELOL]DWLRQH[SHQVHVLQWHUHVWßQDQFHFRVWVDQGLQFLGHQWDOH[SHQVHVXSWRWKHGDWHRIFDSLWDOL]DWLRQOHVVVSHFLßFJUDQWVUHFHLYHGLIDQ\
INTANGIBLE ASSETS
,QWDQJLEOH$VVHWVDUHVWDWHGDWFRVWRIDFTXLVLWLRQOHVVDFFXPXODWHGDPRUWLVDWLRQDQGLPSDLUPHQWORVVLIDQ\
DEPRECIATION AND AMORTISATION
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PDQQHU SUHVFULEHG XQGHU VFKHGXOH ,, RI WKH &RPSDQLHV $FW LQFOXGLQJ DVVHWV FRQVWUXFWHG RQ ODQG QRW RZQHG E\ WKH &RPSDQ\
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7KHWRWDOH[SHQGLWXUHRQPLQHH[SORUDWLRQDQGGHYHORSPHQWLVDPRUWLVHGLQWKHUDWLRRIRUHH[WUDFWHGWRWKHWRWDOHVWLPDWHGH[SORLWDEOH
reserves.
/HDVHKROG/DQGLVDPRUWLVHGRQVWUDLJKWOLQHEDVLVRYHUWKHSHULRGRIOHDVH
0RELOHSKRQHVDUHFKDUJHGWRUHYHQXHFRQVLGHULQJWKHLUXVHIXOOLIHWREHOHVVWKDQRQH\HDU
([SHQGLWXUHRQPDMRUFRPSXWHUVRIWZDUHLVDPRUWLVHGRQVWUDLJKWOLQHPHWKRGRYHUWKHSHULRGRIßYH\HDUV
52
IMPAIRMENT OF ASSETS
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LPSDLUHGZKHQWKHFDUU\LQJYDOXHRIWKHDVVHWH[FHHGVLWVUHFRYHUDEOHYDOXH7KHLPSDLUPHQWORVVUHFRJQLVHGLQWKHHDUOLHUDFFRXQWLQJ
SHULRGVLVUHYHUVHGLIWKHUHKDVEHHQDFKDQJHLQWKHHVWLPDWHRIUHFRYHUDEOHDPRXQW
VALUATION OF INVENTORIES
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QHWUHDOLVDEOHYDOXH/RRVH7RROVDUHFKDUJHGRYHUDSHULRGRIWKUHH\HDUV+RZHYHUPDWHULDOVKHOGIRUXVHLQWKHSURGXFWLRQRILQYHQWRULHV
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INVESTMENTS
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WORKING CAPITAL FACILITIES
Consortium of banks- `/DNKV3UHYLRXV<HDU`/DNKV
6HFXUHGWR EH VHFXUHG E\ D )LUVW SDUL SDVVX FKDUJH RQ FXUUHQW DVVHWV DQG VHFRQG SDUL SDVVX FKDUJH RQ ß[HG DVVHWV RI WKH
&RPSDQ\ERWKSUHVHQWDQGIXWXUHE3HUVRQDO*XDUDQWHHRIDSURPRWHU'LUHFWRUF3OHGJHRIEHLQJ(TXLW\
6KDUHV RI %LQDQL &HPHQW /LPLWHG %&/ KHOG E\ %LQDQL ,QGXVWULHV /LPLWHG %,/ RQ ßUVW SDUL SDVVX EDVLV DORQJ ZLWK -/) 7HUP
/HQGHUVG3OHGJHRIEHLQJ(TXLW\6KDUHVRI%LQDQL,QGXVWULHV/LPLWHG%,/KHOGE\3URPRWHUVRI%,/RQßUVW
SDULSDVVXEDVLVDORQJZLWK-/)7HUP/HQGHUVH&RUSRUDWH*XDUDQWHHRI%,/I&KDUJHRQEUDQGr%,1$1,rRQSDULSDVVXEDVLV
DORQJZLWK-/)7HUP/HQGHUV
NOTE NO. - 34
7KH &RPSDQ\ KDV DOVR PDGH GHIDXOWV LQ SD\PHQW RI ,QWHUHVW RI XQVHFXUHG WHUP ORDQ &RPPHUFLDO 3DSHU IURP 8QLWHG %DQN RI ,QGLD
amounting to `/DNKVIRUWKHSHULRGRIGD\
60
NOTE NO. - 35
(A) RAW MATERIAL CONSUMPTION
PARTICULARS
31st March, 2015
Quantity (MT)
Value
Indigenous
Limestone*
6LOLFD6DQGZLWKLURQRUHUHGRFKUH
*\SVXP
)O\DVK
TOTAL
5,356,265
7,851
292,229
499,420
5,674.86
58.07
4,982.13
5,704.26
16,419.32
(` in Lakhs)
VW0DUFK
Quantity (MT)
9DOXH
'LUHFW&RVWRIPLQLQJDQGFUXVKLQJLQFOXGLQJ5R\DOW\DQG&HVV
(B) SPARES AND COMPONENTS CONSUMED
PARTICULARS
Imported
Indigenous
TOTAL
31st March, 2015
Value
1,821.08
3,261.01
5,082.09
%
35.83
64.17
100.00
(` in Lakhs)
VW0DUFK
9DOXH
NOTE NO. - 36
MANAGERIAL REMUNERATION
PARTICULARS
6DODU\
3HUTXLVLWHV
TOTAL
(` in Lakhs)
31st March, 2015 VW0DUFK
110.57
21.05
131.62
NOTE NO. - 37
(` in Lakhs)
7.95
1,429.38
1,437.33
VALUE OF IMPORTS CALCULATED ON C.I.F. BASIS
PARTICULARS
&DSLWDO*RRGV
&RPSRQHQWVDQG6SDUHSDUWVRI0DFKLQHU\
TOTAL
NOTE NO. - 38
(` in Lakhs)
98.09
23.61
28.36
150.07
EXPENDITURE IN FOREIGN CURRENCY (ON ACCRUAL BASIS)
PARTICULARS
Interest
&RQVXOWDQF\
Others
TOTAL
61
NOTE NO. - 39
REMUNERATION TO AUDITORS
PARTICULARS
6WDWXWRU\$XGLWRUV
$V$XGLWRU
)RUWD[DXGLW
For other services
)RUFHUWLßFDWLRQVRWKHUV
)RUUHLPEXUVHPHQWRIH[SHQVHV
TOTAL
&RVW$XGLWRUV
$V$XGLWRU
)RU5HLPEXUVHPHQWRIH[SHQVHV
TOTAL
31st March, 2015
(` in Lakhs)
VW0DUFK
15.00
3.75
18.25
13.18
1.61
51.79
1.00
0.23
0.23
1.45
NOTE NO. - 40
6HOOLQJDQG$GPLQLVWUDWLRQ([SHQVHVLQFOXGHV`/DNKV3UHYLRXV<HDU`/DNKVSDLGWR%LQDQL,QGXVWULHV/WG%,/WKH
+ROGLQJ&RPSDQ\WRZDUGVFRUSRUDWHVXSSRUWVHUYLFHVUHODWHGWR$FFRXQWLQJ)LQDQFH7UHDVXU\)RUH[&RPPRGLW\5LVN0DQDJHPHQW
3XUFKDVHV$XGLW7D[DWLRQ&RUSRUDWHVWUDWHJ\0HGLD6HUYLFHV3URMHFW0DQDJHPHQWHWF%,/SURYLGHVWKHDERYHPHQWLRQHGVHUYLFHVWR
LWVVXEVLGLDULHVLQFOXGLQJWKH&RPSDQ\RQSD\PHQWRIPRQWKO\0DQDJHPHQW6HUYLFHV)HHV$OVRDVXPRI`/DNKV3UHYLRXV<HDU
` /DNKV SDLG WR %,/ DV 5R\DOW\ RQ DFFRXQW RI OLFHQVH IHH IRU XVH RI WUDGHPDUN FRUSRUDWH QDPH ORJRV HWF %,/ KDV VWRSSHG
FKDUJLQJERWKWKHDERYHVHUYLFHVZHI NOTE NO. - 41
7KH&RPSDQ\LVKDYLQJYDULRXVRQJRLQJSURMHFWVLQKDQGDW*XMDUDW1LPEUL5DMDQGRWKHUSODFHV,QFLGHQWDOH[SHQVHVSHUWDLQLQJWRWKHVH
SURMHFWVLQFXUUHGLQFOXGHGXQGHUFDSLWDOZRUNLQSURJUHVVDUHDVXQGHU
(` in Lakhs)
PARTICULARS
%DODQFH%URXJKW)RUZDUG
5,735.33
2WKHU2SHUDWLQJ([SHQVHV
1.28
5HSDLUVDQG0DLQWHQDQFH
4.27
0DQDJHPHQW&RQVXOWDQF\)HH
999.55
6DODULHVDQG:DJHV
&RQWULEXWLRQWR3URYLGHQWDQGRWKHU)XQGV
Insurance
4.01
2WKHU6XQGU\([SHQVHV
(9.14)
Depreciation
0.07
Interest - Term Loans
([FKDQJH/RVVQHW
0.22
)LQDQFLDO%DQN&KDUJHV
6,735.59
/HVV&DSLWDOLVHG
59.48
%DODQFH&DUULHG)RUZDUG
6,676.11
NOTE NO. - 42
%DVHGRQLQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\LQUHVSHFWRI060(o7KH0LFUR6PDOO0HGLXP(QWHUSULVHV'HYHORSPHQW$FWp
` /DNKV ZDV SURYLGHG WRZDUGV LQWHUHVW LQ WKH SUHYLRXV \HDU 'XULQJ WKH \HDU WKH &RPSDQ\ KDV PDGH SD\PHQWV LQ UHVSHFW RI
RXWVWDQGLQJVDVRQ7KHDSSOLFDEOHLQWHUHVWLVEHLQJSDLGDVDQGZKHQFODLPHGE\DQ\RIWKHHQWHUSULVHFRYHUHGXQGHU060(
$FW 62
NOTE NO. - 43
7KHWD[HIIHFWRIVLJQLßFDQWWLPLQJGLIIHUHQFHVWKDWKDVUHVXOWHGLQGHIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHJLYHQEHORZ
a)
b)
31st March, 2015
(` in Lakhs)
VW0DUFK
20,254.28
20,254.28
'HIHUUHG7D[$VVHW
'LVDOORZDQFHXQGHU,QFRPH7D[$FW
Unabsorbed Depreciation and Business Loss
Total
(13,029.47)
(1,218.06)
(14,247.53)
'HIHUUHG7D[/LDELOLW\
3URYLGHGXSWRODVW\HDU
'HIHUUHG7D[IRUWKH\HDU/LDELOLW\$VVHWV
6,006.75
10,250.68
(4,243.93)
PARTICULARS
'HIHUUHG7D[/LDELOLW\
Depreciation
Total
NOTE NO. - 44
7KH&RPSDQ\RSHUDWHVLQDVLQJOHVHJPHQWLHq3URGXFWLRQDQG6DOHVRI&HPHQWDQG&OLQNHUr+HQFHQRDGGLWLRQDOGLVFORVXUHXQGHU
$FFRXQWLQJ6WDQGDUGq6HJPHQW5HSRUWLQJrLVUHTXLUHGLQWKHVHßQDQFLDOVWDWHPHQWV7KHUHLVQRUHSRUWDEOH*HRJUDSKLFDO6HJPHQW
NOTE NO. - 45
(` in Lakhs)
1.61
1.61
PURCHASE OF STOCK-IN-TRADE
PARTICULARS
Cement
&RDO
TOTAL
NOTE NO. - 46
a) Particulars of unhedged foreign currency exposure as at Balance Sheet date:
(` in Lakhs)
4,215.18
8.22
69.06
0.10
108.93
-
Currency
86'
86'
DKK
86'
(852
86'
PARTICULARS
2XWVWDQGLQJ&UHGLWRUVIRU&RDO
Outstanding Creditors for Machinery
2XWVWDQGLQJ&UHGLWRUVIRU6SDUHV
/RDQV3D\DEOHV
b) The details of forward contracts outstanding at the year end are as follows :
As at
Number of Contracts
Currency
Buy Amount
Purpose
VW0DUFK
-
-
-
-
VW0DUFK
86'
&UHGLWRUV3D\PHQW
63
NOTE NO. - 47
5HODWHG3DUW\GLVFORVXUHDVSHU$FFRXQWLQJ6WDQGDUGq5HODWHG3DUW\'LVFORVXUHVrLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
7KH&RPSDQ\KDVHQWHUHGLQWRWUDQVDFWLRQVLQRUGLQDU\FRXUVHRIEXVLQHVVZLWKUHODWHGSDUWLHVDVSHUGHWDLOVEHORZ
$VFHUWLßHGE\WKH0DQDJHPHQW
(` in Lakhs)
Particulars
A. TRANSACTIONS
Sale of Cement
*'%LQDQL&KDULWDEOH)RXQGDWLRQ
Sale of Traded Goods
%LQDQL0HWDOV/WG
Interest Income on ICD
Issue of Preference Share Capital
4FSWJDF$IBSHFTGPSPGÞDFGBDJMJUJFTWFIJDMFFUD
7ULWRQ7UDGLQJ&R3YW/LPLWHG
%LQDQL0HWDOV/WG
4FSWJDF$IBSHFTGPS"EWFSUJTFNFOU4BMFT
Promotion & Purchase of gift items, etc.
0HGLD0DJL['LYRI%LQDQL0HWDOV/WG
4FSWJDF$IBSHFTGPS"EWFSUJTFNFOU4BMFT
Promotion, etc.
$VLDQ,QGXVWU\'LYRI%LQDQL0HWDOV/WG
&YFDVUJPOPGUSBOTQPSUBUJPOPUIFSTFSWJDFT
contract
'KDQHVKZDU6ROXWLRQSYW/WGPHUJHGZLWK
%LQDQL0HWDOV/WG
'KDQHVKDZDU6ROXWLRQ$'LYLVLRQRI%LQDQL
0HWDOV/WG
Interest Expenses
'KDQHVKZDU6ROXWLRQSYW/WGPHUJHGZLWK
%LQDQL0HWDOV/WG
4VCTJEJBSZ
stepdown
TVCTJEJBSZ
Associates
Holding
Company
Fellow
Subsidiary
-
-
-
-
-
12,753.87
Key Management
1FSTPOOFM,.1
3FMBUJWFTPG,.1
Enterprises where
Key Management
Personnel has
HPUTJHOJÞDBOU
JOßVFODF
Total
17.24
-
17.24
-
-
-
-
-
12,753.87
6,002.00
-
-
-
-
6,002.00
-
-
-
-
132.20
132.20
-
-
-
29.82
29.82
-
-
-
1,570.51
-
1,570.51
-
-
-
-
5.85
-
5.85
-
-
-
-
44,185.34
44,185.34
-
-
-
-
-
64
NOTE NO. - 47 (Contd.)
Particulars
Inter Corporate Deposit given (net)
(` in Lakhs)
4VCTJEJBSZ
stepdown
TVCTJEJBSZ
Associates
Holding
Company
Fellow
Subsidiary
Key Management
1FSTPOOFM,.1
3FMBUJWFTPG,.1
Enterprises where
Key Management
Personnel has
HPUTJHOJÞDBOU
JOßVFODF
Total
-
-
-
-
-
-
-
-
-
8.99
-
-
8.99
-
-
-
-
-
-
-
-
-
-
-
-
-
938.50
-
938.50
-
-
400.00
-
-
400.00
-
Directors Sitting Fees
Mr. Braj Binani
-
-
-
1.70
1.70
-
-
-
-
-
-
-
-
*OWFTUNFOUT"EWBODFGPS*OWFTUNFOUT
0XNXQGDQ+ROGLQJV/WG
-
-
-
-
-
-
-
-
-
-
-
-
1.20
-
-
1.20
-
-
-
Purchases of Assets (at Cost)
%LQDQL5HDG\0L[&RQFUHWH/WG
*OUFS$PSQPSBUF%FQPTJUSFDFJWFESFQBJE
'KDQHVKZDU 6ROXWLRQ SYW /WG PHUJHG ZLWK
%LQDQL0HWDOV/WG
1BJEGPSXPSLTTVQQMZDPOUSBDU
BIL Infratech Ltd.
Interest Income on Advance
BIL Infratech Ltd.
0V6KUDGKD%LQDQL
0XUDUL+ROGLQJV/WG
Loans and Advances given
%LQDQL5HDG\0L[&RQFUHWH/WG
-PBOTBOEBEWBODFT(JWFOSFDPWFSFE
6KDQGRQJ%LQDQL5RQJp$Q&HPHQW&R/WG
&KLQD6%5&&
6ZLVV0HUFKDQGLVH,QIUDVWUXFWXUH/WG
Binani Cement Factory Dubai LLC
65
Particulars
B. BALANCE AS ON 31.03.15
ASSETS
*OWFTUNFOUT"EWBODFGPS*OWFTUNFOUT
.ULVKQD+ROGLQJV3WH/WG
0XNXQGDQ+ROGLQJV/WG
0XUDUL+ROGLQJV/WG
%KXPL5HVRXUFHV6LQJDSRUH3WH/WG
0HULW3OD]D/WG
%LQDQL(QHUJ\3YW/WG
Loans and Advances
BIL Infratech Ltd.
0HULW3OD]D/WG
7ULWRQ7UDGLQJ&R3YW/WG
Other Current Assets
,QWHUHVW5HFHLYDEOH
Binani Industries Ltd.
Inter Corporate Deposit given
Binani Industries Ltd.
