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Why?
Contents
12
Corporate description
14
16
The companys profit was lower as it retained profit of
Rs 2103 lacs by providing depreciation on assets as revalued
assets in the Profit and Loss Account.
Highlights
18
24
26
Information technology
42
Risk management
49
54
We are not.
Environment report
59
60
68
73
74
75
Corporate Information
76
Corporate governance
Shareholders information
90
Auditors report
93
12.54 percent. Inside this annual report, we have explained how we turned one of
the most challenging months in our existence into one of the most inspiring.
Directors Profiles
95
113
Financial section
Subsidiarys Accounts
More
capacity
2
Lower
runningcosts
Shree Cement supplemented its attractively low
capital investment per tonne with one of the lowest
manufacturing costs in the Indian cement industry.
At Shree, manufacturing expenses accounted for 82 per
cent of sales in 2001-02, much below the average in the
Indian cement industry.
Once again, the low cost was the result of scores of
initiatives across all levels within the company. Some
resulting in small savings. Some in big. But each primarily
driven by the belief that what was being done could be
done better.
For instance, Shrees successful substitution of imported
coal with domestically-sourced pet coke saved the
company Rs 25.55 cr in 2001-02. The replacement of
indigenous kiln bricks with an imported alternative saved
Shree Rs 3.94 cr during the financial year under review.
Cooler fans were configured to a higher capacity so that
heat could recuperate better. A better raw mix helped
Shree reduce the proportion of high cost limestone and
saved the company Rs 0.44 cr.
4
Cutting
the fuel bill
In 2001-02, the companys fuel cost per tonne of cement
stood at Rs 171.30, lower by Rs 27.05 than in the
previous year.
In a world where fuel costs are always rising, Shree represents a
welcome change.
This reduction was the result of the companys consistent and
constructive discontent with existing practices.
Until 1999-2000, Shree imported coal from South Africa and
Indonesia. The consignment would be collected at the Kandla port
from where it would be delivered deep into Rajasthan at Beawar.
Instead of the linear strategy of looking for alternative cost-effective
sources, Shree attempted something completely lateral. It changed
the fuel source in favour of pet coke sourced from within India.
The switch was made on the following basis:
Pet coke was cheaper compared to imported coal
Pet coke possessed higher calorific value.
As a result, Shree reported a heat consumption of 694 kilocalories /
kg of clinker against the industry average of 818 kilocalories / kg of
clinker in 2001-02. Shree reduced fuel costs as a proportion of
manufacturing expenses from 21.38 per cent in 2000-01 to 18.76 per
cent in 2001-02.
6
Lower
finance cost
Of all the factors of production, perhaps the most powerful and
ironically the most neglected is the cost of finance.
Not at Shree.
The companys finance team is among the sharpest in the
business. Managing funds with prudence. And maximising
returns on surpluses. With the objective of reducing the
companys total cost of production.
Before the start of 2001-02, Shrees team set out a target
to lower the companys cost of borrowing by at least three
per cent over the previous year.
These were the various initiatives entered into by the
company:
Re-negotiation in the interest rates from 19.50 per cent
in 1998-99 to 13.50 per cent on long-term borrowings
from financial institutions, leading to net savings of
Rs 17.59 cr.
Substitution of working capital demand loans with FCNR
(B) loans at low rates of interest, resulting in a coupon rate
of 10.11 percent on FCNR (B) loans of Rs 26.49 cr, leading
to savings of Rs 0.96 cr.
Placement of commercial paper worth Rs 20 cr at 8.5
per cent per annum.
As a result, Shrees weighted average rate of interest on
term loans declined from 16.32 per cent as at 30th June,
2000 to 12.78 per cent as at 31st March, 2002. The
companys weighted average rate of interest on working
capital loans reduced from 13.55 per cent as at 30th June,
2000 to 10.61 per cent as at 31st March, 2002.
So even as business grew in 2001-02, Shrees interest
outgo declined by Rs 17.08 cr and interest cover increased
to 2.85 from 2.18 in 2000-01.
Stronger
company
At Shree, we believe that a soundly run business
must generate enough cash flow to strengthen the
business further.
Despite the prevailing recession in the economy in
2001-02, Shree reported a healthy cash flow of
Rs 46.74 cr.
Shree cement managed this resource with
responsibility and invested a part of it in value
enhancing assets.
For instance, in 2001-02, the company embarked on
the exercise to commission a captive 36 MW thermal
power project at a cost of Rs 120 cr. Shree placed an
EPC contract with Thermax Ltd. in September 2001.
Civil work commenced in October 2001. The project
is expected to be commissioned by December, 2002.