(` in Lakhs)
4VCTJEJBSZ
stepdown
TVCTJEJBSZ
Associates
Holding
Company
-
Fellow
Subsidiary
Key Management
1FSTPOOFM,.1
3FMBUJWFTPG,.1
Enterprises where
Key Management
Personnel has
HPUTJHOJÞDBOU
JOßVFODF
Total
-
18,415.25
45,015.69
35,688.38
6,797.53
5.00
5.00
3.18
-
-
18,415.25
45,015.69
35,688.38
6,797.53
5.00
5.00
3.18
-
5,821.00
4,330.00
-
-
58.94
5,821.00
4,330.00
58.94
16,354.58
-
-
-
16,354.58
114,857.24
-
-
114,857.24
- -
-
LIABILITIES
Trade Payables
$VLDQ,QGXVWU\'LYRI%LQDQL0HWDOV/WG
-
0HGLD0DJL['LYRI%LQDQL0HWDOV/WG
-
-
66
5.73
1,514.90
-
5.73
1,514.90
-
(` in Lakhs)
Particulars
4VCTJEJBSZ
stepdown
TVCTJEJBSZ
Associates
Holding
Company
'KDQHVKZDU6ROXWLRQ$'LYLVLRQRI%LQDQL
0HWDOV/WG
-
-
Key Management
1FSTPOOFM,.1
3FMBUJWFTPG,.1
Enterprises where
Key Management
Personnel has
HPUTJHOJÞDBOU
JOßVFODF
1,644.51
-
2.70
1,980.81
2.70
3.25
0.37
-
-
3.25
0.37
-
-
1,980.81
%LQDQL0HWDOV/LPLWHG
-
-
Fellow
Subsidiary
Total
1,644.51
Other Payables
6KDQGRQJ%LQDQL5RQJp$Q&HPHQW&R/WG
&KLQD6%5&&
-
Binani Cement Factory Dubai LLC
-
(Figures in bracket pertain to previous year)
1RWH 7KH UHPXQHUDWLRQ SDLG WR NH\ PDQDJHPHQW SHUVRQQHO 0U -RWLUPR\ *KRVH ` /DNKV 3UHYLRXV <HDU ` /DNKV
0U3$FKDU\DQLO3UHYLRXV<HDU`/DNKV0U..-DLQ`/DNKV3UHYLRXV<HDUQLO0U$PLW.XPDU*XSWD`
/DNKV3UHYLRXV<HDUQLO0U$WXO)DOJXQLD`/DNKV3UHYLRXV<HDUQLO7KHSD\PHQWVWRZDUGV0DQDJHPHQW6HUYLFHV)HH
5R\DOW\WR+ROGLQJ&RPSDQ\KDYHEHHQVHSDUDWHO\GLVFORVHGYLGHQRWHQR
*XDUDQWHHVJLYHQWREHJLYHQWR%DQNVE\+ROGLQJ&RPSDQ\RQEHKDOIRIWKH&RPSDQ\KDYHEHHQVHSDUDWHO\GLVFORVHGLQ1RWHQR
*XDUDQWHHJLYHQE\WKH&RPSDQ\WR%DQNVIRUORDQVJLYHQWRUHODWHGSDUWLHVDUHGLVFORVHGLQ1RWHQR[[YLL
1DPHVRIUHODWHGSDUWLHVDQGGHVFULSWLRQRIUHODWLRQVKLS
D
+ROGLQJ&RPSDQ\%LQDQL,QGXVWULHV/LPLWHG
E
6XEVLGLDULHV VWHS GRZQ VXEVLGLDULHV ZKHUH FRQWURO H[LVWV .ULVKQD +ROGLQJV 3WH /LPLWHG 0XNXQGDQ +ROGLQJV /LPLWHG
0XUDUL +ROGLQJV /LPLWHG 6ZLVV 0HUFKDQGLVH ,QIUDVWUXFWXUH /WG 0HULW 3OD]D /WG %KXPL 5HVRXUFHV 6LQJDSRUH 3WH
/LPLWHG%LQDQL5HDG\0L[&RQFUHWH/LPLWHG%&7UDGHOLQN/LPLWHG%LQDQL&HPHQW7DQ]DQLD/WG%LQDQL&HPHQW8JDQGD
/WG37$QJJDQD(QHUJ\5HVRXUFHV6KDQGRQJ%LQDQL5RQJpDQ&HPHQW&RPSDQ\/LPLWHG6%5&&%LQDQL&HPHQW)DFWRU\
//&%&)%LQDQL(QHUJ\3YW/WG
F
)HOORZ6XEVLGLDU\%LQDQL=LQF/LPLWHG%=/*RD*ODVV)LEHU/LPLWHG**)/%7&RPSRVLWHV/LPLWHG%7&/%,/,QIUDWHFK
/WG % %LQDQL *ODVVßEUH 6DUO % %LQDQL 5R\DOYLVLRQ 3URMHFWV 3YW /WG 533/ 5R\DOYLVLRQ ,QIUDWHFK 3ULYDWH /LPLWHG
5R\DOYLVLRQ &RQFUHWH 3ULYDWH /LPLWHG 5%* 0LQHUDOV ,QGXVWULHV /LPLWHG &3, %LQDQL ,QF %LQDQL *OREDO &HPHQW +ROGLQJV
3ULYDWH/LPLWHG3URMHFW%LUG+ROGLQJ,,6DUO3%+,,%ßEHUJODVV635/%)LEUHJODVV$6DQG7XQßE6DUO
G
.H\0DQDJHPHQW3HUVRQQHO0U%UDM%LQDQL0U-RWLUPR\*KRVH0U..-DLQZHI0U$WXO)DOJXQLD8SWR
DQG0U$PLW.XPDU*XSWDZHI
e)
Transactions where KH\0DQDJHPHQW3HUVRQQHOKDYHJRWVLJQLßFDQWLQàXHQFH0U%UDM%LQDQLZLWK%LQDQL0HWDOV/WGDQG
7ULWRQ7UDGLQJ&R3YW/WG
7KHVH&RPSDQLHVDUHXQGHUOLTXLGDWLRQ 67
NOTE NO. - 48
Earning per share is calculated as follows:
31st March, 2015
VW0DUFK
(10,488.16)
(TXLW\VKDUHVRXWVWDQGLQJDVDWWKH\HDUHQGLQ1RV
188,601,274
:HLJKWHG DYHUDJH QXPEHU RI (TXLW\ 6KDUHV XVHG DV GHQRPLQDWRU IRU FDOFXODWLQJ %DVLF DQG
'LOXWHG(DUQLQJ3HU6KDUHLQ1RV
188,601,274
(5.56)
PARTICULARS
1HW3URßW/RVVDIWHUWD[` in Lakhs)
1RPLQDO9DOXHSHU(TXLW\6KDUHLQ`)
(DUQLQJ3HU6KDUH%DVLFDQG'LOXWHGLQ`)
NOTE NO. - 49
EMPLOYEE BENEFITS
B
%FÞOFE$POUSJCVUJPO1MBOT
During the year the Company has recognised `/DNKV3UHYLRXV<HDU`/DNKVLQWKH3URßWDQG/RVV$FFRXQWRQ
DFFRXQWRIGHßQHGFRQWULEXWLRQSODQVLH(PSOR\HUV&RQWULEXWLRQWR3URYLGHQW)XQGVDQG(6,&
C
%FÞOFECFOFÞUQMBOTDVSHUDFWXDULDOYDOXDWLRQRQVW0DUFK
I
8
PARTICULARS
&YQFOTFTSFDPHOJTFEJOUIF4UBUFNFOUPG1SPÞU
Loss
&XUUHQW6HUYLFH&RVW
Interest Cost
(PSOR\HH&RQWULEXWLRQV
([SHFWHGUHWXUQRQSODQDVVHWV
1HW$FWXDULDO*DLQV/RVVHV
3DVWVHUYLFHFRVW
6HWWOHPHQWFRVW
7RWDOH[SHQVHV
(` in Lakhs)
Gratuity Funded
Leave Encashment Non-Funded
VW0DUFK
VW0DUFK
31st March,
31st March,
2015
2015
92.23
31.42
67.70
(52.84)
18.50
125.58
31.42
$VSSFOU TFSWJDF DPTU JO DBTF PG MFBWF FODBTINFOU BSF OFU PG CFOFÞU QBJE EVSJOH UIF ZFBS JODMVEFE VOEFS TBMBSZ BOE
allowance.
VW0DUFK
VW0DUFK
II
/FU"TTFU-JBCJMJUZ
SFDPHOJTFEJOUIF#BMBODF
Sheet
3UHVHQWYDOXHRI'HßQHG%HQHßW2EOLJDWLRQ
750.02
263.54
)DLUYDOXHRISODQDVVHWV
487.28
-
-
)XQGHGVWDWXV>6XUSOXV'HßFLW@
(262.74)
-
-
1HWDVVHWOLDELOLW\
(262.74)
(263.54)
31st March,
2015
68
31st March,
2015
III
8
PARTICULARS
Change in obligation during the year
(` in Lakhs)
Gratuity Funded
VW0DUFK
VW0DUFK
31st March,
31st March,
2015
2015
727.14
232.12
3UHVHQWYDOXHRI'HßQHG%HQHßW2EOLJDWLRQDWWKH
&XUUHQW6HUYLFHFRVW
92.23
31.42
Interest cost
67.70
6HWWOHPHQWFRVW
3DVWVHUYLFHFRVW
27.43
(PSOR\HH&RQWULEXWLRQV
$FWXDULDO*DLQV/RVVHV
21.43
%HQHßWV3D\PHQWV
(185.91)
750.02
263.54
end of the year
$VSSFOU TFSWJDF DPTU JO DBTF PG MFBWF FODBTINFOU BSF OFU PG CFOFÞU QBJE EVSJOH UIF ZFBS JODMVEFE VOEFS TBMBSZ BOE
allowance.
IV
Change in Assets during the Year
8
3ODQDVVHWVDWWKHEHJLQQLQJRIWKH\HDU
$VVHWVDFTXLUHGRQDPDOJDPDWLRQLQSUHYLRXV\HDU
6HWWOHPHQWV
([SHFWHGUHWXUQRQSODQDVVHWV
&RQWULEXWLRQVE\(PSOR\HU
$FWXDOEHQHßWVSDLG
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3ODQDVVHWVDWWKHHQGRIWKH\HDU
V
The major categories of plan assets as a percentage of total plan
4XDOLI\LQJ,QVXUDQFH3ROLF\
VI
Gratuity Funded
VW0DUFK
31st March,
2015
607.40
52.84
10.00
(185.91)
2.94
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NOTE NO. - 50
Operating Lease
a)
Future Lease Rental payments
(` in Lakhs)
PARTICULARS
31st March, 2015
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writing.
NOTE NO. - 51
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received from the debtors.
NOTE NO. - 52
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regard.
NOTE NO. - 53
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NOTE NO. - 54
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amount of `/DNKVEHLQJWKHFDUU\LQJDPRXQWRIFHUWDLQDVVHWVDWWKHEHJLQQLQJRIWKH\HDUKDVEHHQDGMXVWHGWRWKH5HWDLQHG
(DUQLQJVZKHUHUHPDLQLQJXVHIXOOLIHRIWKRVHDVVHWVLVQLO
NOTE NO. - 55
2QDUHYLHZWKH%RDUGRI'LUHFWRURIWKH&RPSDQ\KDVGHFLGHGWRZLWKGUDZWKHVFKHPHIRUKLYHRIIRI3RZHU8QGHUWDNLQJWR%LQDQL(QHUJ\
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RI.RONDWD 70
NOTE NO. - 56
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LQHDUOLHU\HDUV,QUHVSHFWRILQWHUHVWGHPDQGRI`/DNKVQRSURYLVLRQKDVEHHQPDGHDVWKHLQWHUHVWLVQRWSD\DEOHLQUHVSHFW
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NOTE NO. - 57
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investments of ` /DNKV LQ %LQDQL 5HDG\ 0L[ &RQFUHWH /LPLWHG $GYDQFH 5HFRYHUDEOH RI ` /DNKV DQG 7UDGH 5HFHLYDEOHV RI
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NOTE NO. - 58
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NOTE NO. - 59
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NOTE NO. - 60
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)LUP5HJLVWUDWLRQ1R:
Braj Binani
Chairman
Amit Kumar Gupta
Jayesh Parmar
0HPEHUVKLS1R
Managing Director
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3ODFH0XPEDL
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71
Jotirmoy Ghose
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2015
PARTICULARS
A.
31st March, 2015
(` in Lakhs)
VW0DUFK
CASH FLOW FROM OPERATING ACTIVITIES
/FU1SPÞU-PTT
CFGPSFUBY
(14,732.09)
$GMXVWPHQWVIRU
'HSUHFLDWLRQ$PRUWLVDWLRQ
Interest and Finance Charges
7,471.38
35,325.16
8QUHDOLVHG([FKDQJH5DWH)OXFWXDWLRQVQHW
97.82
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(0.80)
'LYLGHQG5HFHLYHG
(1.33)
-
(13,414.24)
1,282.79
16,028.69
Interest Income
([FHSWLRQDO,WHPV
0QFSBUJOH1SPÞUCFGPSFXPSLJOHDBQJUBMDIBOHFT
$GMXVWPHQWVIRU
6,615.73
7UDGHDQG2WKHU5HFHLYDEOHV
(16,129.97)
7UDGHDQG2WKHU3D\DEOHV
(29,638.06)
(23,123.61)
Inventories
Cash Generated from Operations
'LUHFW7D[HV3DLG5HIXQGV
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B.
(2,123.98)
CASH FLOW FROM INVESTING ACTIVITIES
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6DOH7UDQVIHURI)L[HG$VVHWV
8.53
670.87
Inter Corporate Deposit (net)
-
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-
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-
2WKHU$GYDQFHV1RQ&XUUHQW$VVHWV
3,600.74
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2,156.16
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C.
1,129.15
(21,994.46)
CASH FLOW FROM FINANCING ACTIVITIES
3URFHHGVIURP/RQJ7HUP%RUURZLQJV
70,574.50
5HSD\PHQWRI/RQJ7HUP%RUURZLQJV
(4,830.96)
3D\PHQWRI'HIHUUHG,QGLUHFW7D[HV
(1,434.88)
Inter Corporate Deposit (net)
(1,015.16)
5HSD\PHQWRI3URFHHGVIURP%DQN%RUURZLQJVQHW
(4,805.60)
3URFHHGVIURP7UDGH'HSRVLWV
(871.31)
(35,352.13)
6,002.00
-
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24,226.54
5HSD\PHQWRI6KRUW7HUPV%RUURZLQJV
(26,261.21)
26,231.79
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72
PARTICULARS
31st March, 2015
(` in Lakhs)
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6,393.49
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CASH AND CASH EQUIVALENTS AS AT BEGINNING OF THE YEAR
4,479.39
F.
CASH AND CASH EQUIVALENTS AS AT END OF THE YEAR
10,872.88
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Braj Binani
Chairman
Jayesh Parmar
Amit Kumar Gupta
0HPEHUVKLS1R
Jotirmoy Ghose
3ODFH0XPEDL
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3ODFH0XPEDL
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73
Managing Director
CONSOLIDATED FINANCIAL STATEMENTS
74
INDEPENDENT AUDITORS‘ REPORT
We conducted our audit in accordance with the Standards
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Standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about
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material misstatement.
To,
The Members of Binani Cement Limited
Report on the Consolidated Financial Statements
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ FRQVROLGDWHG ßQDQFLDO
statements of BINANI CEMENT LIMITED (“the Holding Company”)
and its subsidiaries (the Holding Company and its subsidiaries
constitute ‘the Group’), comprising of the consolidated Balance
6KHHWDVDW0DUFKWKHFRQVROLGDWHG6WDWHPHQWRI3URßW
and Loss, the consolidated Cash Flow Statement for the year
WKHQ HQGHG DQG D VXPPDU\ RI VLJQLßFDQW DFFRXQWLQJ SROLFLHV
and other explanatory information (hereinafter referred to as
“the Consolidated Financial Statements”).
An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the consolidated
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auditor’s judgment, including the assessment of the risks of
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whether due to fraud or error. In making those risk assessments,
WKH DXGLWRU FRQVLGHUV LQWHUQDO ßQDQFLDO FRQWURO UHOHYDQW WR
the Holding Company’s preparation and presentation of the
FRQVROLGDWHGßQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZ
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion
on whether the Holding Company has in place an adequate
LQWHUQDOßQDQFLDOFRQWUROV\VWHPRYHUßQDQFLDOUHSRUWLQJDQGWKH
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates
made by the Holding Company’s Board of Directors, as well as
HYDOXDWLQJWKHRYHUDOOSUHVHQWDWLRQRIWKHFRQVROLGDWHGßQDQFLDO
statements.
Management’s Responsibility for the Consolidated Financial
Statements
The Holding Company’s Board of Directors are responsible for
WKH SUHSDUDWLRQ RI WKHVH FRQVROLGDWHG ßQDQFLDO VWDWHPHQWV LQ
terms of the requirements of the Companies Act, 2013 (‘the
$FWpWKDWJLYHDWUXHDQGIDLUYLHZRIWKHFRQVROLGDWHGßQDQFLDO
SRVLWLRQ FRQVROLGDWHG ßQDQFLDO SHUIRUPDQFH DQG FRQVROLGDWHG
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principles generally accepted in India, including the Accounting
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Rule 7 of the Companies (Accounts) Rules, 2014. The respective
Board of Directors of the Companies included in the Group are
responsible for maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the
respective assets of the Companies included in the Group and
for preventing and detecting frauds and other irregularities; the
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance
RI DGHTXDWH LQWHUQDO ßQDQFLDO FRQWUROV WKDW ZHUH RSHUDWLQJ
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation
RIWKHßQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQGDUH
free from material misstatement, whether due to fraud or error,
which have been used for the purpose of preparation of these
FRQVROLGDWHG ßQDQFLDO VWDWHPHQWV E\ WKH %RDUG RI 'LUHFWRUV RI
the Holding Company, as aforesaid.
We believe that the audit evidence obtained by us and the audit
evidence obtained by the other auditors in terms of their reports
referred to in sub paragraphs of the Other Matters paragraph
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DXGLWRSLQLRQRQWKHFRQVROLGDWHGßQDQFLDOVWDWHPHQWV
Opinion
Based on our audit and on consideration of individual audit
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components as explained in point 2 of other matters below and
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for remaining components as explained in point 1 and 3 of other
matters below, in our opinion and to the best of our information
and according to the explanations given to us, the aforesaid
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by the Act in the manner so required and give true and fair view
in conformity with the accounting policies generally accepted in
India:
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated
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While conducting the audit, we have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report
under the provisions of the Act and the Rules made thereunder.
75
(a)
in the case of the Consolidated Balance Sheet, of the state
of affairs of the Group as at March 31, 2015;
(b)
in the case of the CRQVROLGDWHG3URßWDQG/RVV$FFRXQWRI
the loss for the year ended on that date; and
(c)
in the case of the Consolidated Cash Flow Statement, of
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)XUWKHU ZH GLG QRW DXGLW WKH ßQDQFLDO VWDWHPHQWV RI ,QGLDQ VXEVLGLDULHV ZKRVH ßQDQFLDO VWDWHPHQWV UHàHFW
total assets of ` 10,181.95 Lakhs as at 31st March, 2015,
total revenue of ` /DNKV DQG QHW FDVK RXWàRZV RI
` 0.90 Lakhs for the year then ended, as considered in
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VWDWHPHQWV DQG RWKHU ßQDQFLDO LQIRUPDWLRQ KDYH EHHQ
audited by other auditors whose reports have been
furnished to us by the management and our opinion on the
FRQVROLGDWHGßQDQFLDOVWDWHPHQWVLQVRIDUDVLWUHODWHVWR
the amounts and disclosures included in respect of these
subsidiaries and our report in terms of sub-section (3)
and (11) of Section 143 of the Act, in so far as it relates to
the aforesaid subsidiaries is based solely on the report of
other auditors.
:H GLG QRW DXGLW WKH ßQDQFLDO VWDWHPHQWV DQG ßQDQFLDO
information of 3 foreign step down subsidiaries, whose
ßQDQFLDOVWDWHPHQWVUHàHFWWRWDODVVHWVRI` 50.39 Lakhs
as at 31st March, 2015, having total revenue of ` 59.18
/DNKVDQGQHWFDVKLQàRZVRI` 12.15 Lakhs for the year
WKHQ HQGHG DV FRQVLGHUHG LQ WKH FRQVROLGDWHG ßQDQFLDO
VWDWHPHQWV 7KHVH ßQDQFLDO VWDWHPHQWV DUH XQDXGLWHG
and have been furnished to us by the Management and
RXU RSLQLRQ RQ WKH FRQVROLGDWHG ßQDQFLDO VWDWHPHQWV
in so far as it relates to the amounts and disclosures
included in respect of these subsidiaries and our report
in terms of sub-sections (3) and (11) of Section 143 of the
Act in so far as it relates to the aforesaid subsidiaries
LV EDVHG VROHO\ RQ VXFK XQDXGLWHG ßQDQFLDO VWDWHPHQWV
DQG ßQDQFLDO LQIRUPDWLRQ ,Q RXU RSLQLRQ DQG DFFRUGLQJ
to the information and explanations given to us by the
0DQDJHPHQW WKHVH ßQDQFLDO VWDWHPHQWV DQG ßQDQFLDO
information are not material to the Group.
2XURSLQLRQRQWKHFRQVROLGDWHGßQDQFLDOVWDWHPHQWVDQG
our report on Other Legal and Regulatory Requirements
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respect to our reliance on the work done and the reports
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ßQDQFLDOLQIRUPDWLRQFHUWLßHGE\WKH0DQDJHPHQW
4.
With reference to Short Term Loan (including interest
receivable) given to Holding Company of ` 1,31,211.82
Lakhs, as per the Management the said loan will be repaid
by the Holding Company through sales proceeds received
by divesting Investment of Holding Company in Equity
Shares of Binani Cement Limited.
Emphasis of Matters:
Without qualifying our opinion:
1.
We draw attention to Note No. 47 to the consolidated
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Competition Commission of India (CCI), concerning
alleged contravention of the provisions of the Competition
Act, 2002 and thereby imposed penalty of ` 16,732 Lakhs
(excluding interest, if any) on the Holding Company. The
Holding Company is advised by external legal counsel that
it has a good case for the Competition Appellate Tribunal
for setting aside the order passed by CCI, and accordingly
no provision has been considered necessary by the Holding
Company in this regard.
2.
We draw attention to Note No. 28 to the consolidated
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the orders; there is liability on the Holding Company for
total Interest of ` 33,441.62 Lakhs as on 31.03.2015. The
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LQ +RQpEOH +LJK &RXUW ZLWK FRQFHUQHG DXWKRULW\ 7KH
Holding Company has paid ` 3,077.93 Lakhs under protest.
The management is of the view it has a good case of
getting waiver from the department for interest and hence
provision of interest is not required.
3.
With reference to the Note No. 27 to the consolidated
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of ` 2,05,023.64 Lakhs issued by the Company to banks
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Holding Company and fellow subsidiaries, which are
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the year end. In the opinion of the management, these
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Company.
Other Matters:
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subsidiaries (including 3 step down subsidiaries), whose
ßQDQFLDOVWDWHPHQWVUHàHFWVWRWDODVVHWVRI` 3,00,233.60
Lakhs as at 31st March, 2015, total revenues of ` 60,380.90
/DNKV DQG QHW FDVK LQàRZV RI ` 319.05 Lakhs for the
\HDU WKHQ HQGHG 7KHVH ßQDQFLDO VWDWHPHQWV KDYH EHHQ
DXGLWHG E\ RWKHU DXGLWRUV IRU WKH ßQDQFLDO \HDU HQGHG
31st December, 2014 as per respective laws of the other
country. However, the management has compiled these
ßQDQFLDO VWDWHPHQWV IRU ßQDQFLDO \HDU HQGLQJ 0DUFK 2015 as per accounting policies of the Company and for
the said purpose management approved accounts for the
period from Jan 2015 to March 2015 have been considered.