The power plant will do more than just ensure the
availability of uninterrupted power to Shrees
production facilities. It will provide quality power,
minimize the companys dependence on the state
electricity grid and indirectly reduce the losses arising
during unplanned downtime caused by unexpected
power cuts.
Shrees power plant, expected to save about Rs 30 cr
in its first full year of operations, is likely to post a
payback of less than four years and strengthen the
companys competitive position in the marketplace.
10
11
Shree Cement
is one of the
most energy
efficient and
productive
cement
manufacturing
companies in
the world.
12
SIZE
The company manufactures cement through the dry process in Beawar,
Rajasthan. The company possesses two plants; the first was commissioned in
1985 with a capacity of 0.6 million tonnes, the second in 1997 with an installed
capacity of 1.24 million tonnes. Following modernization and intelligent debottlenecking, the two plants could produce 2.6 million tonnes in a year. This
made Shree the largest single-location manufacturer in north India. The
companys installed capacity accounted for 14.9 per cent of Rajasthans total
capacity in 2001-02. It was the sixth largest plant in the country.
EDGE
Shrees competitive advantage lay in its ability to consistently generate a
production in excess of its installed capacity. Shree reported a capacity
utilisation in excess of 100 percent for 15 consecutive years. In 2001-02,
Shree reported a capacity utilisation of 107 per cent: an achievement
considering that the plant encountered a number of shutdowns on account of
a shift in the companys feedstock from imported coal to indigenous pet coke.
The company expects to take cost-cutting into a higher league with a Rs 120
cr 36 MW power project expected to be commissioned by December 2002.
MARKETING
The companys plants were not located within the seven clusters in India
where the majority of cement manufacturers were located and where supply
exceeded demand. The companys plants were located in close proximity to
its primary marketing zone (Rajasthan, Delhi, Haryana, Punjab, Himachal
Pradesh and West Uttar Pradesh) and its raw material source. The companys
OPC cement is sold under the Shree Gold, Shree Super and Shree Cement
brands while its PPC equivalent is sold under the Shree Star brand. In 200203, the company will also sell under the Shree Ultra Ash free Cement and
Shree Ultra Red Oxide Cement brands.
PRODUCTS
Shree manufactured ordinary Portland cement (grey cement) and Portland
pozzolana cement (clinker-based).
PERFORMANCE
Shree posted a turnover and cash profit of Rs 397.22 cr and Rs 49.84 cr
respectively in 2001-02. The companys market capitalisation increased to
Rs 145.10 cr during the financial year under review.
As a measure of credibility, CARE accorded the companys short-term debt
the highest rating of PR1+. The companys shares are listed on the National,
Bombay and Kolkata stock exchanges. The promoters - the Bangur family,
based in Kolkata - held 59.54 per cent of the companys equity.
13
MISSION
To sustain its reputation as the
most efficient cement
manufacturer in the world.
DRIVERS
VISION
PEOPLE AS
working to
number of
PROGRESS
generate a
be made better -
strategic and
DRIVERS
sustainable
across the
business initiatives
improvement.
organisation.
that generate
what is present in
14
the minds of
LEADERS AT
CUSTOMER
people is more
EVERY LEVEL
FOCUS
Shree believes in
Shree is
COMMUNITY AND
creating leaders -
committed to
ENVIRONMENT
deliver a superior
Shrees community
companys
organisational apex
quality of cement
concern extends
initiatives are
at attractively
from direct
directed to
resulting in a
affordable prices.
assistance to safe
leveraging the
strong sense of
value of this
quality of earnings.
and dependable
emotional
SHAREHOLDER
growing asset.
ownership.
VALUE
Shree is focused
environment.
TEAMWORK
CULTURE OF
on the
Shree leverages
INNOVATION
enhancement of
effective team
value through a
To register
a strong
consumer
surplus
through a
superior
cement
quality at
affordable
prices.
15
Change in the
accounting year from
June to March.
An increase in the
return on capital
881 in 2001-02.
19.02 in 2001-02.
A 18x2 MW power
project implementation
at a cost of Rs 120 cr.
sector.
An increase in the
pre-interest margin
from 17.26 per cent in
2000-01 to 19.31 per
cent in 2001-02.
brands.
An increase in
interest cover from
2.18 in 2000-01 to
2.85 in 2001-02.
to 1.03 in 2001-02.
A drop in sundry
debtors from
Rs 40.82 cr in 200001 to Rs 30.03 cr in
2001-02.
16
17
We accelerated our
re-invention
in 2001-02
Mr Hari Mohan Bangur, joint managing director, analyses the companys improved performance
20
prison or a playground.
better performance.