Report on other Legal and Regulatory Requirements
1.
76
As required by ‘the Companies (Auditor’s Report) Order,
2015’(“the Order”), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the
Act, based on the comments in the auditors’ report of
the Holding Company and on the auditors’ reports issued
the Group companies, incorporated in India is
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appointed as a director in terms of Section 164 (2) of
the Act.
in accordance with the Order on subsidiary companies
incorporated in India, we give in the Annexure a statement
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Order, to the extent applicable.
2.
As required by section 143(3) of the Act, we report, to the
extent applicable that:
a)
b)
We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit of
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In our opinion, proper books of account as required
by law relating to preparation of the aforesaid
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by the Company so far as it appears from our
examination of those books and the reports of the
other auditors.
f)
With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014; in
our opinion and to the best of our information and
according to the explanations given to us:
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disclose the impact of pending litigations
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Group as of March 31, 2015.
ii.
The Group audits of Indian subsidiaries did
not have any long-term contracts including
derivative contracts for which there were any
material foreseeable losses.
iii.
There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Holding Company and its subsidiary
companies incorporated in India.
c)
The Consolidated Balance Sheet, the Consolidated
6WDWHPHQWRI3URßWDQG/RVVDQGWKH&RQVROLGDWHG
Cash Flow Statement dealt with by this report are
in agreement with the relevant books of account
maintained for the purpose of preparation of the
FRQVROLGDWHGßQDQFLDOVWDWHPHQWV
G
,QRXURSLQLRQWKHDIRUHVDLGFRQVROLGDWHGßQDQFLDO
statements comply with the Accounting Standards
VSHFLßHG XQGHU 6HFWLRQ RI WKH $FW UHDG ZLWK
Rule 7 of the Companies (Accounts) Rules, 2014.
Chartered Accountants
Firm Registration Number: 104746W
e)
On the basis of the written representations received
from the directors of the Holding Company as on
March 31, 2015 taken on record by the Board of
Directors of the Holding Company and the reports
of the statutory auditors of its subsidiary companies
incorporated in India, none of the directors of
Jayesh Parmar
Partner
Membership No.45375
Place : Mumbai
Date : 30th May, 2015
77
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT
(ii) of paragraph 3 of the said Order is not applicable
to those subsidiaries.
As stated in paragraph 1 of our report on ‘other Legal and
Regulatory requirements’ in our Independent Auditor’s Report of
HYHQGDWHRQFRQVROLGDWHGßQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG
0DUFKRXUUHSRUWLQJRQWKHPDWWHUVSHFLßHGLQSDUD
& 4 of the order includes 4 subsidiaries incorporated in India
and is based on the comments in the respective Independent
Auditor’s Report of Holding Company and its aforesaid subsidiary
companies incorporated in India.
L
(iii)
As per information and explanations given to us and based
on the auditors’ reports issued in accordance with the
Order, the Holding Company and its aforesaid subsidiaries
have not granted loan, secured or unsecured, to
FRPSDQLHVßUPVRURWKHUSDUWLHVFRYHUHGLQWKHUHJLVWHU
maintained under Section 189 of the Companies Act, 2013.
Accordingly, the sub-clause (a) and (b) of clause (iii) are
not applicable to the Company.
(iv)
explanations given to us and based on the auditor’s reports
of the aforesaid subsidiary companies incorporated in
India, there is an adequate internal control system in
respective entities commensurate with the size of the
Company and the nature of its business, with regard to
WKH SXUFKDVH RI LQYHQWRU\ DQG ß[HG DVVHWV DQG VDOH RI
goods and services. During the course of our audits and
based on the auditor’s reports of the aforesaid subsidiary
companies incorporated in India, we have neither come
across, nor have been informed of, any continuing failure
to correct major weaknesses in the aforesaid internal
control system.
,QUHVSHFWRIWKHß[HGDVVHWVRIWKH+ROGLQJ&RPSDQ\DQG
its aforesaid subsidiaries:
(a)
The respective entities have generally maintained
proper records showing full particulars including
TXDQWLWDWLYHGHWDLOVDQGVLWXDWLRQRIß[HGDVVHWV
E
7KH ß[HG DVVHWV ZHUH SK\VLFDOO\ YHULßHG GXULQJ
the year by the Management of the respective
entities in accordance with a regular programme
RI YHULßFDWLRQ ZKLFK LQ RXU RSLQLRQ DQG EDVHG RQ
the auditors’ reports issued in accordance with
the Order on the aforesaid subsidiaries, provides
IRU SK\VLFDO YHULßFDWLRQ RI WKH ß[HG DVVHWV DW
reasonable intervals. According to the information
and explanations given to us and based on the
auditors’ reports issued in accordance with the
Order on the aforesaid subsidiaries, no material
GLVFUHSDQFLHVZHUHQRWLFHGRQVXFKYHULßFDWLRQ
Based on the auditors’ report issued in accordance with
the Order of one subsidiary, the subsidiary has not carried
any activities relating to purchase of inventory & Fixed
assets and sale of goods and services, hence clause (iv) of
said order is not applicable to that subsidiary.
Two Subsidiaries incorporated in India do not have any
tangible assets and hence the requirement of clause (i) of
paragraph 3 of the said Order is not applicable to those
subsidiaries.
(ii)
In respect of the inventories of the Holding Company and
its aforesaid subsidiaries:
D 7KH LQYHQWRU\ KDV EHHQ SK\VLFDOO\ YHULßHG E\ WKH
Management during the year. In our opinion, the
IUHTXHQF\RIYHULßFDWLRQLVUHDVRQDEOH
E 7KHSURFHGXUHVRISK\VLFDOYHULßFDWLRQRILQYHQWRU\
followed by the Management are reasonable and
adequate in relation to the size of the Company and
the nature of its business.
(c)
(v)
The Holding Company and its aforesaid subsidiaries have
not accepted any deposits from the public within the
meaning of Sections 73, 74, 75 and 76 of the Act and the
UXOHVIUDPHGWKHUHXQGHUWRWKHH[WHQWQRWLßHG
(vi)
We have broadly reviewed the books of account maintained
by the Holding Company in respect of products where,
pursuant to the Rules made by the Central Government of
India, the maintenance of cost records has been prescribed
under Section 148 of the Act and we are of the opinion
that prima facie, the prescribed accounts and records
have been made and maintained. We have not, however,
made a detailed examination of the records with a view to
determine whether they are accurate or complete.
On the basis of our examination of the inventory
records, in our opinion, the Company is maintaining
proper records of inventory. The discrepancies
QRWLFHG RQ SK\VLFDO YHULßFDWLRQ RI LQYHQWRU\ DV
compared to book records were not material.
For all Subsidiaries incorporated in India, the Central
Government has not prescribed maintenance of cost
records under sub-section of (1) of section 148 of the
Companies Act 2013.
All Subsidiaries incorporated in India do not have
any inventory and hence the requirement of clause
(vii)
78
(a)
According to the information and explanations
given to us and on the basis of records produced
to us, no undisputed arrears of statutory dues were
outstanding as at March 31, 2015 for a period of
more than six months from the date they became
payable.
before us and based on the auditors’ reports issued
in accordance with the Order on the aforesaid
subsidiaries, the Company and its aforesaid
subsidiaries are generally regular in depositing
with appropriate authorities undisputed statutory
dues including provident fund, employees’ state
insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, value added tax, cess
and other material statutory dues applicable to it.
According to the information and explanations given
Name of the Statute
Customs Act, 1962
Nature of Dues
(b)
Amount
(` in Lakhs)
According to the records of the Company examined
by us, the dues outstanding of income-tax, salestax, wealth tax, service tax, customs duty, excise
duty, entry tax, value added tax and cess on account
of any dispute, are as follows:
Period to which the
amount relates
Duty on DEPB licenses
6.77
2000-01
Commissioner of Customs, Kandla
Central Excise Act, 1944
Cenvat credit on welding
electrodes
5.02
2006 to 2008
Commissioner (Appeals), Jaipur II
Cenvat credit on welding
electrodes
3.11
2008 to 2010
Commissioner (Appeals), Jaipur II
Customs Act, 1962
Differential Custom Duty
30.61
2002-03 & 2003-04
Customs Act, 1962
42.16
Customs Act, 1962
3,066.92
Hon’ble High Court, Gujarat
2008-09
CESTAT, Ahmedabad
2011 to 2013
CESTAT, Ahmedabad
Excise Duty on Sale –
Penalty
1.00
2006-07 & 2007-08
CESTAT, Delhi
Cenvat on Capital Goods
2.38
2009-10 & 2010-11
Hon’ble Rajasthan High Court,
Jodhpur
56.96
2007 to 2010
CESTAT, Delhi
1.84
2011-12
CESTAT, Delhi
CENVAT Credit on Service
Tax
65.37
2008 to 2010
CESTAT, Delhi
Penalty imposed on
service tax
7.20
2007-08
CESTAT, Delhi
CENVAT Credit on Service
Tax
565.63
2012 to 2014
CESTAT, Delhi
Rajasthan Sales Tax Act,
1994
Sales tax on freight and
credit notes
70.21
1997-98
Hon’ble High Court, Jodhpur
&67$FW
Difference amount of
Central Sale Tax
60.52
2005 to 2007
1994
Sales Tax matters
0.50
2005-06
837UDGHWD[(QWU\WD[
UP tax on entry of goods
184.37
2003-04 to 2008-09
Various Appellate Authorities
837UDGHWD[(QWU\WD[
UP tax on entry of goods
16.30
2009-10
+RQpEOH6XSUHPH&RXUW$GGLWLRQDO
Commissioner (Appeals) Commercial
Taxes, Ghaziabad
837UDGHWD[(QWU\WD[
Penalty for Late deposit
of UP VAT
8.64
2009-10
Commercial Taxes Tribunal,
Ghaziabad
837UDGHWD[(QWU\WD[
Penalty
0.15
2011-12
Additional Commissioner (Appeals)
Commercial Taxes, Ghaziabad
79
Name of the Statute
837UDGHWD[(QWU\WD[
Nature of Dues
Amount
(` in Lakhs)
Period to which the
amount relates
Penalty
0.30
2013-14
UP VAT Act, 2008
UP VAT demand
3.29
2008-09
UP VAT Act, 2008
UP VAT Act, 2008
UP VAT Act, 2008
UP VAT demand
UP VAT demand
Late deposit of UP VAT
2.41
1.70
56.63
2009-10
2010-11
2013-14
UP VAT Act, 2008
Late deposit of UP VAT
23.49
2013-14
Delhi VAT Act, 2004
Late deposit of Delhi VAT
36.08
2013-14
Delhi VAT Act, 2004
Late deposit of Delhi VAT
4.88
2014-15
Rajathan Tax on Entry of
Goods into Local Area
Act, 1999
Rajasthan Finance Act,
2006
1994
Rajathan Value Added
Tax Act, 2006
Tax Act, 2006
Tax Act, 2006
Tax Act, 2006
Income Tax Act, 1961
Rajasthan Finance Act,
2006
Competition Act, 2002
Entry Tax
2,674.48
2006-07 to 2014-15
Additional Commissioner (Appeals)
Commercial Taxes, Ghaziabad
Additional Commissioner (Appeals),
Ghaziabad
Commercial Tax Tribunal, Ghaziabad
Commercial Tax Tribunal, Ghaziabad
Ghaziabad
Ghaziabad
Appellate Authority, Department of
Trade & Taxes, Govt. of NCT of Delhi
Appellate Authority, Department of
Trade & Taxes, Govt. of NCT of Delhi
Hon’ble Rajasthan High Court
M R Cess
2,814.45
2008-09 to 2014-15
Sales Tax Exemption
21,432.18
1998-99 to 2005-06
9$7&67'HIHUPHQW
9,968.94
2007-08 to 2011-12
9$7&67'HIHUPHQW
3,257.56
2006-07 to 2007-08
Commercial Taxes Department,
Jaipur
Sales Tax matters-ITC
63.89
2007-08 to 2010-11
Hon’ble Rajasthan Tax Board, Ajmer
Sales Tax matters-ITC
233.29
2006-07
Income Tax Matters
3,533.04
2010-11 & 2011-12
Land Tax
1,753.50
2006-07 to 2012-13
Penalty
16,732.00
2012
Based on the auditors’ report issued in accordance
with the Order of all aforesaid subsidiaries, there
are no dues related to any taxes or duty which have
not been deposited on account if any dispute.
(c)
(viii)
Hon’ble Rajasthan High Court,
Jodhpur
Commissioner of Income Tax
(Appeals)
Hon’ble High Court, Jaipur
CompAT
covered by our audit and in the immediately preceding
ßQDQFLDO\HDU
(ix)
There are no amounts required to be transferred
by the Company and its aforesaid subsidiaries
to the Investor Education and Protection Fund in
accordance with the provisions of the Companies
Act, 2013 and the rules made thereunder.
According to the records of the Holding Company
examined by us and information and explanation given to
us, the Holding Company has defaulted in repayment of
GXHVWRßQDQFLDOLQVWLWXWLRQVDQGEDQNVDVDWWKH%DODQFH
Sheet date:
Principal Amount
(` in Lakhs)
3,728.08
-
The Group does not have consolidated accumulated losses
DW WKH HQG RI WKH ßQDQFLDO \HDU DQG LW KDV LQFXUUHG FDVK
ORVVHV RQ FRQVROLGDWHG EDVLV GXULQJ WKH ßQDQFLDO \HDU
80
Interest Amount
Remark
(` in Lakhs)
6,589.05 Term Loan
146.22 Working Capital
Loan
Based on the auditors’ report of aforesaid subsidiaries
incorporated in India, all subsidiaries have not taken any
term loan during the year.
incorporated in India, all subsidiaries have not taken any
WHUP ORDQ IURP ßQDQFLDO LQVWLWXWLRQ EDQNV RU GHEHQWXUH
holders during the year and there are no dues to them as
at the balance sheet date.
(x)
(xii)
explanations given to us, the terms and conditions of the
guarantees given by the Holding Company, for loans taken
E\ RWKHUV IURP EDQNV RU ßQDQFLDO LQVWLWXWLRQV GXULQJ WKH
year, are not prima facie prejudicial to the interest of the
Company.
incorporated in India, all subsidiaries have not given any
JXDUDQWHHIRUORDQWDNHQE\RWKHUVIURPDEDQNRUßQDQFLDO
institution during the year.
(xi)
To the best of our knowledge and belief and according
to the information and explanations given to us and
based on the auditor’s report of aforesaid subsidiary
companies incorporated in India, no material fraud on the
Holding Company and its aforesaid subsidiary companies
incorporated in India has been noticed or reported during
the year, nor have we been informed of any such case by
the Management.
Firm Registration Number: 104746W
explanations given to us, the term loans availed by the
Holding Company were, prima facie, applied for the
purpose for which the loans were raised, other than
temporary deployment in deposits with banks, pending
application of those loans.
Jayesh Parmar
Partner
Membership No.45375
Place : Mumbai
81
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2015
Note No.
PARTICULARS
EQUITY AND LIABILITIES
SHAREHOLDERS' FUNDS
(a) Share Capital
(b) Reserves and Surplus
31st March, 2015
(` in Lakhs)
31st March, 2014
1
2
24,862.38
28,705.76
53,568.14
3,456.38
18,860.38
39,928.32
58,788.70
3,696.21
3
286,471.05
6,006.75
3,225.45
633.47
296,336.72
215,097.64
10,250.68
4,096.76
485.66
229,930.74
MINORITY INTEREST
NON-CURRENT LIABILITIES
(a) Long-Term Borrowings
(b) Deferred Tax Liabilities (net)
(c) Other Long Term Liabilities
(d) Long Term Provisions
4
5
CURRENT LIABILITIES
(a) Short-Term Borrowings
(b) Trade Payables
(c) Other Current Liabilities
(d) Short-Term Provisions
6
7
8
9
18,608.77
56,645.83
84,921.24
316.84
160,492.68
513,853.92
25,304.99
64,460.46
109,852.13
169.63
199,787.21
492,202.86
10
10
200,434.06
59,978.53
23,945.82
20,428.36
17.48
304,804.25
207,925.05
57,475.03
22,591.65
8.99
26,172.86
314,173.58
25,035.72
25,059.21
13,779.99
126,004.17
19,170.58
209,049.67
513,853.92
31,706.16
6,769.63
7,056.20
124,614.92
7,882.37
178,029.28
492,202.86
TOTAL
ASSETS
NON-CURRENT ASSETS
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital Work-in-Progress
(iv) Intangible Assets Under Development
(b) Long Term Loans and Advances
(c) Other non-current assets
11
12
CURRENT ASSETS
(a) Inventories
(b) Trade Receivables
(c) Cash and Bank Balances
(d) Short-term Loans and Advances
(e) Other Current Assets
13
14
15
16
17
TOTAL
25
As per our attached report of even date
Firm Registration No. 104746W
Jayesh Parmar
Partner
Membership No.45375
Place : Mumbai
Braj Binani
Chairman
Amit Kumar Gupta
Company Secretary
Jotirmoy Ghose
Managing Director
Place : Mumbai
82
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR YEAR ENDED 31ST MARCH, 2015
(` in Lakhs)
Note No.
PARTICULARS
31st March, 2015
31st March, 2014
255,598.89
274,477.19
26,154.24
26,859.72
229,444.65
247,617.47
INCOME
Revenue from Operations (Gross)
18
Less : Excise Duty
Revenue from Operations (Net)
Other Income
19
Total Revenue
14,312.66
11,957.26
243,757.31
259,574.73
44,870.40
52,650.08
EXPENSES
Cost of Materials Consumed
20
Purchase of Stock-in-Trade
Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade
527.08
7,298.70
1,951.64
(7,274.24)
(PSOR\HH%HQHßW([SHQVH
21
9,411.17
9,811.39
Finance Costs
22
39,299.75
31,251.44
13,495.03
16,557.60
152,622.79
168,504.07
Depreciation and Amortization Expense
Other Expenses
23
Total Expenses
262,177.86
278,799.04
3URßW/RVVEHIRUHSULRUSHULRGLWHPH[FHSWLRQDODQGH[WUDRUGLQDU\LWHPVDQG
tax
(18,420.55)
(19,224.31)
1,282.79
15,278.46
(19,703.34)
(34,502.77)
Less - Exceptional Items
50 & 51
1SPÞU-PTT
#FGPSF5BY
Tax Expense:
Less -Current Tax
Less -Tax of Earlier Years
Less -Deferred Tax (net)
37
3URßW/RVVIRUWKHSHULRGIURP&RQWLQXLQJ2SHUDWLRQV
Minority Interest
1SPÞU-PTT
GPSUIF:FBS
Earning Per Equity Share (in `)
105.63
21.90
31.31
384.83
(4,243.93)
(9,622.62)
(15,596.35)
(25,286.88)
(426.69)
(370.24)
(15,169.66)
(24,916.64)
(8.04)
(13.21)
(8.04)
(13.21)
45
Basic
Diluted
25
Jayesh Parmar
Partner
Membership No.45375
Place : Mumbai
Braj Binani
Chairman
Amit Kumar Gupta
Company Secretary
Jotirmoy Ghose
Managing Director
Place : Mumbai
83
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2015
NOTE NO. - 1
SHARE CAPITAL
(` in Lakhs)
PARTICULARS
31st March, 2015
31st March, 2014
30,389.96
12,000.00
42,389.96
42,389.96
42,389.96
18,860.13
0.25
18,860.38
6,002.00
18,860.13
0.25
18,860.38
-
24,862.38
18,860.38
Authorised
303,899,600 Equity Shares (Previous Year 423,899,600) of `HDFK
12,000,000 Preference Shares (Previous Year nil) of `HDFK
Issued, Subscribed and Paid up
188,601,274 (Previous Year 188,601,274) Equity Shares of `HDFKIXOO\SDLGXS
Add: Amount paid up on forfeited Shares
Sub-total
6,002,000 (Previous Year nil) 0.01 % Non-cumulative redeemable Preference Shares of `
each fully paid-up
TOTAL
1.1
Reconciliation of number of equity shares outstanding at the beginning and at the end of the year
Equity Shares :
Equity Shares
No. of shares
` in Lakhs
188,601,274
18,860.13
188,601,274.00
18,860.13
Add: Issued During the year
-
-
-
-
188,601,274
18,860.13
188,601,274.00
18,860.13
` in Lakhs
No. of shares
5FSNT3JHIUTBUUBDIFEUP&RVJUZ4IBSFT
The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity share entitled to one
vote per share. The Company declares and pays dividends in indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.
1.3
18,56,49,464 - 98.43 % (Previous Year 18,56,49,464 - 98.43 %) Equity Shares of `HDFKIXOO\SDLGXSKHOGE\WKH+ROGLQJ&RPSDQ\
- Binani Industries Limited and its nominees.
1.4 (TXLW\6KDUHVKDYHEHHQERXJKWEDFNLQßQDQFLDO\HDUXQGHUWHQGHURIIHUURXWHDQGODWHUH[WLQJXLVKHG
1.5
Reconciliation of number of 0.01 % Non-cumulative redeemable Preference shares outstanding at the beginning and at the end
of the year
Particulars
No. of shares
-
(` in Lakhs)
-
No. of shares
-
(` in Lakhs)
-
Add: Issued During the year
6,002,000
6,002.00
-
-
6,002,000
6,002.00
-
-
5FSNT3JHIUTBUUBDIFEUP1SFGFSFODF4IBSFT
Holder of the Shares shall be entitled to dividend @ 0.01 % per annum from the date of allotment.
Non-participating and carry a preferential right vis-à-vis Equity Shares of the Company, with respect to payment of dividend and
repayment in case of a winding up or repayment of capital and shall carry voting rights as per the provisions of Section 47(2) of the
Companies Act, 2013.
84
Redeemable for cash at par, at the end of 20 year from the date of allotment with an option to the Company to redeem any time earlier.
1.7
6,002,000 - 100 % (Previous year nil) 0.01 % Non-cumulative redeemable Preference Shares of `HDFKIXOO\SDLGXSKHOGE\WKH
holding Company - Binani Industries Limited.
1.8
6,002,000 - 0.01 % Non-Cumulative Redeemable Preference Shares of ` 100 each, fully paid up, have been issued and allotted, for
cash at Par, to Binani Industries Limited in the Financial Year 2014-15.
NOTE NO. - 2
RESERVES & SURPLUS
(` in Lakhs)
PARTICULARS
Capital Redemption Reserve
Opening Balance
$GG/HVV7UDQVIHUIURPWR3URßWDQG/RVV6WDWHPHQW
General Reserve
Opening Balance
$GG7UDQVIHUIURP3URßWDQG/RVV6WDWHPHQW
Foreign Currency Translation Reserve
Opening Balance
Add : Exchange Difference during the year on net Investment in non integral foreign operations
#BMBODFJO1SPÞUBOE-PTT4UBUFNFOU
Opening Balance
7UDQVIHUUHGIURP3URßWDQG/RVV6WDWHPHQW
Excess depreciation charged to retained earnings as per the transitional provision of schedule
II of Companies Act, 2013
TOTAL
31st March, 2015
31st March, 2014
1,450.00
1,450.00
1,450.00
1,450.00
7,843.00
7,843.00
7,843.00
7,843.00
28,358.92
4,934.78
33,293.70
17,929.49
10,429.43
28,358.92
2,276.40
(15,169.66)
(12,893.26)
27,193.04
(24,916.64)
2,276.40
(987.68)
(13,880.94)
28,705.76
2,276.40
39,928.32
31st March, 2015
31st March, 2014
242,006.61
177,097.64
NOTE NO. - 3
LONG TERM BORROWINGS
(` in Lakhs)
PARTICULARS
Term Loans
From Bank
Secured
Financial Institutions
Secured
44,464.44
38,000.00
TOTAL
286,471.05
215,097.64
85
NOTE NO. - 4
OTHER LONG TERM LIABILITIES
(` in Lakhs)
PARTICULARS
31st March, 2015
31st March, 2014
Other Payable
Trade Deposits
TOTAL
3,225.45
3,225.45
4,096.76
4,096.76
NOTE NO. - 5
LONG TERM PROVISIONS
(` in Lakhs)
PARTICULARS
1SPWJTJPOGPSFNQMPZFFCFOFÞUT
Gratuity (unfunded)
Leave Encashment (unfunded)
Other Retirement Obligations
TOTAL
31st March, 2015
31st March, 2014
250.62
382.06
0.79
633.47
222.91
262.20
0.55
485.66
NOTE NO. - 6
SHORT TERM BORROWINGS
(` in Lakhs)
PARTICULARS
31st March, 2015
31st March, 2014
12,528.79
16,358.55
-
2,034.67
Short term Loans
Loan Repayable on Demand
From Bank
Secured
Other Loans
Secured
Unsecured
TOTAL
6,079.98
6,911.77
6,079.98
8,946.44
18,608.77
25,304.99
NOTE NO. - 7
TRADE PAYABLE
(` in Lakhs)
31st March, 2015
31st March, 2014
Trade Payables for Goods
41,714.35
41,919.86
Trade Payables for Services
14,931.48
22,540.60
TOTAL
56,645.83
64,460.46
PARTICULARS
86
NOTE NO. - 8
OTHER CURRENT LIABILITIES
(` in Lakhs)
PARTICULARS
Current maturities of Long term debt
31st March, 2015
31st March, 2014
35,418.35
48,849.38
Interest accrued but not due on borrowings
1,697.21
545.12
,QWHUHVWDFFUXHGDQGGXHRQERUURZLQJVRWKHUV
6,894.32
5,542.75
Unpaid dividends
Advance from Customers
16.30
19.06
5,307.70
7,946.30
Other Liabilities ( Includes Statutory Liabilities & Payable for Capex)
35,587.36
46,949.52
TOTAL
84,921.24
109,852.13
NOTE NO. - 9
SHORT TERM PROVISIONS
PARTICULARS
1SPWJTJPOGPSFNQMPZFFCFOFÞUT
For Gratuity
31st March, 2015
Others
For Current Tax (net)
For Others
TOTAL
87
(` in Lakhs)
31st March, 2014
178.28
38.08
216.36
128.74
36.10
164.84
100.12
0.36
100.48
316.84
3.94
0.85
4.79
169.63
-
-
6DOHV7UDQVIHUV
Adjustments during
WKH\HDUSHULRG
Foreign currency
translation reserve
88
-
-
-
Additions during the
\HDUSHULRGUHIHU
note no.51 & 52)
6DOHV7UDQVIHUV
Adjustments during
WKH\HDUSHULRG
Foreign currency
translation reserve
Total as at 31st March
2015
16,981.03
As at 31st March 2014
1,571.38
-
538.56
9,002.72
308.75
-
2,746.23
46.83 30,128.76
46.25 29,183.72
10.08 12,057.70
-
-
0.58
9.50
56.33 41,241.42
-
-
-
56.33 39,131.48
-
-
0.34
799.00
-
-
241.01
153,618.89 2,180.84
148,155.51 1,940.17
116,629.95 1,040.01
1,022.74
9.27
10,147.42
105,469.06
264,785.46 2,980.18
4,010.99
10.62
1,697.14
259,087.95 2,979.84
4,433.58
3,837.61
4,734.66
194.04
-
800.84
3,739.78
8,572.27
398.91
-
-
8,173.36
330.68
143.89
1,032.71
9.81
2.17
215.26
809.81
1,176.60
9.29
3.94
30.76
1,140.49
5,994.63
68.12
2,279.56
343.20
-
78.37
7,123.36
1,538.14
59.55
36.06
-
277.28
1,131.17
204.44 207,925.05
145.88 200,434.06
5,992.19
6,100.42
292.39 135,797.50 1,444.51
2.80
48.11
67.13 14,218.47
270.57 120,100.44
438.27 336,231.56 7,544.93
4.06
53.56
12.76
475.01 328,025.49
Total
Previous
Year
(` in Lakhs)
2,738.47
-
78.37
400.07
7,175.95
8,733.10 16,223.05
68.12
2,357.93
36.06
-
277.28
1,574.20
59.55
2,030.26
221.80
14,495.75 16,557.40
1,131.17 121,231.61 102,865.75
51,482.84 57,475.03 265,400.08
53,878.11 59,978.53 260,412.59 265,400.08
- 1,444.51 137,242.01 121,231.61
-
-
-
-
53,878.11 61,423.04 397,654.60 386,631.69
2,395.27
-
-
51,482.84 58,606.20 386,631.69 363,632.77
3. ***Includes expenses of ` 26.57 Lakhs incurred for development of new Mine area from which ore has not been yet extracted.
2. **Plant & Machinery includes assets built on Land not owned by the Company ` 226.34 Lakhs (Previous year ` 226.34 Lakhs).
1. *Buildings includes assets built on Land not owned by the Company ` 398.02 Lakhs (Previous year ` 398.02 Lakhs).
Notes :
16,981.03
2015
NET BLOCK
-
As at 1st April 2014
DEPRECIATION AND
AMORTIZATION
16,981.03
-
2015
16,981.03
Additions during the
\HDUSHULRG
Intangible Assets
Mine
Furniture Transport Sub Total
Other Goodwill On Sub Total
Explorations &
0GÞDF Equipments
Intangible Consolidation
Developments*** Equipments,
Assets
Other
Equipments
Tangible Assets
Free Hold Lease Buildings*
Plant and Railway
Land Hold (Including Machinery** Sidings
Land
Roads)
As at 1st April 2014
GROSS BLOCK
Particulars
FIXED ASSETS
NOTE NO. - 10
NOTE NO. - 11
LONG TERM LOANS AND ADVANCES
(` in Lakhs)
31st March, 2015
31st March, 2014
Capital Advances
13,823.65
18,306.33
Security Deposits
525.29
669.21
Advance Tax Including Tax deducted at Source (net)
1,716.47
2,845.63
Mat Credit Entitlement
3,877.99
3,877.99
PARTICULARS
Unsecured considered good
Others ( include Advance Tax, MAT Credit )
Advances recoverable in cash or in kind
484.96
473.70
20,428.36
26,172.86
31st March, 2015
31st March, 2014
Deposit Accounts (original maturity of more than 12 months) (in margin Accounts)
17.48
-
TOTAL
17.48
-
TOTAL
NOTE NO. - 12
OTHER NON-CURRENT ASSETS
(` in Lakhs)
PARTICULARS
Other Bank Balances
NOTE NO. - 13
INVENTORIES
(` in Lakhs)
31st March, 2015
31st March, 2014
4,301.84
5,930.91
81.10
20.71
Finished Goods
11,372.73
13,552.69
Stock in Transit
9.98
12.55
8,988.68
12,155.94
PARTICULARS
Raw Material and Packing Material
Work - in - Process
Stores and Spares parts and Fuel
Stores and Spares parts and Fuel- in transit
Loose Tools
TOTAL
89
267.14
15.96
14.25
17.40
25,035.72
31,706.16
NOTE NO. - 14
TRADE RECEIVABLES
PARTICULARS
31st March, 2015
(` in Lakhs)
31st March, 2014
Trade receivables outstanding for a period less than six months from the date they are due
for payment
21,703.80
6,769.63
Trade receivables outstanding for a period exceeding six months from the date they are due
for payment
3,355.41
-
25,059.21
6,769.63
TOTAL
NOTE NO. - 15
CASH & BANK BALANCES
PARTICULARS
31st March, 2015
(` in Lakhs)
31st March, 2014
Cash and Cash Equivalent
Balances with Banks :
Current Accounts
5,530.26
1,901.73
Deposit Accounts
905.29
1,176.86
1,818.79
402.08
Cheques, drafts on hand
Cash on hand
Other Bank Balances
Dividend Accounts
Bank Deposits with more than three months but less than 12 months
Bank Deposits with more than three months but less than 12 months (in Margin Money)
TOTAL
43.97
40.35
8,298.31
3,521.02
16.36
19.12
1.76
-
5,463.56
3,516.06
5,481.68
3,535.18
13,779.99
7,056.20
NOTE NO. - 16
SHORT TERM LOANS AND ADVANCES
PARTICULARS
31st March, 2015
Loans and advances to related parties (Unsecured considered good)
Due from Fellow Subsidiary Companies
Due from Holding Company
Others (Unsecured considered good)
Advances recoverable in cash or in kind
Advance Tax Including Tax deducted at Source
Balance with Statutory and Government Authorities
TOTAL
90
(` in Lakhs)
31st March, 2014
1,001.67
956.97
114,857.24
114,857.24
115,858.91
115,814.21
7,494.27
3,614.33
0.03
31.41
2,650.96
5,154.97
10,145.26
8,800.71
126,004.17
124,614.92
NOTE NO. - 17
OTHER CURRENT ASSETS
(` in Lakhs)
PARTICULARS
Interest Receivable
Assets held for disposal
Derivative Assets
Note receivable
31st March, 2015
31st March, 2014
16,685.78
3,853.14
25.00
31.31
-
98.26
762.92
2,955.60
Others
1,696.88
944.06
TOTAL
19,170.58
7,882.37
NOTE NO. - 18
REVENUE FROM OPERATIONS
(` in Lakhs)
31st March, 2015
31st March, 2014
Cement
212,645.14
222,837.46
Clinker
33,558.20
41,915.88
GGBFS
8,334.24
8,669.93
-
115.47
PARTICULARS
4BMFPG1SPEVDUT#Z1SPEVDUT4FSWJDFT
Ready Mix Concrete
Services
Other operating revenues
TOTAL
-
1.48
254,537.57
273,540.21
1,061.32
936.98
255,598.89
274,477.19
31st March, 2015
31st March, 2014
13,549.43
11,513.85
NOTE NO. - 19
OTHER INCOME
(` in Lakhs)
PARTICULARS
Interest Income
Dividend Income
Other Miscellaneous Income
TOTAL
91
1.33
-
761.90
443.41
14,312.66
11,957.26
NOTE NO. - 20
COST OF MATERIALS CONSUMED
(` in Lakhs)
31st March, 2015
31st March, 2014
Limestone
9,019.60
9,275.74
PARTICULARS
Clinker
9,192.34
10,780.80
Cement
-
89.73
Gypsum
5,503.71
5,721.27
Fly Ash
6,048.30
10,600.10
Others
6,729.84
6,476.87
Packing Materials
8,376.61
9,705.57
44,870.40
52,650.08
31st March, 2015
31st March, 2014
7,850.97
8,404.17
486.93
437.45
Workmen and Staff Welfare Expenses
1,073.27
969.77
TOTAL
9,411.17
9,811.39
31st March, 2015
31st March, 2014
38,130.14
29,175.97
1,170.83
1,914.86
(1.22)
160.61
39,299.75
31,251.44
TOTAL
NOTE NO. - 21
EMPLOYEE BENEFIT EXPENSE
(` in Lakhs)
PARTICULARS
Salaries and Wages
Contribution to Provident and other Funds
NOTE NO. - 22
FINANCE COSTS
(` in Lakhs)
PARTICULARS
Interest expenses
Other borrowing costs
*DLQ/RVVRQIRUHLJQFXUUHQF\WUDQVDFWLRQVQHW
TOTAL
92
NOTE NO. - 23
OTHER EXPENSES
(` in Lakhs)
31st March, 2015
31st March, 2014
74,236.98
81,587.49
Freight and Loading Expenses on Clinker Transfer
4,078.71
4,388.72
Consumption of Stores and Spares
7,028.12
7,714.59
90.20
182.78
1,830.75
1,833.47
PARTICULARS
Power & Fuel
Repairs and Maintenance
Buildings
Plant and Machinery
Others
Other Operating Expenses
Rent
184.34
195.52
2,282.18
2,254.40
581.35
630.85
Insurance
595.95
797.08
Rates and Taxes
307.91
479.88
1,857.87
824.59
11.44
15.39
47,070.53
47,975.74
Advertisement and Sales Promotion
Directors Fee
Freight & Forwarding
)RUHLJQ([FKDQJHàXFWXDWLRQ*DLQ/RVVQHW
Royalty on Trade mark
Bad Debts written off
392.20
1,877.82
3,422.61
5,500.52
-
157.12
2,350.72
3,340.96
-
26.38
Management Services Fee
1,240.00
3,886.50
Miscellaneous Expenses
5,060.93
4,834.27
152,622.79
168,504.07
Commission
/RVVRQVDOHGLVFDUGRI)L[HG$VVHWV
TOTAL
93
NOTE NO. - 24
CORPORATE INFORMATION
Binani Cement Limited is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956.
NOTE NO. - 25
SIGNIFICANT ACCOUNTING POLICIES
(i)
BASIS OF ACCOUNTING
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,QGLD,QGLDQ*$$37KH&RPSDQ\KDVSUHSDUHGWKHVHßQDQFLDOVWDWHPHQWVWRFRPSO\ZLWKDOOPDWHULDODVSHFWVZLWKUHVSHFWWRWKH
$FFRXQWLQJ6WDQGDUGVVSHFLßHGXQGHUVHFWLRQRIWKH&RPSDQLHV$FWqWKH$FWrUHDGZLWK5XOHRIWKH&RPSDQLHV
(Accounts) Rules, 2014. The Financial Statements have been prepared on accrual basis and under the historical cost convention.
7KHDFFRXQWLQJSROLFLHVDGRSWHGLQWKHSUHSDUDWLRQRIßQDQFLDOVWDWHPHQWVDUHFRQVLVWHQWZLWKWKRVHRISUHYLRXV\HDU
(ii)
BASIS OF PREPARATION
D
7KHßQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DQGLWVVXEVLGLDU\FRPSDQLHVDUHFRQVROLGDWHGRQDOLQHE\OLQHLWHPEDVLVE\DGGLQJ
together the book values of like items of assets, liabilities, income and expenses, after fully eliminating intra-group balances
and intra-group transactions in accordance with Accounting Standard (AS) 21 - “Consolidated Financial Statements”.
7KHßQDQFLDOVWDWHPHQWVRID-RLQW9HQWXUHVKDYHEHHQFRQVROLGDWHGE\XVLQJWKHSURSRUWLRQDWHFRQVROLGDWLRQPHWKRGDVSHU
AS-27 -”Financial Reporting of Interests in Joint Ventures”.
E
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LQVLPLODUFLUFXPVWDQFHVDQGDUHSUHVHQWHGLQWKHVDPHPDQQHUDV+ROGLQJ&RPSDQ\pVVHSDUDWHßQDQFLDOVWDWHPHQWVDVIDU
as possible, except as provided under para 25(iv) (e), 25(iv) (f), 25(vi) (b), 25 (viii) (f),25 (viii) (g), 25(xii) (b), 25 (xiii) (d), 25(xv), and
25 (xvi) (b).
F
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rate. Income and expense items are translated at exchange rates at an average rates and all resulting exchange differences
are accumulated in a foreign currency translation reserve on consolidation until the disposal of the net investment.
G
0LQRULW\,QWHUHVWpVVKDUHRIQHWSURßWRIFRQVROLGDWHGVXEVLGLDULHVIRUWKH\HDUSHULRGLVLGHQWLßHGDQGDGMXVWHGDJDLQVWWKH
income of the group in order to arrive at the net income attributable to shareholders of the Company.
H
0LQRULW\LQWHUHVWpVVKDUHRIQHWDVVHWVRIFRQVROLGDWHGVXEVLGLDULHVLVLGHQWLßHGDQGSUHVHQWHGLQWKHFRQVROLGDWHGßQDQFLDO
Statement separate from liabilities and the equity of the Company’s shareholders.
(iii)
USE OF ESTIMATES
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management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities on the
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estimates are based on the management’s best knowledge of current events and actions, uncertainty about these assumptions
and estimates could result in the outcomes requiring a material adjustment to the carrying amount of assets or liabilities in future
periods.
(iv)
REVENUE RECOGNITION
a)
E
F
d)
e)
Domestic sales are accounted for on transfer of substantial risks and rewards which generally coincides with dispatch of
products to customers and Export sales are accounted for on the basis of dates of Bill of Lading. Sales are net of Rebate &
Discount.
,QFDVHRIVDOHRI&DUERQ&UHGLWV&HUWLßHG(PLVVLRQ5HGXFWLRQVUHYHQXHLVUHFRJQL]HGRQVXEPLVVLRQRIDSSOLFDWLRQZLWK
UNFCCC after execution of agreement with the buyer.
([SRUWEHQHßWVDUHDFFRXQWHGIRURQWKHEDVLVRIDSSOLFDWLRQßOHGZLWKWKHDSSURSULDWHDXWKRULW\
Dividend income on investments is accounted for when the right to receive the payment is established. Interest income is
recognised on accrual basis.
In case of Binani Cement Factory LLC (BCF LLC) & its subsidiaries, revenue from sale of goods is recognized when goods are
delivered and title has passed, and the Company has no managerial involvement or control over the goods sold.
94
(v)
(vi)
f)
In case of Binani Cement Factory LLC (BCF LLC), interest income is recognized on effective yield basis.
g)
Other income is accounted for on accrual basis except where the receipt of income is uncertain in which case it is accounted
for on receipt basis.
h)
Income from service are recognized on accrual basis.