CHANGE
realizations.
ago.
BEATEN
bottomline.
30
21
marketplace.
HIGHER
22
2002-03
23
120
100
80
40
20
1998-99
1999-2000
2000-01
TSR %
2001-02
Market return %
Annual TSR
Shree Cement
Enhancing
VALUE
for shareholders
1998-99
1999-2000
2000-01
2001-02
15.75
32.20
25.50
30.80
31.90
24.65
31.45
41.65
Difference
16.15
-7.55
5.95
10.85
Add: Dividend
TSR
TSR%
Market return %
1.00
1.00
16.15
-7.55
6.95
11.85
102.54
-23.45
27.25
38.47
28.16
14.58
-28.65
1.85
Market capitalisation
period.
capitalisation.
Difference
Shree also registered a growth in TSR (in per cent terms)
by 41 per cent. It increased from 27.25 per cent in 2000-01
24
1998-99
1999-2000
2000-01
2001-02
43.60
23.20
15.75
32.20
31.90
24.65
31.45
41.65
11.70
1.45
15.70
9.45
1.00
2.00
TSR
11.70
1.45
16.70
11.45
TSR %
26.83
6.25
106.03
35.56
8.94
2.08
35.34
11.85
3.43
3.47
2.33
-5.44
AVG. TSR%
BSE-Sensex return %
25
Management
DISCUSSION
and analysis
Nature of business
to cement companies.
Initiatives, 2001-02
5 per cent.
Objectives, 2001-02
Increase installed capacity from 2 million tonnes to
2.6 million tonnes, increase capacity utilisation, reduce
manufacturing costs by 2 per cent and reduce
downtime by 5 per cent over 2000-01.
26
27
and China over the last three years while it has been
DEMAND-SUPPLY EQUATION*
(million tonnes)
2001-02
2002-03 E
2003-04 E
2004-05 E
Domestic demand
99.00
107.90
117.60
128.20
99.03
109.00
117.00
125.00
0.03
1.10
(0.60)
(3.20)
(million tonnes)
Particulars
Capacity
Growth %
Demand
Growth %
Capacity Utilisation%
1999
2000
2001
2002
105
109
114
130
13
80
92
90
99
15
10
78
87
82
79
GREW
9 PER CENT IN 2001-02 COMPARED
TO -2 PER CENT IN 2000-01.
Source: CMA
per cent of sales in 2000-01 to 9.63 per cent in 200102 through a stronger negotiation process with
vendors. This was achieved inspite of an increase in
prices.
Industry growth
The Indian cement industry grew 9.7 per cent in
infrastructure in India.
Installed
2000-01
Production
CU %
% Share
YOY %
capacity
Installed
Production
CU %
% Share
YOY %
1.62
capacity
Size
North
23.40
21.94
93.76
21.43
12.46
21.17
19.51
92.14
20.88
South
42.91
29.88
69.63
29.18
9.38
33.43
27.32
81.71
29.24
5.48
East
21.22
16.67
78.56
16.28
9.91
19.85
15.17
76.41
16.23
145.42
West
21.89
17.23
78.71
16.83
8.93
20.07
15.82
78.79
16.93
4.69
20.48
16.68
81.45
16.29
6.94
19.16
15.61
81.50
16.71
-34.88
Centre
129.90
102.40
78.83
100.00
9.61
113.68
93.42
82.18
100.00
-0.62
Total
Fast growing
The demand for cement in India has grown at nine
28
per cent per annum over the last five years, higher
NORTH: Punjab, Delhi, Haryana, Himachal Pradesh, Rajasthan, Chandigarh, J&K, West Uttar Pradesh and northern parts of Madhya Pradesh
WEST: Maharashtra and Gujarat
SOUTH: Tamil Nadu, Andhra Pradesh, Karnataka and Kerala
EAST: Bihar, Orissa, West Bengal, Assam, Meghalaya and eastern parts of Madhya Pradesh.
CENTRAL: Uttar Pradesh and Madhya Pradesh.