ACCOUNTING OF CLAIMS
a)
Claims receivable are accounted for at the time when reasonable certainty of receipt is established. Claims payable are
accounted for at the time of acceptance.
b)
Claims raised by Government Authorities regarding taxes and duties, are accounted for based on the merits of each claim. If
same is disputed by the Company, these are shown as ‘Contingent Liabilities’.
TANGIBLE FIXED ASSETS
a)
Fixed Assets are stated at cost, net of Cenvat less accumulated depreciation and impairment loss (if any). Cost includes trial
UXQDQGVWDELOL]DWLRQH[SHQVHVLQWHUHVWßQDQFHFRVWVDQGLQFLGHQWDOH[SHQVHVXSWRWKHGDWHRIFDSLWDOL]DWLRQOHVVVSHFLßF
grants received, if any.
b)
In case of SBRCC, Fixed Assets include assets related to the operation of the Company having useful life over one year. Fixed
assets also include equipment other than the main production equipment with individual values of over RMB 2,000 equivalent
to `DQGXVHIXOOLYHVLQH[FHVVRI\HDUV
F
&DSLWDO:RUNLQ3URJUHVVLQFOXGHVFRVWRIß[HGDVVHWVWKDWDUHQRW\HWUHDG\IRUWKHLQWHQGHGXVHDWWKH%DODQFH6KHHW'DWH
(vii)
INTANGIBLE ASSETS
Intangible Assets are stated at cost of acquisition less accumulated amortisation and impairment loss, if any.
(viii) DEPRECIATION AND AMORTISATION
a)
Depreciation on Plant & Machinery is provided on Straight Line Method and other Fixed Assets on Written Down Value Method
in the manner prescribed under schedule II of the Companies Act, 2013 including assets constructed on land not owned by
the Company. Buildings & Roads inside plant are treated as Factory Buildings and depreciation is charged accordingly.
b)
In case of Binani Cement Ltd ( BCL) the total expenditure on mine exploration and development is amortized in the ratio of
ore extracted to the total estimated exploitable reserves.
c)
Leasehold Land is amortised on straight-line basis over the period of lease.
d)
Mobile phones are charged to revenue considering their useful life to be less than one year.
H
([SHQGLWXUHRQPDMRUFRPSXWHUVRIWZDUHLVDPRUWLVHGRQVWUDLJKWOLQHPHWKRGRYHUWKHSHULRGRIßYH\HDUV
I
,QFDVHRI6%5&&37$QJJDQD(QHUJ\5HVRXUFHVDQGVXEVLGLDULHVRI%&)//&WKHGHSUHFLDWLRQRQß[HGDVVHWVDQGLQWDQJLEOH
assets is provided for on SLM basis over the estimated useful life at rates permissible under applicable local laws.
g)
In Case of Binani Cement Factory (BCFLLC) cost of each assets is depreciated over the estimated useful lives on straight line
basis except in respect of Plant and Machinery (Main) where the method of depreciation is unit of production method.
h)
Intangible assets are amortised equally over the useful life and goodwill on consolidation is not amortised.
(ix)
IMPAIRMENT OF ASSETS
At the end of each reporting period, the Company determines whether a provision should be made for impairment loss on assets by
considering the indications that an impairment loss may have occurred in accordance with Accounting Standard 28 on “Impairment
RI$VVHWVrLVVXHGE\WKH,&$,$QLPSDLUPHQWORVVLVFKDUJHGWRWKH3URßWDQG/RVVDFFRXQWLQWKHSHULRGLQZKLFKDQDVVHWLV
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earlier accounting periods is reversed, if there has been a change in the estimate of recoverable amount.
(x)
VALUATION OF INVENTORIES
a)
Raw Material, Fuel (except for coal lying at Port), Packing Materials, Stores & Spares are valued at lower of moving weighted
DYHUDJHFRVWQHWRI&HQYDWDQGQHWUHDOLVDEOHYDOXH&RDOO\LQJDW3RUWLVYDOXHGDWORZHURIFRVWRQVSHFLßFFRQVLJQPHQW
basis plus custom duty and net realisable value. Loose Tools are charged over a period of three years. However, materials
95
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and expected to be sold at or above cost.
b)
Finished Goods and Work – in – process are valued at lower of weighted average cost and net realisable value. Cost for this
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c)
In case of Binani Cement Factory LLC (BCFLLC), Dubai, Stock are valued at the lower of the cost or net realisable value. Raw
materials comprising of clinker & slag and packing materials are valued at cost using the First in First out (FIFO) method.
&RQVXPDEOHVDUHYDOXHGDWFRVWXVLQJVSHFLßFLGHQWLßFDWLRQPHWKRG5DZPDWHULDOFRPSULVLQJRIJ\SVXPDQGOLPHVWRQHDUH
YDOXHGDWFRVWXVLQJWKH:HLJKWHG$YHUDJH0HWKRG:$07KHFRVWRIßQLVKHGJRRGVFRPSULVHVRIUDZPDWHULDOVRWKHUGLUHFW
costs of purchase and related production overheads based on normal operating capacity. Net realisable value is based on
estimated selling price in the ordinary course of business, less any further costs expected to be incurred upto disposal.
(xi)
INVESTMENTS
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temporary, in the value of such investments. Current Investments are carried at lower of cost and fair value.
(xii)
FOREIGN EXCHANGE TRANSACTIONS
a)
b)
Transactions in foreign currencies are accounted at the exchange rate prevailing on the date of transaction. Gains and losses
resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in
IRUHLJQFXUUHQFLHVDUHUHFRJQL]HGLQWKHSURßWDQGORVVDFFRXQW,QFDVHRIIRUZDUGFRQWUDFWVQRQVSHFXODWLYHWKHSUHPLXP
GLVFRXQWDUHGHDOWZLWKLQWKHSURßWDQGORVVDFFRXQWRYHUWKHSHULRGRIFRQWUDFWV([FKDQJHGLIIHUHQFHDULVHVRQDPRQHWDU\
items in substance form part of enterprises net investment in non integral foreign operation is accumulated in a foreign
currency translation reserve till the disposal of the net Investment.
In case of SBRCC, the accounting of foreign exchange transaction is as follows:
Except for the accounting treatment of paid-in capital, foreign currency transactions are translated into RMB at the exchange
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transactions took place. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
translated into RMB at the stipulated exchange rates at the balance sheet date. Exchange differences arising from these
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IRU WKH FRQVWUXFWLRQ RI ß[HG DVVHWV ZKLFK DUH FDSLWDOL]HG DV SDUW RI WKH ß[HG DVVHW FRVWV DQG WKRVH DULVLQJ LQ WKH SUH
operating period, which are recorded as long-term prepaid expenses.
(xiii) EMPLOYEE BENEFITS
a)
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b)
%FÞOFE#FOFÞU1MBO
Company’s Liabilities towards gratuity and leave encashment are determined using the projected unit credit method as
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compensated absences are provided for based on actuarial valuation.
c)
4IPSU5FSN&NQMPZFF#FOFÞU
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employees renders the related services.
d)
&NQMPZFFTnCFOFÞUT
,QFDVHRI%&)//&3URYLVLRQLVPDGHIRUHQGRIVHUYLFHEHQHßWVJUDWXLW\SD\DEOHWRHPSOR\HHVLQDFFRUGDQFHZLWK8$(
Labour Law regulations and is based on current remuneration and cumulative period of service at the reporting date.
In case of BCF LLC’s Subsidiaries and PT Anggana Energy Resources, the provision for liability is provided in accordance with
laws of country in which the Company is operating.
In case of BCL, the company has not considered any provision towards the employee loyalty program as the same is being
accounted on paid basis.
96
(xiv) BORROWING COSTS
Borrowing costs, which are directly attributable to acquisition, construction or production of a qualifying asset, are capitalised as a
part of the cost of the asset. Other borrowing costs are recognised as expenses in the period in which they are incurred.
(xv)
STATUTORY RESERVE
,QFDVHRI%&)//&VWDWXWRU\UHVHUYHLVFUHDWHGE\DSSURSULDWLQJRIWKHSURßWRIWKH&RPSDQ\DVUHTXLUHGE\$UWLFOHRI
the UAE Commercial Companies Law No.8 of 1984, as amended. The Company can discontinue such annual transfers when the
reserve totals 50 % of the paid up share capital. The reserve is not available for distribution except as provided in the Federal Law.
(xvi) INCOME TAXES
a)
Tax expense comprises of current tax and deferred tax. Current tax and Deferred tax are accounted for in accordance with
Accounting Standard 22 on “Accounting For Taxes on Income”, issued by the ICAI. Current tax is measured at the amount
H[SHFWHGWREHSDLGWRWKHWD[DXWKRULWLHVXVLQJWKHDSSOLFDEOHWD[UDWHV'HIHUUHGLQFRPHWD[HVUHàHFWWKHLPSDFWRIWKH
current period timing differences between taxable income and accounting income for the period and reversal of timing
GLIIHUHQFHVRIHDUOLHU\HDUVSHULRG'HIHUUHGWD[DVVHWVDUHUHFRJQLVHGRQO\WRWKHH[WHQWWKDWWKHUHLVUHDVRQDEOHFHUWDLQW\
WKDW VXIßFLHQW IXWXUH WD[DEOH LQFRPH ZLOO EH DYDLODEOH H[FHSW WKDW GHIHUUHG WD[ DVVHWV DULVLQJ RQ DFFRXQW RI XQDEVRUEHG
GHSUHFLDWLRQDQGORVVHVDUHUHFRJQLVHGLIWKHUHLVYLUWXDOFHUWDLQW\WKDWVXIßFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHWR
realise the same.
E
,QFDVHRIIRUHLJQVXEVLGLDU\VWHSGRZQVXEVLGLDU\FRPSDQLHV,QFRPH7D['HIHUUHG7D[KDYHEHHQSURYLGHGLQDFFRUGDQFH
with laws of country in which the Company is operating.
c)
Minimum Alternative Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing evidence that
WKH&RPSDQ\ZLOOSD\QRUPDOLQFRPHWD[GXULQJWKHVSHFLßHGSHULRG,QWKH\HDULQZKLFKWKH0$7FUHGLWEHFRPHVHOLJLEOHWR
be recognised as an asset in accordance with the recommendations contained in Guidance Note issued by the ICAI, the said
DVVHWLVFUHDWHGE\ZD\RIDFUHGLWWRWKH3URßWDQG/RVV$FFRXQWDQGVKRZQDV0$7&UHGLW(QWLWOHPHQW7KH&RPSDQ\UHYLHZV
the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is
QRORQJHUFRQYLQFLQJHYLGHQFHWRWKHHIIHFWWKDWWKH&RPSDQ\ZLOOSD\QRUPDOLQFRPHWD[GXULQJWKHVSHFLßHGSHULRG
YWJJ
$0/5*/(&/$*&41307*4*0/4
$SURYLVLRQLVUHFRJQL]HGZKHQDQHQWHUSULVHKDVDSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQWLWLVSUREDEOHWKDWDQRXWàRZRI
UHVRXUFHVHPERG\LQJHFRQRPLFEHQHßWZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQLQUHVSHFWRIZKLFKDUHOLDEOHHVWLPDWHFDQEHPDGH
Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the
%DODQFH6KHHWGDWH7KHVHDUHUHYLHZHGDWHDFK%DODQFH6KHHWGDWHDQGDGMXVWHGWRUHàHFWWKHFXUUHQWEHVWHVWLPDWHV$FRQWLQJHQW
OLDELOLW\LVGLVFORVHGXQOHVVWKHSRVVLELOLW\RIDQRXWàRZRIUHVRXUFHVHPERG\LQJWKHHFRQRPLFEHQHßWLVUHPRWH&RQWLQJHQWDVVHWV
are neither recognized nor disclosed in the accounts.
(xviii) SEGMENT REPORTING POLICIES
3ULPDU\ 6HJPHQW LV LGHQWLßHG EDVHG RQ WKH QDWXUH RI SURGXFWV DQG VHUYLFHV WKH GLIIHUHQW ULVNV DQG UHWXUQV DQG WKH LQWHUQDO
EXVLQHVVUHSRUWLQJV\VWHP6HFRQGDU\VHJPHQWLVLGHQWLßHGEDVHGRQJHRJUDSKLFDODUHDLQZKLFKPDMRURSHUDWLQJGLYLVLRQVRIWKH
Company operate.
(xix) OPERATING LEASE
7KHOHDVHZKHUHWKHOHVVRUHIIHFWLYHO\UHWDLQVVXEVWDQWLDOO\DOOWKHULVNVDQGEHQHßWVRIRZQHUVKLSRIWKHOHDVHGLWHPDUHFODVVLßHG
DVRSHUDWLQJOHDVHV2SHUDWLQJOHDVHSD\PHQWVDUHUHFRJQL]HGDVDQH[SHQVHLQWKH3URßWDQG/RVV6WDWHPHQW
(xx)
EARNING PER SHARE
%DVLF HDUQLQJV SHU VKDUH LV FDOFXODWHG E\ GLYLGLQJ WKH QHW SURßW RU ORVV IRU WKH \HDU DWWULEXWDEOH WR HTXLW\ VKDUHKROGHUV E\ WKH
weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share,
WKHQHWSURßWRUORVVIRUWKH\HDUDWWULEXWDEOHWRHTXLW\VKDUHKROGHUVDQGWKHZHLJKWHGDYHUDJHQXPEHURIVKDUHVRXWVWDQGLQJGXULQJ
the year are adjusted for the effects of all dilutive potential equity shares.
(xxi) EXPENDITURE DURING CONSTRUCTION PERIOD
For Binani Cement Ltd in case of new projects and substantial expansion of existing factories, expenditure incurred including trial
production expenses net of revenue earned, prior to commencement of commercial production are capitalised.
97
(xxii) CASH & CASH EQUIVALENTS
Cash & cash equivalent for the purpose of Cash Flow Statement comprise cash on hand and at bank in current accounts and
deposit accounts with maturity less than 3 months.
(xxiii) PRINCIPLES OF CONSOLIDATION
Subsidiaries and step down subsidiaries considered for consolidation :
7KHßQDQFLDOVWDWHPHQWVRIDOO,QGLDQ6XEVLGLDULHVLQFOXGLQJ,QGLDQ6WHSGRZQVXEVLGLDULHVDUHFRQVROLGDWHGRQWKHEDVLVRIWKHLU
VWDQGDORQHFRQVROLGDWHGDFFRXQWVDYDLODEOHIRUWKH\HDUHQGHGVW0DUFK
7KH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVLQFOXGHWKHßQDQFLDOVWDWHPHQWVRIWKHIROORZLQJRYHUVHDV,QGLDQVXEVLGLDULHVDQG
overseas step down subsidiaries:
Name of company
Krishna Holdings Pte
Ltd.( KHL)
Murari Holdings
Limited -(MUHL)
Mukundan Holdings
Ltd.( MHL)
Swiss Merchandise
Infrastructure Ltd.
Merit Plaza Ltd.
Binani Readymix
Concrete Limited
(RMC)
Binani Energy Private
Ltd.
Bhumi Resources
(Singapore ) PTE Ltd
PT Anggana Energy
Resources
Shandong Binani
Rong'an Cement
Company Ltd.(SBRCC)
Binani Cement Factory
LLC. (BCF)
BC Tradelink Limited
Binani Cement
Tanzania Ltd.
Binani Cement
(Uganda) Ltd *
i)
LL
Relation with Holding
Company
Country of
Incorporation
% of Share Holding
Subsidiary of BCL
Singapore
100 %
"DDPVOUJOH:FBS
Period considered for
consolidation
April'14 - March'15
-do-
British Virgin Islands
100 %
April'14 - March'15
-do-
British Virgin Islands
100 %
April'14 - March'15
-do-
India
100 %
April'14 - March'15
-do-do-
India
India
100 %
100 %
April'14 - March'15
April'14 - March'15
-do-
India
100 %
April'14 - March'15
-do-
Singapore
100 %
April'14 - March'15
Step-down Subsidiary
of BCL (Subsidiary
of Bhumi Resources
(Singapore) Pte Ltd).
of BCL (Subsidiary of
KHL)
of BCL (Subsidiary of
MHL & MUHL)
-do-do-
Indonesia
100 %
April'14 - March'15
China
90 %
April'14 - March'15
United Arab Emirates
100 %
April'14 - March'15
Tanzania
Tanzania
100 %
100 %
April'14 - March'15
April'14 - March'15
Uganda
100 %
April'14 - March'15
-do-
The excess of cost of investment in the Subsidiary Companies over the Company’s portion of equity of the subsidiary at the
GDWHRILQYHVWPHQWPDGHLVUHFRJQL]HGLQWKHßQDQFLDOVWDWHPHQWVDVJRRGZLOO7KHH[FHVVRI&RPSDQ\pVSRUWLRQRIHTXLW\RI
the Subsidiary over the cost of the investment therein is treated as Capital Reserve.
,QYLHZRIWKHPDQDJHPHQWWKHHIIHFWRIH[FHSWLRQVWDWHGLQLLFDERYHLVQRWTXDQWLßDEOH
*The company is under liquidation during the year.
98
NOTE NO. - 26
ESTIMATED AMOUNTS OF CONTRACTS AND COMMITMENTS REMAINING TO BE EXECUTED AND NOT PROVIDED FOR (NET OF
ADVANCES)
(` in Lakhs)
31st March 2014
PARTICULARS
31st March 2015
The estimated amount of contracts and commitments remaining to be executed on capital
40,596.77
41,019.53
account not provided for
NOTE NO. - 27
CONTINGENT LIABILITY
PARTICULARS
a)
Claims against the Companies not acknowledged as debts in respect of various Tax
matters
b)
Claims against the Companies not acknowledged as debts in respect of other matters
c)
Guarantees given by Banks
d)
Corporate Guarantees given to Bank for Loans to Holding Company & Fellow
Subsidiaries
e)
Letter of Credit opened by Banks
31st March 2015
10,941.22
(` in Lakhs)
31st March 2014
11,024.88
7.89
414.08
205,023.64
17.11
546.95
168,420.60
2,468.20
2,352.60
NOTE NO. - 28
The Company has opted for Sales Tax Incentive Scheme, 1989. Earlier 25 % incentive was allowed by State Level Screening Committee,
but pursuant to order of Rajasthan Tax Board, 75 % incentive from Sales Tax for sales effected in Rajasthan for 9 years subject to a limit
of Eligible Fixed Capital Investment (EFCI) is being availed of. The Company has availed Sales Tax Incentive of ` 20,266.98 Lakhs upto 31st
0DUFK7KH6DOHV7D['HSDUWPHQWßOHGDUHYLVLRQSHWLWLRQEHIRUHWKH+RQpEOH5DMDVWKDQ+LJK&RXUW-RGKSXUFRQWHVWLQJWKHRUGHU
of Rajasthan Tax Board, which allowed the Company to avail 75 % sales tax incentive. The Hon’ble High Court has dismissed the revision
SHWLWLRQRI6DOHV7D['HSDUWPHQW7KH'HSDUWPHQWßOHGDUHYLVLRQSHWLWLRQEHIRUH+RQpEOH6XSUHPH&RXUW
Hon’ble Supreme Court has decided the case against the Company. As per order, the Company is eligible for 25 % sales tax incentive for
7 years only. After decision of Hon’ble Supreme Court, the assessing authority passed revised assessment orders and raised demand
notices for the year 1998-99 to 2007-08 amounting ` 41,421.55 Lakhs (` 16,731.80 Lakhs towards tax & ` 24,689.75 Lakhs towards interest).
The Company has accepted the principal tax liability and already made provision towards the tax amount in the books as on 31.03.2014.
7KH&RPSDQ\ßOHGDSSOLFDWLRQIRUJUDQWRILQVWDOOPHQWVIRUSD\PHQWRIWD[DPRXQWDOVRßOHGDSSOLFDWLRQIRUZDLYHURILQWHUHVWZLWKWKH
Commissioner, Commercial Taxes Department, Jaipur. The Commissioner, Commercial Taxes Department, Rajasthan has decided the
applications and granted 10 installments to make complete payment of principle tax dues by 08.10.2015. Till 31.03.2015, the Company has
deposited `4,304 Lakhs in compliance of orders passed by the Commissioner, Commercial Taxes Department, Rajasthan. The application
for waiver of interest for subjudiced period was rejected and the Commissioner has granted 16 installments to pay the interest amount by
7KH&RPSDQ\KDVßOHGZULWSHWLWLRQLQ+RQpEOH+LJK&RXUW-RGKSXULQUHVSHFWRIUHMHFWLRQRIDSSOLFDWLRQIRUZDLYHURILQWHUHVW
and the matter is sub-judice.