29
Industry characteristics
Northern region
Punjab
Rajasthan
Delhi
Himachal Pradesh
Haryana
Total northern region
Western region
Gujarat
Maharashtra
Total western region
Eastern region
Bihar
Orissa
West Bengal
Total eastern region
Southern region
Andhra Pradesh
Tamil Nadu
Karnataka
Kerala
Total southern region
All India
% change
19
10
10
16
14
16
QUALITY
MINING SOFTWARE
Production
Shree reported a production of 18.06 lac tonnes
5
11
25
19
15
2
24
2
9
10
CAPACITY UTILISATION
Year
96-97
97-98
98-99
99-00
129
118
111
116
CU(%)
00-01 01-02
119
107
Source : CMA
Turnover
97-98
98-99
99-00
355.42 442.14
484.56
00-01
01-02
554.60 397.22
28.83
40.50
46.47
50.14
38.26
8.11
9.16
9.59
9.04
9.63
RMC as a %
of Turnover
10.00
ACHIEVEMENTS
Section
Unit I
Raw Mill
Unit II
Kiln
Guaranteed
Best Achievement
Guaranteed
Best Achievement
210 TPH
300 TPH
3700 TPD
125 TPH
210 TPH
8.75
7.50
6.25
Cement Mill
0.00
97-98
96-97
97-98
98-99
99-00
00-01
01-02 (9 months)
Clinker Production
1.254
1.670
1.945
2.285
2.113
1.625
Cement Production
1.185
1.726
2.044
2.313
2.383
1.806
98-99
99-2000
00-01
01-02
Quality
31
for burning, from the silo before going into the kiln
tabular form).
Cement demand
Golden
quadrilateral
North East
West
South corridor
5846
7300
7500
7500
2625
2625
Balance length
for civil
Total
length
SHREES QUALITY
Shree quality
377
Max. 10
Max. 0.8
1.00
0.089
Min. 30
Max. 600
122
180
Min. 27
Min. 37
Min. 53
41
54
66
Project
Four laned
Under
implementation
approved for
award
1,063
3,977
713
93
5,846
717
644
5,939
7,300
average.
confidence.
Demand drivers
60
20
97-98
98-99
99-00
00-01
01-02
Housing
Total no. of
houses built (mn)
3.0
3.2
3.6
4.3
4.4
As a % of total
Growth (%)
8.3
8.4
9.9
21.3
1.2
new construction
Industry and infrastructure
new construction
Government
As a % of total
new construction
Housing
32
Government
Industrial &
Infrastructure
63.1
62
66.7
13.3
16.7
11.3
7.9
As a % of total
20
45.8
18
17.7
14.8
14.8
20
15.7
73.9
94.6
8.6
16.1
20.9
8.7
90.0
115.5
8.6
GROW
33
Finance
PROFITABLE
MARKET FOR THE COMPANY
conservative.
TOTAL INCOME
RS 397.53 CR
INCOME FROM
SALES
RS 397.22 CR
OTHER INCOME
RS 0.31 CR
INSTITUTIONAL
SALES
RS 158.42 CR
RETAIL SALES
RS 238.80 CR
settlement.
PUNJAB
RETAIL 58 % OF
PUNJAB SALES
INSTITUTIONAL 42 %
OF PUNJAB SALES
RETAIL 69 % OF
RAJASTHAN SALES
INSTITUTIONAL
31 % OF
RAJASTHAN SALES
HARYANA
DELHI
U.P &
UTTARANCHAL
TOTAL SALES
(IN QUANTITY)
34
RETAIL 51 % OF
HARYANA SALES
INSTITUTIONAL
49 % OF HARYANA
SALES
RETAIL 47 % OF
DELHI SALES
INSTITUTIONAL
53 % OF
DELHI SALES
RETAIL 72 % OF
WEST U.P SALES
RETAIL SALES
58 %
INSTITUTIONAL
28 % OF
WEST UP SALES
INSTITUTIONAL
SALES 42 %
Revenue analysis
Total income was Rs 397.53 cr in 2001-02 compared
to Rs 556.41 cr in 2000-01.
RAJASTHAN
Capital employed
cost of acquisition.
35
with AS-22.
DEBT-EQUITY RATIO
DROPPED
Loans
Capital structure
The companys capital structure of Rs 49.84 cr
comprised equity and preference shares. The former
Period
cent.
will accrue over four years. Had the company writtenoff this amount over the period of loan tenure, the
margins would have been higher.