On introduction of Value Added Tax (VAT) in the State of Rajasthan w.e.f 1st April, 2006, an option has been given to switch over to
deferment scheme for twice the remaining validity period as available under the erstwhile Sales Tax Incentive Scheme, 1989 subject to the
original limit of EFCI. The Company has exercised this option w.e.f 1st April, 2006 under which 75 % of VAT collected and payable after the
said date is being deferred for a period of 7 years. Till 26th May, 2007, ` 3,813.54 Lakhs was deferred. The Company has paid ` 2,378.65
Lakhs during 2012-13 & 2013-14.
The Company was eligible for EFCI of ` 48,849.53 Lakhs based on applicable guidelines under the Incentive Scheme, but the amount
sanctioned by SLSC was ` 28,047.61 Lakhs against which writ petition was pending with the Hon’ble Rajasthan High Court. The Company
KDVFRQWLQXHGWRDYDLOWKHGHIHUPHQWEHQHßWSHQGLQJWKHGHFLVLRQRI+RQpEOH+LJK&RXUW6WDWH*RYHUQPHQW7KHFDVHZDVVXEVHTXHQWO\
disposed by Hon’ble High court, Jaipur against the Company, which was challenged by the Company in Hon’ble Supreme Court. But, the
same was also decided against the Company.
99
After disposal of matter by Hon’ble Supreme Court, Commercial Taxes Deptt. has issued demand notice of ` 17,302 Lakhs for the period
30th April, 2008 to 31st August, 2011. Against this principal tax liability, Company has been made complete tax payment up to 31.03.2015.
The Commercial Taxes Deptt. has also raised demand of interest amounting ` 3,077.93 Lakhs, for which application for waiver of interest
ZDVßOHGE\WKH&RPSDQ\EXWWKHDSSOLFDWLRQZDVUHMHFWHGE\&RPPLVVLRQHU&RPPHUFLDO7D[HV'HSDUWPHQW-DLSXU$JJULHYHGIURPWKLV
WKH&RPSDQ\KDVßOHGZULWSHWLWLRQLQ+RQpEOH+LJK&RXUW-DLSXU+RZHYHUWKH&RPSDQ\KDVGHSRVLWHGWKHGHPDQGRILQWHUHVWXQGHU
protest of ` 3,077.93 Lakhs in 2014-15.
The Commercial Taxes Deptt. has also raised demand of interest amounting to ` 5,673.94 Lakhs, for which application for waiver of
LQWHUHVWKDYHEHHQßOHGE\WKH&RPSDQ\DQGWKHVDPHDUHSHQGLQJZLWKWKH&RPPLVVLRQHU&RPPHUFLDO7D[HV'HSWW-DLSXU
,QDGGLWLRQWRDERYHGXULQJWKH\HDUWKH&RPSDQ\KDVßOHGDQDSSOLFDWLRQZLWK6DOHV7D[GHSDUWPHQWIRUH[WHQVLRQRISHULRGRI
()&,VFKHPHZKLFKZDVQRWDFFHSWHG7KH&RPSDQ\KDVßOHGDFDVHZLWK+RQpEOH-DLSXU+LJK&RXUWWRLQVWUXFWWKH6DOHV7D[GHSDUWPHQW
WRH[WHQGWKH()&,VFKHPHSHULRG+RZHYHUWKH&RPSDQ\KDGDYDLOHGGHIHUPHQWRIRIWKH9$7&67OLDELOLW\DPRXQWLQJWR` 3,967.09
Lakhs for the period 27th May, 2007 to 30th April, 2008. The matter is pending for decision.
NOTE NO. - 29
The excise duty shown as deduction from turnover is total excise duty on sale of goods for the year. However, the excise duty related to the
difference between opening stock and closing stock samples etc. amounting to ` (271.19) Lakhs is shown under Changes in inventories
RIßQLVKHGJRRGVZRUNLQSURJUHVVDQG6WRFNLQ7UDGHLQSURßWORVVDFFRXQW
NOTE NO. - 30
The Company has not deposited a sum of ` 2,187.89 Lakhs (Previous Year ` 2,030.33 Lakhs) net of ` 723.76 Lakhs paid under protest
(Previous Year 723.76 Lakhs) shown as current liability in note no. 8, on account of entry tax on goods under the Rajasthan Tax on Entry
RI*RRGVLQWR/RFDO$UHD$FWRQQRWLßHGJRRGVSXUFKDVHGIURPRXWVLGHWKHVWDWHIURP0D\7KH&RPSDQ\KDVßOHGDZULWSHWLWLRQ
on 10.07.2006 against the notice of C.T.O. special circle, Commercial Taxes Deptt., Pali for notice issued under section 16(3) of the said
“Act”. The said petition was admitted by the Hon’ble Court and a stay was granted. Subsequently, the case was heard by Hon’ble High
Court and passed an order that the stay shall remain continued on the condition that petitioner deposit the 50 % of amount assessed and
submit Solvent security for the balance amount including interest, penalty etc. Accordingly, in compliance of the order, the entry tax of `
723.76 Lakhs being 50 % of assessed tax was deposited by the Company under protest and also submitted solvent security for the balance
amount.
NOTE NO. - 31
7KH&RPSDQ\ZDVVHOOLQJ&HPHQWRQLQWHUVWDWHVDOHV#&67ZLWKRXWq&rIRUPXVRI&67$FWDVSHUQRWLßFDWLRQQR))'
7D['LYGDWHG7KH6WDWH*RYWKDVDPHQGHGFHUWDLQQRWLßFDWLRQVIRUUHTXLUHPHQWRIq&rRUq'rIRUPLQWKHHDUOLHU
QRWLßFDWLRQVLVVXHGSULRUWRRQZKLFKFOHDU\HVWDEOLVKHVWKDWSULRUWRDPHQGPHQWLQWKHQRWLßFDWLRQWKHUHZDVQR
UHTXLUHPHQWRIo&pIRUPVXQOHVVWKHQRWLßFDWLRQVDUHDPHQGHG7KHDERYHUHIHUUHGQRWLßFDWLRQGDWHGZDVUHVFLQGHGE\WKH
Rajasthan Govt. on 01.12.2006, hence it was in application upto 30.11.2006. The Assessing Authority has raised demand notices of ` 38.43
Lakhs in respect of sale of cement @6 % CST for the period 27.09.2005 onwards. The matter was challenged by us in Hon’ble Rajasthan
High Court, Jodhpur. The case was heard on 10.01.2012 and stay has been granted by Hon’ble High Court against submission of bank
guarantee for the demand amount. In compliance of Hon’ble High Court order, the Company has submitted Bank guarantees of ` 60.52
Lakhs to the Assessing Authority, Commercial Taxes Deptt., Pali.
NOTE NO. - 32
LOANS- SECURED
I
BINANI CEMENT LIMITED
A.
TERM LOANS
Banks and Financial Institutions
D
(NVSRUW.UHGLW)LQDQVLHULQJ$6)RUHLJQ&XUUHQF\/RDQRI` Nil (Previous Year ` 414.72 Lakhs).
Security - refer note 1 below. Loan repaid in full during Financial Year 2014-15.
100
b)
Consortium of Banks and Financial Institutions - Term Loans of ` 192,965.20 Lakhs (Previous Year ` 192,991.31 Lakhs).
Security - refer note 2 below.
Term loans repayable in 32 quarterly installments beginning from June 30th 2016.
There is delay in payment of interest ` 388.86 Lakhs from 1 day to one month.
c)
Consortium of Banks and Financial Institutions - Workin Capital Term Loans of ` 31,958.83 Lakhs (Previous Year
` 2,034.67 Lakhs). Security - refer note 2 below.
There is delay in payment of interest ` 44.76 Lakhs for one day to two months.”
d)
Consortium of Banks and Financial Institutions - Funded Interest Term Loans of ` 22,615.68 Lakhs (Previous Year Nil).
There is delay in payment of interest ` 2.70 Lakhs for one day to two months.
e)
Consortium of Banks and Financial Institutions - Term Loan for Sale Tax of ` 14,069.38 Lakhs (Previous Year Nil).
f)
Syndicate Bank - Term Loan of ` 571.36 Lakhs (Previous Year ` 1,718.84 Lakhs). Security - refer note 3 below.
Loan repayable in 14 equal quarterly installments commencing from December’11.There is delay in repayment of loan
amounting to ` 571.36 Lakhs for one day to three months and interest ` 301.76 Lakhs for one day to sixteen months.
g)
Syndicate Bank - Term Loan of ` 7,500 Lakhs (Previous Year ` 7,500 Lakhs). Security - refer note 4 below.
Loan repayable in 8 equal quarterly installments commencing from June 2015.
There is delay in payment of interest `/DNKVIRURQHGD\WRßIWHHQPRQWKV
h)
Syndicate Bank - Term Loan of ` 7,187.97 Lakhs (Previous Year ` 8,500 Lakhs). Security - refer note 5 below.
Loan repayable in 5 yearly installments commencing from November 2012.
There is delay in repayment of loan amounting to ` 2,687.97 Lakhs for 494 days to 129 days and interest ` 1,459.89
/DNKVIURPRQHGD\WRßIWHHQPRQWKV
i)
Syndicate Bank -Term Loan of ` 7,500 Lakhs (Previous Year ` 7,500 Lakhs). Security - refer note 6 below.
Loan repayable in 7 yearly installments commencing from 31st March, 2015.
There is delay in repayment of loan amounting to ` 468.75 Lakhs for one day and interest ` 1,461.19 Lakhs for one day
to sixteen months.
Security Clause for above Loans 6HFXUHGE\D([FOXVLYHßUVWFKDUJHRQWKHDVVHWVLPSRUWHGIURP0V)/6PLGWK'HQPDUNXQGHUWKH([SRUW&RQWUDFW
GDWHGDQGGHßQHGFOHDUO\LQWKHORDQDJUHHPHQWGDWHGHQWHUHGZLWK(.)$VE3DUL3DVVX
charge on Trust and Retention account and (c) Corporate Guarantee of Binani Industries Limited (BIL).
6HFXUHGWREHVHFXUHGE\D)LUVWSDULSDVVXFKDUJHRQWKH)L[HG$VVHWVERWKSUHVHQWIXWXUHDQG6HFRQGSDULSDVVX
charge on Current Assets of the Company;. (b) Personal Guarantee of a promoter Director; (c) Pledge of 42.55 %, being
(TXLW\6KDUHVRI%LQDQL&HPHQW/LPLWHG%&/KHOGE\%,/RQßUVWSDULSDVVXEDVLVDORQJZLWKWKH:RUNLQJ
Capital Lenders;. (d) Pledge of 51.28 %, being 15,175,804 Equity Shares of Binani Industries Limited (BIL) held by its
3URPRWHUVRQßUVWSDULSDVVXEDVLVDORQJZLWK:RUNLQJ&DSLWDO/HQGHUVH&RUSRUDWH*XDUDQWHHRI%,/I&KDUJHRQ
brand “BINANI” on pari passu basis along with Working Capital Lenders.
6HFXUHG E\ D ([FOXVLYH ßUVW FKDUJH RQ 3ODQW DQG 0DFKLQHU\ (TXLSPHQWV RI WK FHPHQW JULQGLQJ XQLW VLWXDWHG DW
Binanigram, Pindwara, Sirohi, Rajasthan and (b) First pari passu charge on the portion of land pertaining to the
4th cement grinding unit situated at Binanigram, Pindwara, Sirohi, Rajasthan.
4
Secured by (a) First pari passu charge on Fixed Assets of the Company (b) Post dated cheques for payment of principal
& Interest and (c) Personal Guarantee of a Promoter Director.
101
6HFXUHGE\6HFRQGSDULSDVVXFKDUJHRQWKH&RPSDQ\pVß[HGDVVHWVERWKSUHVHQWDQGIXWXUH
6HFXUHGE\D)LUVWSDULSDVVXFKDUJHRQß[HGDVVHWVRIWKH&RPSDQ\ESRVWGDWHGFKHTXHVIRUSULQFLSDO,QVWDOOPHQWV
c) Corporate Guarantee of Binani Industries Limited.
As per clause 4.3.6 of the RBI circular dated February 26, 2014 on the Guidelines on Joint Lenders Forum (JLF) and Corrective
Action Plan (CAP) ‘‘Restructuring cases will be taken up by the JLF only in respect of assets reported as standard, SMA or
6XEVWDQGDUGE\RQHRUPRUHOHQGHUVRIWKH-/):KLOHJHQHUDOO\QRDFFRXQWFODVVLßHGDVGRXEWIXOVKRXOGEHFRQVLGHUHGE\
WKH-/)IRUUHVWUXFWXULQJLQFDVHVZKHUHDVPDOOSRUWLRQRIGHEWLVGRXEWIXOLHWKHDFFRXQWLVVWDQGDUGVXEVWDQGDUGLQWKH
books of at least 90 % of creditors (by value), the account may then be considered under JLF for restructuring’’.
Syndicate Bank has already signed Master Joint Lenders Forum Agreement on 12-6-2014, agreed for restructure of account
as per CAP wherein the bank have agreed to share all security on pari passu basis.
B.
WORKING CAPITAL FACILITIES
Consortium of banks- ` 4,904.04 Lakhs (Previous Year ` 9,709.64 Lakhs)
6HFXUHGWREHVHFXUHGE\D)LUVWSDULSDVVXFKDUJHRQFXUUHQWDVVHWVDQGVHFRQGSDULSDVVXFKDUJHRQß[HGDVVHWVRIWKH
Company both present and future (b) Personal Guarantee of a promoter Director. (c) Pledge of 42.55 %, being 80,258,854
(TXLW\6KDUHVRI%LQDQL&HPHQW/LPLWHG%&/KHOGE\%LQDQL,QGXVWULHV/LPLWHG%,/RQßUVWSDULSDVVXEDVLVDORQJZLWK-/)
Term Lenders; (d) Pledge of 51.28 %, being 15,175,804 Equity Shares of Binani Industries Limited (BIL) held by Promoters of
%,/RQßUVWSDULSDVVXEDVLVDORQJZLWK-/)7HUP/HQGHUVH&RUSRUDWH*XDUDQWHHRI%,/I&KDUJHRQEUDQGr%,1$1,rRQ
pari passu basis along with JLF Term Lenders.
II
MUKUNDAN HOLDINGS LTD.
Bank of Baroda - Term Loans of ` 12,520.88 Lakhs (US $ 20 Million) (Previous Year ` 11,962.1 Lakhs (US $ 20 Million)).
Term Loan is repayable in quarterly Installments of US $ 2.50 Million starts from 10-6-2014 to 11-3-2016.
Security 1)
Pledge of US $ 20 million Share of Mukundan Holdings Limited, BVI held by Binani Cement Limited
2)
Negative Lien on the assets of the Binani Cement Factory LLC Dubai
1RQ GLVSRVDO XQGHUWDNLQJ IRU EHQHßFLDO LQWHUHVW RI VKDUHV RI %LQDQL &HPHQW )DFWRU\ //& 'XEDL KHOG E\ WKH 0XUDUL
Holdings Ltd.
1RQ GLVSRVDO XQGHUWDNLQJ IRU EHQHßFLDO LQWHUHVW RI VKDUHV RI %LQDQL &HPHQW )DFWRU\ //& 'XEDL KHOG E\ 0XNXQGDQ
Holdings Ltd 100 % WOS of Binani Cement Limited
5)
Irrevocable and unconditional Corporate Guarantee of Binani Cement Ltd, India
)LUVWSDULSDVVXFKDUJHRQWKHß[HGDVVHWVRI%LQDQL&HPHQW)DFWRU\//&'XEDL
There is delay in payment of principal of US $ 10 Million and Interest of US $ 1.560 Million for 21 days to 294 days.
As per MRA Agreement dated 13-12-2014, entered by BCL with Banks, these loans were to be paid out of reimbursement of sales
tax amount paid by BCL as per CAP approved by BCL lenders. Total amount of reimbursement to be received from Banks as on 313-2015 is ` 8,479 Lakhs. Bank of Baroda has kept ` /DNKVDV)'5ZKLFKZRXOGEHßUVWXWLOL]HGIRUSD\PHQWRI0XUDUL+ROGLQJV
Limited dues of USD 1.25 Millon loan and balance for dues of Mukundan Holdings Limited.
III
KRISHNA HOLDINGS PTE LTD.
State Bank of India (HK) : Term Loan of ` 4,805.51 Lakhs (US $ 7,676,000 ) (Previous Year - ` 7,880.63 Lakhs (US $ 13,176,000))
Term Loan is repayable in 15 quarterly Installments starts from 30-09-2012.
4FDVSFEUPCFTFDVSFE
1)
Irrevocable and unconditional Corporate Guarantee of Binani Cement Ltd., India
2)
Pledge of share of SBRCCL to the extent of RMB 180 Million
102
IV
BINANI CEMENT FACTORY LLC
Bank Borrowings
Trust Receipts & Bill discounted with Recourse ` 7,624.75 Lakhs (AED 44,733,847) (Previous Year ` 6,648.91 Lakhs (AED 40,831,169))
The bank borrowings are secured by -
V
1)
Charge over plant & machinery and receivables
2)
Assignment of insurance policies covering stocks
/LHQRYHUß[HGGHSRVLWVDQGPDUJLQGHSRVLWV
4)
Subordination of long term loan of AED 10 Million
5)
Corporate guarantee of Murari Holdings Limited, Mukundan Holdings Limited and Binani Cement Ltd.
MURARI HOLDINGS LIMITED
Banks - Term Loans of ` 4,851.85 Lakhs (US$ 7,750,000) (Previous Year ` 4,635.32 Lakhs (US$ 7,750,000))
Term loans are repayable in quarterly Installments starts from 30-1-2010.
4FDVSFEUPCFTFDVSFE
1)
Pledge of 100 % shares of Murari Holdings Limited held by Binani Cement Ltd.
2)
A Negative Lien on the Binani Cement Factory LLC Dubai
1RQ 'LVSRVDO XQGHUWDNLQJ IRU EHQHßFLDO LQWHUHVW RI VKDUHV LQ %LQDQL &HPHQW )DFWRU\ //& KHOG E\ 0XUDUL +ROGLQJV
Limited
4)
Corporate Guarantee of Binani Cement Ltd.
There is delay in payment of principal of US $ 7.500 Million for 22 days to 443 days and Interest of US $ 0.551 Million for 22
days to 352 days.
As per MRA Agreement dated 13-12-2014, entered by BCL with Banks, these loans were to be paid out of reimbursement
of sales tax amount paid by BCL as per CAP approved by BCL lenders. Total amount of reimbursement to be received from
Banks as on 31-3-2015 is ` 8,479 Lakhs. Bank of Baroda has kept ` /DNKVDV)'5ZKLFKZRXOGEHßUVWXWLOL]HGIRU
payment of Murari Holdings Limited dues of USD 1.25 million loan and balance for dues of Mukundan Holdings Limited.
VI
SHANDONG BINANI RONG’AN CEMENT COMPANY
Loan Outstanding is ` 18,922.73 Lakhs (RMB 185,000,000) (Previous Year ` 19,409.2 Lakhs (RMB 200,000,000))
The Loan is secured by clinker production lines 1 and 2 equipment, land and mining rights.
Term loan repayment is scheduled from 14-4-2015 to 1-7-2016.
NOTE NO. - 33
The Company has also made defaults in payment of Interest of unsecured term loan (Commercial Paper from United Bank of India)
amounting to ` 25.48 Lakhs for the period of 1 day.
NOTE NO. - 34
OTHER INCOME
(` in Lakhs)
PARTICULARS
L
31st March, 2015
31st March, 2014
,QWHUHVW'LYLGHQGIURP%DQNV2WKHUV
13,550.76
11,513.85
LL
3URßWRQVDOHRI)L[HG$VVHWV,QYHVWPHQW
-
11.94
LLL
6FUDS6DOH,QGXVWULDOZDVWH
-
3.81
iv)
Others
TOTAL
103
761.90
427.66
14,312.66
11,957.27
NOTE NO. - 35
REMUNERATION TO AUDITORS
PARTICULARS
Statutory Auditors
For Audit Fees
For Taxation Matters
For other services
Reimbursement of expenses
TOTAL
Cost Auditors
As Auditor
For Reimbursement of expenses
TOTAL
31st March, 2015
(` in Lakhs)
31st March, 2014
50.73
3.75
18.25
13.18
1.61
87.52
53.82
4.03
7.50
3.40
1.38
70.13
1.00
0.23
0.23
1.45
1.00
0.32
1.32
NOTE NO. - 36
In case of BCL, based on information available with the Company in respect of MSME (‘The Micro Small & Medium Enterprises Development
Act 2006’), ` 70.97 Lakhs was provided towards interest in the previous year. During the year, the Company has made payments in respect
of outstandings as on 31.03.2014. The applicable interest is being paid as and when claimed by any of the enterprise covered under MSME
Act, 2006.
NOTE NO. - 37
DEFERRED TAX LIABILITY OF THE GROUP AS ON MARCH 31, 2015 COMPRISES OF THE FOLLOWING :
7KHWD[HIIHFWRIVLJQLßFRQWWLPLQJGLIIHUDQFHVWKDWKDVUHVXOWHGLQGHIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHJLYHQEHORZ
PARTICULARS
a)
Deferred Tax Liability
Depreciation
TOTAL
b)
Deferred Tax Asset
Disallowance under Income Tax Act, 1961
Unabsorbed Depreciation and Business Loss
TOTAL
31st March, 2015
Deferred Tax Liability
Provided up to last year
'HIHUUHG7D[IRUWKH\HDU/LDELOLW\$VVHWV
(` in Lakhs)
31st March, 2014
20,254.28
20,254.28
20,707.15
20,707.15
(13,029.47)
(1,218.06)
(14,247.53)
(7,230.73)
(3,225.74)
(10,456.47)
6,006.75
10,250.68
(4,243.93)
10,250.68
19,873.30
(9,622.62)
NOTE NO. - 38
Selling and Administration Expenses includes ` 1,240 Lakhs (Previous Year ` 3,886.50 Lakhs) paid to Binani Industries Ltd. (BIL), the
+ROGLQJ&RPSDQ\WRZDUGVFRUSRUDWHVXSSRUWVHUYLFHVUHODWHGWR$FFRXQWLQJ)LQDQFH7UHDVXU\)RUH[&RPPRGLW\5LVN0DQDJHPHQW
Purchases, Audit, Taxation, Corporate strategy, Media Services, Project Management etc. BIL provides the above mentioned services to its
subsidiaries including the Company on payment of monthly Management Services Fees. Also a sum of ` 3,419.67 Lakhs (Previous Year `
5,481.26 Lakhs) paid to BIL as Royalty on account of license fee for use of trademark, corporate name, logos etc. BIL has stopped charging
both the above services w.e.f. 13.12.2014.
104
NOTE NO. - 39
The Company is having various ongoing projects in hand at Gujarat, Nimbri (Raj.) and other places. Incidental expenses pertaining to these
projects incurred, included under capital work in progress, are as under:
PARTICULARS
Balance Brought forward
Other Operating Expenses
Repairs and Maintenance
0DQDJHPHQW&RQVXOWDQF\)HH
Salaries and Wages
Contribution to Provident and other Funds
Insurance
Other Sundry Expenses
Depreciation
Interest - Term Loans
Exchange Loss (net)
)LQDQFLDO%DQN&KDUJHV
31st March, 2015
5,735.33
1.28
4.27
999.55
4.01
(9.14)
0.07
0.22
6,735.59
59.48
6,676.11
Less : Capitalised
Balance carried forward
(` in Lakhs)
31st March, 2014
4,949.96
5.24
0.04
78.65
126.26
7.57
(0.55)
0.91
0.10
395.21
153.73
51.66
5,768.77
33.45
5,735.33
NOTE NO. - 40
Related Party Disclosure as per Accounting Standard 18 “Related Party Disclosures” issued by the Institute of Chartered Accountants of
India :
The Company has entered into transactions in ordinary course of business with related parties at arms length as per details below :
Particulars
A.
TRANSACTIONS
Sale of Cement
- G D Binani Charitable Foundation
Sale of Traded Goods
- Binani Metals Ltd.
Interest Income on ICD
- Binani Industries Limited
Issue of Preference Share Capital
Holding
Company
Fellow
Subsidiary
Key Management Personnel
,.1
3FMBUJWFTPG,.1
Enterprises where Key
Management Personnel has got
TJHOJÞDBOUJOßVFODF
(` in Lakhs)
Total
-
-
17.24
-
17.24
-
-
-
(1,481.38)
(1,481.38)
12,753.87
(10,337.16)
-
-
12,753.87
(10,337.16)
6,002.00
-
-
-
6,002.00
-
-
-
132.20
(95.66)
132.20
(95.66)
- Triton Trading Co. Pvt. Limited
105
Particulars
Purchase of Flyash
4FSWJDF$IBSHFTGPS"EWFSUJTFNFOU4BMFT1SPNPUJPO
& Purchase of gift items, etc.
- Media Magix (Div. of Binani Metals Ltd.)
4FSWJDF$IBSHFTGPS"EWFSUJTFNFOU4BMFT1SPNPUJPO
etc.
- Asian Industry (Div. of Binani Metals Ltd.)
&YFDVUJPOPGUSBOTQPSUBUJPOPUIFSTFSWJDFTDPOUSBDU
- Dhaneshwar Solution pvt. Ltd. (merged with Binani
Metals Ltd.)
- Dhaneshawar Solution - A Division of Binani Metals
Ltd.
Interest Expenses
Metals Ltd.)
Inter Corporate Deposit given (net)
*OUFS$PSQPSBUF%FQPTJUSFDFJWFESFQBJE
Metals Ltd.)
1BJEGPSXPSLTTVQQMZDPOUSBDU
- BIL Infratech Ltd.
Interest Income on Advance
Directors Sitting Fees
- Mr. Braj Binani
- Ms. Shradha Binani
Holding
Company
Fellow
Subsidiary
,.1
3FMBUJWFTPG,.1
(` in Lakhs)
Total
-
-
29.82
(43.36)
29.82
(43.36)
-
-
62.16
-
62.16
-
-
-
1,570.51
-
1,570.51
-
-
-
5.85
-
5.85
-
-
-
-
-
-
-
(12,773.66)
44,185.34
(12,773.66)
44,185.34
-
-
(24,569.23)
(24,569.23)
-
-
-
-
-
-
(11.26)
(11.26)
(60,153.24)
-
-
(60,153.24)
-
-
-
-
-
-
(2,500.00)
(2,500.00)
-
938.50
(95.51)
-
938.50
(95.51)
-
400.00
-
-
400.00
-
-
-
1.70
(1.40)
(1.20)
1.70
(1.40)
(1.20)
106
Particulars
-PBO3FDFJWFE3FQBJE
- Golden Global Pte Ltd. (Repayment of loan)
Loan Given
- CPI Binani Inc
% %LQDQL *ODVVßEUH 6DUO 5HSD\PHQW RI ORDQ
received)
Interest Income
- CPI Binani Inc
%%LQDQL*ODVVßEUH6DUO
B.
BALANCE AS ON 31.03.15
ASSETS
(a) Loans and Advances
- Triton Trading Co. Pvt. Limited
- CPI Binani Inc
(b) Inter Corporate Deposits
(c) Interest Receivable
- CPI Binani Inc
LIABILITIES
(a) Trade Payables
- Asian Industry (Div. of Binani Metals Ltd.)
- Media Magix (Div. of Binani Metals Ltd.)
- Dhaneshwar Solution - A Division of Binani Metals
Holding
Company
Fellow
Subsidiary
,.1
3FMBUJWFTPG,.1
(` in Lakhs)
Total
-
-
(154.51)
(149.53)
(154.51)
(149.53)
-
(629.94)
-
-
(629.94)
-
-
(1,090.10)
-
(1,090.10)
-
55.75
(57.90)
(15.11)
-
55.75
(57.90)
(15.11)
-
(3,399.66)
1,001.67
(956.97)
58.94
(17.53)
-
(3,399.66)
58.94
(17.53)
1,001.67
(956.97)
114,857.24
(114,857.24)
-
-
114,857.24
(114,857.24)
16,354.58
(3,601.07)
-
117.17
(57.90)
-
16,354.58
(3,601.07)
117.17
(57.90)
1,980.81
(2,498.07)
-
5.73
1,514.90
1,644.51
(4,836.74)
-
5.73
1,514.90
1,644.51
(4,836.74)
1,980.81
(2,498.07)
107
Particulars
Holding
Company
- Binani Metals Limited
(b) Other Payables
- Golden Global Pte Ltd.
Fellow
Subsidiary
-
,.1
3FMBUJWFTPG,.1
11.15
(5.54)
-
-
(149.53)
(` in Lakhs)
Total
11.15
(5.54)
(149.53)
(Figures in bracket pertain to Previous Year)
Note:
1
The remuneration paid to key management personnel Mr. Jotirmoy Ghose - ` 131.62 Lakhs (Previous Year ` 63.04 Lakhs), Mr. P.
Acharya - nil (Previous Year ` 154.56 Lakhs), Mr. K. K. Jain - ` 38.62 Lakhs (Previous Year nil), Mr. Amit Kumar Gupta - ` 25.28 Lakhs
(Previous Year nil), Mr. Atul Falgunia - ` 8.79 Lakhs (Previous Year nil). The payments towards Management Services Fee & Royalty
to Holding Company have been separately disclosed vide note no. 38.
*XDUDQWHHVJLYHQWREHJLYHQWR%DQNVE\+ROGLQJ&RPSDQ\RQEHKDOIRIWKH&RPSDQ\KDYHEHHQVHSDUDWHO\GLVFORVHGLQQRWHQR
3
Guarantees given by the Company to Banks for loans given to subsidiary is disclosed in note no. 27 (d).
4
Names of related parties and description of relationship:
a)
Holding Company : Binani Industries Limited
b)
Fellow Subsidiary : Binani Zinc Limited(BZL), Goa Glass Fiber Limited(GGFL), BT Composites Limited(BTCL)*, BIL Infratech
/WG % %LQDQL *ODVVßEUH 6DUO % %LQDQL 5R\DOYLVLRQ 3URMHFWV 3YW /WG 533/ 5R\DOYLVLRQ ,QIUDWHFK 3ULYDWH /LPLWHG
Royalvision Concrete Private Limited, RBG Minerals Industries Limited, CPI Binani Inc., Binani Global Cement Holdings
3ULYDWH/LPLWHG3URMHFW%LUG+ROGLQJ,,6DUO3%+,,%ßEHUJODVV635/%)LEUHJODVV$6DQG7XQßE6DUO
c)
Key Management Personnel : Mr. Braj Binani, Mr. Jotirmoy Ghose, Mr. K. K. Jain (w.e.f. 30.05.2014), Mr. Atul Falgunia (Upto
30.04.2014) and Mr. Amit Kumar Gupta (w.e.f. 05.06.2014).
G
7UDQVDFWLRQVZKHUHNH\0DQDJHPHQW3HUVRQQHOKDYHJRWVLJQLßFDQWLQàXHQFH0U%UDM%LQDQLZLWK%LQDQL0HWDOV/WG7ULWRQ
Trading Co. Pvt. Ltd. & Golden Global Pte Ltd.
* The Company is under liquidation.
NOTE NO. - 41
a)
Particulars of unhedged foreign currency exposure as at Balance Sheet date:
(` in Lakhs)
Particulars
Currency
31st March, 2015
31st March, 2014
Outstanding Creditors for Coal
USD
4,215.18
10,123.68
Outstanding Creditors for Machinery
USD
8.22
7.88
Outstanding Creditors for Spares
DKK
69.06
3.03
USD
0.10
-
EURO
108.93
-
-
414.72
Loans Payables
USD
108
b)
The details of forward contracts outstanding at the year end are as follows :
As at
Number of
Contracts
Currency
Buy Amount
Purpose
17
USD
18,710,000
Creditors Payment
31st March, 2015
31st March, 2014
NOTE NO. - 42
Segment reporting as per Accounting Standard AS - 17 issued by The Institute of Chartered Accountants of India:
Since the Company along with its subsidiaries are primarily in the business of production and sales of clinker and cement, the same has
EHHQFRQVLGHUHGWKHSULPDU\UHSRUWDEOHVHJPHQW)XUWKHULWKDVLGHQWLßHGJHRJUDSKLFDOVHJPHQWDV,QGLD'XEDLDQG&KLQDEDVHGRQ
Segment Revenue, Result & Asset for reporting purpose.
(` in Lakhs)
Segment Revenue
Sales (net of Excise)
Other Income
Total
Segment Result
1HW3URßWORVVEHIRUHWD[
from ordinary activities
Add: Interest & Dividend
Income
Less :Finance costs
Less :Income Taxes
India
Dubai
China
Unallocated
Elimination
Inter Segment
Total
170,463.94
22,336.01
36,628.29
59.18
(42.77)
229,444.65
(185,185.66)
(17,507.74)
(46,958.33)
-
-
(249,651.73)
118.42
250.29
272.94
129.24
-
770.89
(365.37)
-
(68.20)
(202.14)
-
(635.71)
170,582.36
22,586.30
36,901.23
188.41
(42.77)
230,215.54
(185,551.03)
(17,507.74)
(47,026.53)
(202.14)
-
(250,287.44)
India
Dubai
China
Unallocated
Elimination
Inter Segment
Total
7,166.70
862.30
(1,547.40)
(437.49)
1.55
6,045.66
(-12,297.09)
(-1,328.89)
(-1,037.25)
(-9.39)
-
(-14,672.62)
-
-
-
-
-
13,550.76
-
-
-
-
-
(11,513.85)
-
-
-
-
-
39,299.75
-
-
-
-
-
(31,251.43)
-
-
-
-
-
(4,106.99)
-
-
-
-
-
(-9,215.89)
Loss on sale of investment
(92.53)
Total
(15,596.35)
(-25,286.83)
109
(` in Lakhs)
Capital Employed
India
Dubai
China
Unallocated
Elimination
Inter Segment
Total
414,349.43
(408,485.75)
Total Segment Liabilities
79,388.28
(110,064.36)
Capital Employed
334,961.16
(298,421.39)
(Figures in bracket pertain to Previous Year)
43,033.66
(37,649.68)
6,136.31
(3,495.19)
36,897.35
(34,154.48)
82,750.86
(86,272.54)
16,069.46
(10,766.78)
66,681.40
(75,505.76)
203,100.87
(197,385.42)
256.75
(238.28)
202,844.12
(197,147.14)
(251,661.17)
(-248,107.36)
(217.98)
(-185.00)
(251,443.20)
(-247,922.36)
491,573.65
(481,686.02)
101,632.82
(124,379.61)
389,940.83
(357,306.41)
Total Segment Assets
NOTE NO. - 43
EMPLOYEE BENEFITS
B
C
%FÞOFE$POUSJCVUJPO1MBOT
During the year the Company has recognised ` 355.86 Lakhs (Previous Year `/DNKVLQWKH3URßWDQG/RVV$FFRXQWRQ
DFFRXQWRIGHßQHGFRQWULEXWLRQSODQVLH(PSOR\HUV&RQWULEXWLRQWR3URYLGHQW)XQGVDQG(6,&
I)
%FÞOFECFOFÞUQMBOTBTQFSBDUVBSJBMWBMVBUJPOPOTU.BSDI
(` in Lakhs)
PARTICULARS
Gratuity Funded
31st March,
31st March,
I
&YQFOTFTSFDPHOJTFEJOUIF4UBUFNFOUPG1SPÞU
31st March,
31st March,
2014
2014
Loss
2015
2015
1
Current Service Cost *
95.43
2.37
92.23
31.42
2
Interest Cost
59.42
67.70
3
Employee Contributions
4
Expected return on plan assets
(50.88)
(52.84)
5
1HW$FWXDULDO*DLQV/RVVHV
(94.66)
18.50
6
Past service cost
7
Settlement cost
8
Total expenses
9.32
2.37
125.58
31.42
$VSSFOUTFSWJDFDPTUJODBTFPGMFBWFFODBTINFOUBSFOFUPGCFOFÞUQBJEEVSJOHUIFZFBSJODMVEFEVOEFSTBMBSZBOEBMMPXBODF
1
2
3
4
/FU"TTFU-JBCJMJUZ
SFDPHOJTFEJOUIF#BMBODF
Sheet
3UHVHQWYDOXHRI'HßQHG%HQHßW2EOLJDWLRQ
Fair value of plan assets
)XQGHGVWDWXV>6XUSOXV'HßFLW@
1HWDVVHWOLDELOLW\
31st March,
2015
750.02
487.28
(262.74)
(262.74)
31st March,
2014
727.14
607.41
(119.73)
(119.73)
31st March,
2015
263.54
(263.54)
31st March,
2014
232.12
232.12
III
Change in obligation during the year
1
31st March,
2015
727.14
31st March,
2014
720.30
31st March,
2015
232.12
31st March,
2014
229.75
3UHVHQWYDOXHRI'HßQHG%HQHßW2EOLJDWLRQDW2QH
Current Service cost *
95.43
2.37
92.23
31.42
Interest cost
59.42
67.70
Settlement cost
Past service cost
27.43
Employee Contributions
(82.12)
21.43
%HQHßWV3D\PHQWV
(65.90)
(185.91)
727.14
232.12
750.02
263.54
end of the year
$VSSFOUTFSWJDFDPTUJODBTFPGMFBWFFODBTINFOUBSFOFUPGCFOFÞUQBJEEVSJOHUIFZFBSJODMVEFEVOEFSTBMBSZBOEBMMPXBODF
II
2
3
4
5
6
7
8
9
110
(` in Lakhs)
Gratuity Funded
31st March,
31st March,
2014
2015
584.88
607.40
50.88
52.84
25.00
10.00
(65.90)
(185.91)
12.53
2.94
607.40
487.28
IV
Change in Assets during the Year
1
2
3
4
5
6
7
8
9
Plan assets at the beginning of the year
Assets acquired on amalgamation in Previous Year
Settlements
Expected return on plan assets
Contributions by Employer
$FWXDOEHQHßWVSDLG
Actual return on plan assets
Plan assets at the end of the year
V
The major categories of plan assets as a percentage of total plan
Qualifying Insurance Policy
VI
Actuarial Assumptions :
Discount Rate
Rate of Return on Plan Assets
Salary Escalation
Attrition rate
YES
YES
8.00 %
8.00 %
7.00 %
2.00 %
9.31 %
8.70 %
7.00 %
2.00 %
Provision towards liability for Leave Encashment made on the basis of actuarial valuation as per Accounting Standard
15 (Revised). Actuarial value of liability is ` 263.54 Lakhs (Previous Year ` 232.12 Lakhs) based upon following assumptions:
Discount Rate
9.31 %
8.00 %
Salary Escalation
7%
7%
II)
Binani Cement Factory LLC
&NQMPZFFTUFSNJOBMCFOFÞUT
)RUHPSOR\HHVWHUPLQDOEHQHßWSURYLVLRQDFWXDULDOFDOFXODWLRQVDUHQRWPDGH+HQFHSURYLVLRQLVPDGHRQWKHDVVXPSWLRQ
that all employees were to leave as of the end of the reporting period since this provides, in management’s opinion, a
UHDVRQDEOHHVWLPDWHRIWKHSUHVHQWYDOXHRIWKHWHUPLQDOEHQHßWV
NOTE NO. - 44
OPERATING LEASE
I
a)
Future Lease Rental payments
Particulars
i)
Not later than one year
LL
/DWHUWKDQRQH\HDUDQGQRWODWHUWKDQßYH\HDUV
LLL
/DWHUWKDQßYH\HDUV
E
c)
31st March, 2015
21.72
0.85
-
(` in Lakhs)
31st March, 2014
35.47
31.16
-
2SHUDWLQJOHDVHSD\PHQWUHFRJQLVHGLQ3URßW/RVV$FFRXQWDPRXQWLQJWR` 514.81 Lakhs (Previous Year ` 579.65 Lakhs).
General description of the leasing arrangement:
L
/HDVHG$VVHWV&DU*RGRZQVDQG2IßFH
ii)
Future lease rentals are determined on the basis of agreed terms.
iii)
At the expiry of the lease term, the Company has an option either to return the asset or extend the term by giving notice
in writing.
111
II
Binani Ready Mix Concrete Limited
(` in Lakhs)
Particulars
31st March, 2015
(a) /HDVHSD\PHQWVUHFRJQLVHGLQWKH3URßWDQG/RVV$FFRXQW
(b) 6LJQLßFDQWOHDVHDUUDQJHPHQWV
L
7KHDJUHHPHQWVLVLQLWLDOO\IRUDSHULRGRIßYH\HDUVZKLFKPD\EHH[WHQGHG
or terminated as per the conditions of the agreements.
(ii)
the Company has given interest free security deposit of ` 30 Lakhs.
(iii)
Agreement provide for increase in rent by 10 % after 3 years from the date
of lease.
(c) Future minimum lease payments are:
(i) Not later than one year
LL/DWHUWKDQRQH\HDUDQGQRWODWHUWKDQßYH\HDUV
LLL/DWHUWKDQßYH\HDUV
-
31st March, 2014
6.74
-
-
NOTE NO. - 45
Consolidated Earning per share is calculated as follows :
Particulars
31st March, 2015
1HW3URßWDIWHUWD[DWWULEXWDEOHWRHTXLW\VKDUHKROGHUV` in Lakhs)
(15,169.66)
1HW 3URßW DIWHU WD[ EHIRUH H[WUDRUGLQDU\ LWHPV DWWULEXWDEOH WR HTXLW\ VKDUHKROGHUV
(15,169.66)
( ` in Lakhs)
Equity shares outstanding as at the year end (in Nos.)
188,601,274
Weighted average number of Equity Shares used as denominator for calculating Basic and
188,601,274
Diluted Earning Per Share ( in Nos.)
Nominal Value per Equity Share (in `)
10.00
Earning Per Share (Basic) (in `)
(8.04)
Earning Per Share (Diluted) (in `)
(8.04)
31st March, 2014
(24,916.64)
(24,916.64)
188,601,274
188,601,274
10.00
(13.21)
(13.21)
NOTE NO. - 46
Trade Receivables of ` 2,503.83 Lakhs have been netted off against advance received towards those sales and the excess of advance over
receivables amounting to ` 3,068.47 Lakhs has been shown under other current liability. Such advances are settled after full amount is
received from the debtors.
NOTE NO. - 47
The Competition Commission of India (CCI) vide its order dated June 20, 2012 had imposed a penalty of ` 16,732 Lakhs on the Company
DOOHJLQJ FRQWUDYHQWLRQ RI FHUWDLQ SURYLVLRQV RI WKH &RPSHWLWLRQ $FW 7KH &RPSDQ\ KDV ßOHG DQ $SSHDO EHIRUH WKH &RPSHWLWLRQ
Appellate Tribunal (COMPAT) against the aforesaid Order of CCI and the Company has been advised by its legal advisors that it has a
good case for the COMPAT to set aside the CCI order and accordingly no provision has been considered necessary by the Company in this
regard.
NOTE NO. - 48
1RHYHQWVRUWUDQVDFWLRQVKDYHRFFXUUHGVLQFHWKHGDWHRI%DODQFH6KHHWRUDUHSHQGLQJWKDWZRXOGKDYHPDWHULDOHIIHFWRQWKHßQDQFLDO
VWDWHPHQWVDWWKDWGDWHRUIRUWKHSHULRGWKHQHQGHGRWKHUWKDQWKRVHUHàHFWHGRUIXOO\GLVFORVHGLQWKHERRNVRIDFFRXQWV
112
NOTE NO. - 49
On a review, the Board of Director of the Company has decided to withdraw the scheme for hive off of Power Undertaking to Binani Energy
3YW/WGZKLFKZDVSURSRVHGLQWKH\HDU1HFHVVDU\DSSOLFDWLRQIRUZLWKGUDZDORIWKHVFKHPHLVEHLQJßOHGZLWK+RQpEOH+LJK&RXUW
of Kolkata.
NOTE NO. - 50
During the Previous Year, the Company had received a notice from Rajasthan Commercial Taxes department for a demand of ` 41,421.55
Lakhs (Sales Tax dues ` 16,731.80 Lakhs & Interest ` 24,689.75 Lakhs). The Company had provided ` 15,278.46 Lakhs as an exceptional
item during the previous year towards sales tax dues of ` 16,731.80 Lakhs and the balance amount of tax ` 1,453.34 Lakhs already provided
in earlier years. In respect of interest demand of ` 24,689.75 Lakhs, no provision has been made as the interest is not payable in respect
of sub-judiced period (refer note. no. 28 above).
NOTE NO. - 51
'XULQJWKH\HDUWKH&RPSDQ\KDVSURYLGHGWKHLQWHUHVW8V%DQG&RI,QFRPH7D[$FWRI` 1,282.79 Lakhs, related to earlier
ßQDQFLDO\HDUVDVDQH[FHSWLRQDOLWHP
NOTE NO. - 52
Advance Income Tax is net of provision for Income Tax.
NOTE NO. - 53
In case of BCL, consequent to enactment of the Companies Act, 2013 and its applicability w.e.f. 01.04.2014, the Company has calculated
depreciation on the basis of the useful life of assets as prescribed in part ‘C’ of schedule II of the Act and the same has been provided
for the year 2014-15. Depreciation for the year is lower by ` 2,963 Lakhs due to change in the rate of depreciation based on useful life of
certain assets. An amount of ` 987.68 Lakhs, being the carrying amount of certain assets at the beginning of the year has been adjusted
to the Retained Earnings, where remaining useful life of those assets is nil.
NOTE NO. - 54
In case of BCF LLC, during the year, on a review and as per industry standards estimated useful life of buildings was changed by the
management from 20 years in the previous year to 25 years in the current year. The revised rate is applied prospectively to the carrying
amount of the buildings as on 1 January 2014, over the remaining useful life in accordance with IAS 16, and on current year additions. As
a result of the above change, depreciation for the current period is lower by AED 1,043,644 (`/DNKVDQGSURßWLVKLJKHUE\$('
1,043,644 (` 173.64 Lakhs).
NOTE NO. - 55
3UHYLRXV\HDUßJXUHVKDYHEHHQUHJURXSHGUHDUUDQJHGZKHUHYHUQHFHVVDU\WRFRQIRUPZLWKWKHßJXUHVRIWKHFXUUHQW\HDU
Jayesh Parmar
Partner
Membership No.45375
Place : Mumbai
Braj Binani
Chairman
Amit Kumar Gupta
Company Secretary
Jotirmoy Ghose
Managing Director
Place : Mumbai
113
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2015
PARTICULARS
A
31st March, 2015
(` in Lakhs)
31st March, 2014
CASH FLOW FROM OPERATING ACTIVITIES
(19,703.34)
(34,502.77)
'HSUHFLDWLRQ$PRUWLVDWLRQ
13,495.03
16,557.60
Interest and Finance Charges
39,299.75
31,251.44
97.82
1,064.42
Bad Debts written off
-
157.12
/RVV3URßWRQVDOHRI)L[HG$VVHWV
-
26.38
(13,549.43)
(11,513.85)
/FU1SPÞU-PTT
#FGPSF5BYBOECFGPSF1SJPSQFSJPEJUFNT
Adjustments for:
Unrealised Exchange Rate Fluctuations (net)
Interest Income
Dividend Income
0QFSBUJOH1SPÞU#FGPSF8PSLJOH$BQJUBM$IBOHFT
(1.33)
-
19,638.50
3,040.34
Adjustments for:
6,670.44
(11,009.94)
Trade and Other Receivables
Inventories
(18,130.94)
(66,154.00)
Trade and Other Payables
(26,125.13)
14,355.76
(17,947.13)
(59,767.84)
1,119.78
(3,176.55)
(16,827.35)
(62,944.39)
(3,690.03)
(13,865.09)
8.53
50.88
4,465.20
(5,305.08)
Cash Generated from Operations
'LUHFW7D[HV3DLGLQFOXGLQJ)ULQJH%HQHßW7D[1HW
/FU$BTIßPXGSPN0QFSBUJOH"DUJWJUJFT
B
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets (including capital work - in progress)
Sale of Fixed Assets
2WKHU$GYDQFHV1RQ&XUUHQW$VVHWV
Dividend Income Received
1.33
-
716.79
7,937.23
1,501.82
(11,182.06)
(11,197.22)
(35,421.69)
Proceeds from Long term Borrowings
72,535.90
115,607.88
Payment of Deferred Indirect Taxes
(1,434.88)
(2,319.54)
6,002.00
-
Interest income Received
Net Cash Used in Investing Activities
C
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of Long term Borrowings
Proceeds from Issue of Preference Share Capital (Refer note no. 40 for related
parties)
Proceeds from Trade Deposits
Interest & Finance Charges paid
'LYLGHQG3DLG'LYLGHQG'LVWULEXWLRQ7D[3DLG
3URFHHGV5HSD\PHQWIURP6KRUW7HUPV%RUURZLQJV1HW
Net Cash from Financing Activities
114
(871.31)
576.59
(36,796.09)
(25,431.91)
(2.76)
(0.11)
(6,186.32)
14,839.01
22,049.32
67,850.23
(` in Lakhs)
31st March, 2015
31st March, 2014
/&5*/$3&"4&%&$3&"4&
*/$"4)$"4)&26*7"-&/54"#$
6,723.79
(6,276.22)
OPENING CASH & CASH EQUIVALENTS (CASH AND BANK BALANCES)
7,056.20
13,332.42
13,779.99
7,056.20
PARTICULARS
D
E
F
$-04*/($"4)$"4)&26*7"-&/54%&
$"4)"/%#"/,#"-"/$&4
Note:
&DVKàRZVWDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGDVVHWRXWLQWKH$FFRXQWLQJ6WDQGDUG$6q&DVK)ORZ
6WDWHPHQWVrDVVSHFLßHGLQWKH&RPSDQLHV$FFRXQWLQJ6WDQGDUGV5XOHV
2
Cash & Cash Equivalents are Cash and Bank balances as per the Balance Sheet and inculdes ` 5,481.68 Lakhs (Previous Year
` 3,535.18 Lakhs) as restricted Bank Balances.
3UHYLRXV\HDUßJXUHVKDYHEHHQUHFDVWUHJURXSHGZKHUHYHUFRQVLGHUHGQHFHVVDU\
6XPPDU\RIVLJQLßFDQWDFFRXQWLQJSROLFLHV1RWH1R
Jayesh Parmar
Partner
Membership No.45375
Place : Mumbai
Braj Binani
Chairman
Amit Kumar Gupta
Company Secretary
Jotirmoy Ghose
Managing Director
Place : Mumbai
115
116
1st January 2014 to
31st December 2014
6 Bhumi Resources
(Singapore) Pte.
Ltd(Bhumi)
INR
10 PT Anggana Energy 1st January 2014 to
Resources
31st December 2014
RMB
1st January 2014 to
31st December 2014
9 Shandong Binani
Rong’An Cement
Co. Ltd.
0.0048 54,630.00
262.22
46,028.25
4,500.00
1.00
5,444.59
319.43
9,390.66
150.00
5.00
5.00
43,888.81
701.05
57,599.18
920.05
42,745.08
IDR
10.2285
17.0447
62.6044
62.6044
62.6044
682.78
(77.10)
(16,063.08)
(11,464.48)
(1,120.84)
1.99
2,738.15
160.65
184.80
2.95
(2.42)
1.81
(3,620.44)
(57.83)
(7,385.37)
(117.97)
948.22
15.15
Share Reserves &
Capital
Surplus
INR
INR
INR
1st April 2014 to 31st
March 2015
INR
AED
INR
USD
INR
INR
INR
USD
INR
USD
8 Binani Energy
Private Ltd
7 Binani Cement Fac- 1st January 2014 to
tory LLC (BCF LLC) 31st December 2014
March 2015
March 2015
5 Merit Plaza imited
4 Swiss Merchandise
Infrastructure
Limited
3 Murari Holdings Ltd. 1st January 2014 to
(MUHL)
31st December 2014
2 Mukundan Holdings 1st January 2014 to
Ltd. (MHL)
31st December 2014
62.6044
1st January 2014 to
31st December 2014
1 Krishna Holdings
Pte. Ltd.(KHL)
USD
Reporting period for Report- Exchange
the Subsidiary
ing currate
rency
Sr. Name of the SubNo. sidiary Company
1,486.55
309,696.99
82,750.86
8,090.22
3.15
43,033.66
2,524.75
9,705.53
155.03
4,332.73
5,827.96
50,466.00
806.11
64,226.94
1,025.92
48,564.07
775.73
Total
Assets
1,301.42
271,130.07
48,187.09
4,711.06
0.16
34,850.92
2,044.68
130.06
2.08
4,330.15
5,821.15
10,197.63
162.89
14,013.13
223.84
4,870.77
77.80
Total
Liabilities
1,334.92
-
-
-
-
-
-
-
-
-
-
3,685.92
-
-
-
-
-
- 36,613.33
-
-
- 22,209.61
-
-
-
-
-
-
-
-
-
-
-
Details of Turnover
Invest- excludments ing other
(except
income
investment
in Subsidiaries)
12.04
2,360.86
(4,266.92)
(429.56)
0.05
477.19
28.68
15.66
0.26
(0.32)
0.34
(313.28)
(5.13)
(917.16)
(15.01)
342.59
5.61
18.31
3,589.96
-
-
0.02
-
-
(2.27)
(0.04)
-
0.11
-
-
-
-
120.78
1.98
(6.27)
(1,229.10)
(4,266.92)
(429.56)
0.04
477.19
28.68
17.93
0.29
(0.32)
0.24
(313.28)
(5.13)
(917.16)
(15.01)
221.81
3.63
% of Shareholding
100 %
100 %
100 %
100 %
100 %
-
-
-
-
-
-
BHUMI100 %
KHL- 90 %
100 %
- MUHL- 51 %
MHL-49 %
-
-
-
-
-
-
-
-
- BCL-55.54 %
MHL-44.46 %
-
1SPÞU Provision
1SPÞU Proposed
(Loss) for Taxa(Loss) Dividend
before
tion after taxataxation
tion
(Amount in Lakhs)
46.."3*4&%'*/"/$*"-*/'03."5*0/'035)&:&"31&3*0%&/%&%0/."3$)*/3&41&$50'46#4*%*"3*&40'5)&$0.1"/:*/
COMPLIANCE WITH FIRST PROVISO TO SUB-SECTION (3) OF SECTION 129 OF COMPANIES ACT, 2013 READ WITH RULE 5 OF COMPANIES (ACCOUNTS)
RULES, 2014
FORM - AOC-1
Binani Cement
Tanzania Limited
Binani Cement
(Uganda) Ltd *
Binani Ready Mix
Concrete Limited
12
13
14
117
0.0211
0.0339
0.0339
620.90
0.00
0.02
10.85
320.00
0.00
0.02
(948.76)
(0.00)
(0.17)
(295.69)
(8,722.33)
(106.60)
(3,144.64)
18.12
1.24
58.53
40.95
1,207.98
8.21
242.05
Total
Assets
345.98
1.24
58.68
325.79
9,610.31
114.81
3,386.67
Total
Liabilities
-
-
-
-
-
-
-
-
-
-
59.18
1,652.99
-
-
Details of Turnover
Invest- excludments ing other
(except
income
investment
in Subsidiaries)
(0.99)
-
-
(312.26)
(8,722.33)
(4.86)
(135.64)
-
-
-
-
-
-
-
(0.99)
-
-
(312.26)
(8,722.33)
(4.86)
(135.64)
-
-
-
-
-
-
-
1SPÞU Provision
1SPÞU Proposed
(Loss) for Taxa(Loss) Dividend
before
tion after taxataxation
tion
100 %
BCFLLC100 %
BCFLLC100 %
BCFLLC100 %
% of Shareholding
)RUWKHSXUSRVHRIWKHDERYHVWDWHPHQWWKHßQDQFLDOVWDWHPHQWVRIWKHRYHUVHDVVXEVLGLDULHVDUHFRQYHUWHGLQWR,15RQWKHEDVLVRIFORVLQJH[FKDQJH
UDWHDVRQ0DUFKDQGDYHUDJHUDWHIRU3URßWDQGORVVLWHPV
INR
INR
UGX
INR
TZS
INR
TZS
Share Reserves &
Capital
Surplus
Amit Kumar Gupta
Company Secretary
Place : Mumbai
7KH6WDWHPHQWGRHVQRWLQFOXGHFRPSDQLHVZKLFKKDYHEHHQFORVHGVROGGXULQJWKH\HDU
Managing Director
Jotirmoy Ghose
Chairman
Braj Binani
1RQHRIWKHFRPSDQLHVKDVSURSRVHGSDLGGLYLGHQGGXULQJIRUWKHSHULRG$SULOWR0DUFK
7XUQRYHU3URßW/RVVEHIRUH7D[DWLRQ3URYLVLRQIRU7D[DWLRQDQG3URßW/RVVDIWHU7D[DWLRQVKRZQDERYHDUHIRUWKHSHULRG\HDU$SULOWR
March 31, 2015. Share Capital, Reserves & Surplus, Total Assets and Total Liabilities shown above are as at 31st March 2015.
* The Company is under liquidation.
Notes:
March 2015
1st January 2014 to
31st December 2014
1st January 2014 to
31st December 2014
BC Tradelink Limited 1st January 2014 to
31st December 2014
Reporting period for Report- Exchange
the Subsidiary ing currate
rency
11
Sr. Name of the SubNo. sidiary Company
(Amount in Lakhs)
Towards Tollygange
Exide
House
Rabindra Sadan
Metro Station
Rabindra Sadan
Metro Station
Exide
More
Haldiram
Museum
Children’s
Nehru
Police Staon
Nandan
St. Paul’s
Cathedral
S
A.J.C. Bose Road
E
W
N
(Jawaharlal Nehru Road)
CHOWRINGHEE ROAD
ROTARY SADAN
94/2 Chowringhee
Road, Kolkata – 20
(AGM Venue)
Cathedral Road
Birla
Planetarium
Everest
House
BINANI CEMENT LIMITED
Route Map for reaching to the venue of 19th Annual General Meeting (AGM)
Queens Way
Shakespeare Sarani
Victoria
Memorial
Tata
Centre
Towards Dharmatalla
(CIN : U26941WB1996PLC076612)
3FHJTUFSFE0GÞDF&KLQDU3DUN1HZ7RZQ5DMDUKDW0DLQ5RDG32+DWLDUD.RONDWD
Website: www.binanicement.in.
7HO)D[
ATTENDANCE SLIP
PLEASE FILL ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL
DP Id*
Folio No.
Client Id*
No. of Shares
1DPHRIWKH0HPEHUSUR[\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
I hereby record my presence at the 19th Annual General Meeting of the Company to be held on Friday, 25th September, 2015 at 2.45 p.m.
DW5RWDU\6DGDQ&KRZULQJKHH5RDG.RONDWD
* Applicable for investors holding shares in electronic form.
6LJQDWXUHRI6KDUHKROGHUSUR[\
(CIN : U26941WB1996PLC076612)
3FHJTUFSFE0GÞDF&KLQDU3DUN1HZ7RZQ5DMDUKDW0DLQ5RDG32+DWLDUD.RONDWD
Website: www.binanicement.in.
7HO)D[
PROXY FORM
(Pursunt to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration) Rules, 2014)
Name of the Member(s): __________________________________________________________________________________________
Registered address: __________________________________________________________________________________________________
E-mail ID: ___________________________________________________________________________________________________________
)ROLR1R&OLHQWID: ___________________________________________________________________________________________________
DP ID: _______________________________________________________________________________________________________________
,:HEHLQJWKHPHPEHUVRI%LQDQL&HPHQW/LPLWHGKROGLQJBBBBBBBBBBBBBBBBBBBB6KDUHVRIWKH&RPSDQ\KHUHE\DSSRLQW
1. Name: _____________________________________________ Address _____________________________________________________
E-mail ID ___________________________________________ Signature ________________________________________ or failing him,
2. Name: _____________________________________________ Address _____________________________________________________
E-mail ID _____________________________________________ Signature ________________________________________ or failing him,
3. Name: _____________________________________________ Address _____________________________________________________
E-mail ID _____________________________________________Signature ____________________________________________________
DVP\RXUSUR[\WRDWWHQGDQGYRWHRQDSROOIRUPHXVDQGRQP\RXUEHKDOIDWWKH1LQHWHHQWK$QQXDO*HQHUDO0HHWLQJRIWKH&RPSDQ\
WREHKHOGRQWKH)ULGD\WK6HSWHPEHUDWSPDW5RWDU\6DGDQ&KRZULQJKHH5RDG.RONDWDDQGDWDQ\
adjournment thereof in respect of such resolutions as are indicated below:
Item No.
Resolution
1
Adoption of the Standalone and Consolidated Financial Statement for the Year ended 31st March, 2015 together with Reports
of the Directors’ and the Auditors’ thereon.
2
Re-appointment of Mr. V. Subramanian, as a Director of the Company.
3
$SSRLQWPHQWRI0V0=6.$VVRFLDWHV&KDUWHUHG$FFRXQWDQWVDV6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\
4
Appointment of Mrs. Jayantika Dave, as an Independent Director.
5
Approval for variation in terms of appointment of Mr. Jotirmoy Ghose, Managing Director.
6
5DWLßFDWLRQRI&RVW$XGLWRUVpUHPXQHUDWLRQ
Signed this ____________ day of ____________2015
Signature of Member _________________________
Signature of Proxy holder(s) ____________________
"GÞY
Revenue
Stamp
Note
7KLVIRUPRISUR[\LQRUGHUWREHHIIHFWLYHVKRXOGEHGXO\VWDPSHGFRPSOHWHGVLJQHGDQGGHSRVLWHGDWWKH5HJLVWHUHG2IßFHRIWKH
Company, not less than 48 hours before the commencement of the Meeting.

2014 - 15 Annual Report

Transcription

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