Term loan
December 1998
18.93
16.30
18.60
June 1999
17.43
14.81
17.02
December 1999
17.10
14.32
16.50
June 2000
16.32
13.55
15.72
December 2000
16.02
13.39
15.44
June 2001
13.50
13.01
13.41
December 2001
13.18
11.95
13.00
March 2002
12.78
10.61
12.31
Reserves
In 2001-02, reserves stood at Rs 310.04 cr as
compared to Rs 362.53 cr in 2000-01, a decrease of
14.48 per cent over the previous financial year mainly
due to the provision for deferred tax, a non-cash
charge. The revaluation reserve decreased from Rs
165.30 cr in 2000-01 to Rs 144.27 cr in 2001-02, on
account of the provision of depreciation, a reduction
Loan type
Interest
Loan
Interest rate
Interest rate
Gross savings
Premium
Net
amount
before
after
on interest
paid
saving
Rs/cr
restructuring
restructuring
(Rs)
Rs/cr
Rs/cr
6.15
2.51
3.64
IDBI
Corporate loan
96.42
16.50 %
13.50%
NIA
Overrun NCDs
0.35
17.50 %
13.50%
0.02
0.01
0.01
OIC
Overrun NCDs
0.20
17.50%
13.50%
0.012
0.005
0.007
NIC
Overrun NCDs
0.20
17.50%
13.50%
0.012
0.005
0.007
UII
Overrun NCDs
0.27
17.50%
13.50%
0.012
0.005
0.007
LIC
Project loan
9.34
16.50%
13.50%
0.58
0.24
0.34
GIC
Project loan
1.09
16.50%
13.50%
0.07
0.023
0.047
NIC
Project loan
0.65
16.50%
13.50%
0.04
0.02
0.02
NIA
Project loan
1.02
16.50%
13.50%
0.06
0.02
0.04
36
37
Capital expenditure
INCREASED
BY 9.2 PER CENT TO RS 844.59 CR,
INDICATING THE COMPANYS
CONTINUOUS INVESTMENTS IN
tax shield.
Investments
times in 2001-02.
Inventories
Sundry debtors
Gross block
In 2001-02, the companys gross block increased by
9.2 per cent to Rs 844.59 cr, compared to Rs 773.63
cr in 2000-01, indicating the companys continuous
investments in assets. The increase in gross block
was on account of the installation of new equipment,
plant and machinery as well as the replacement and
modification of existing equipment to increase the
companys installed capacity.
38
ASSETS
Depreciation
39
Technology
Information
Changing Role of IT
Other Achievements
loans.
Corporate tax
In 2001-02, Shree Cement provided income tax of Rs
3.10 cr. In addition it provided for deferred tax of Rs
2.14 cr, as per accounting standard AS-22 introduced
for the first time. This did not involve a cash out go.
Miscellaneous tax
The companys products attracted an excise duty of
Challenges, 2002-03
month.
March, 2002.
The sales tax on consumables and stores was 4.6
per cent and the effective input tax on raw material
stood at 3.45 per cent. Customs duty on cement and
clinker imports decreased from 25 per cent in 200001 to 20 per cent in 2001-02.
logistics.
payroll system.
In the coming days, IT is expected to play an even
more important role in terms of integrating the various
Surplus management
providing information.
RISK
management
42
43
An overview
Michael Porters industry structure explains the various threats and opportunities graphically
RISK
MITIGATION
THREAT OF NEW
ENTRANTS
SUPPLIERS COST
FACTORS
Market share of
Cement prices
($)
90
100
Venezuela
90
120
profitability.
Canada
80
100
Brazil
60
60
Japan
50
85
United States
40
90
Turkey
35
30
30
30
2-3
35
38-40
40
CUSTOMERS
BARGAINING
POWER
US$/tonne
24
Romania
Limited bargaining
US$/tonne
16
China
India
INTERNAL RIVALRY
Country
THREAT OF SUBSTITUTES
power of retail
CIF
US$/tonne
40
customers.
CIF @ US $ (1USD=49INR)
Rs / tonne
1960
Bulk buyers
Rs / tonne
392
(government agencies
Rs/tonne
2352
CVD
Rs/tonne
350
limited pricing
Rs/tonne
265
pressure.
Landed Cost
Rs/tonne
2967
Source: Building material prices survey, UK, Cement (all these rates
include delivery to sites and discounts but exclude VAT and local tax).
Technology risk
The cement manufacturing technology used by Shree
Cement might be phased out.
Practically none.
Clay and plaster are unproven.
Pricing risk
RISK
RISK
Competition risk
New capacity might outprice existing companies
like Shree Cement.
RISK
MITIGATION
Import risk
Large producers like Japan, Korea, China, Taiwan,
Thailand and Indonesia, where supply exceeds
demand, could dump their output in India and
depress prices.
MITIGATION
will continue.
44
45
THE COMPANYS
QUALITY
Brand risk
Concentration risk
market place.
RISK
RISK
MITIGATION
MITIGATION
Cost risk
higher volumes.
RISK
Geographic risk
RISK
RISK
MITIGATION
MITIGATION
Environment risk
environment censure.
servicing requirements.
RISK
MITIGATION
Quality risk
squeeze.
Finance Risk
RISK
46
MITIGATION
environment section).
ADEQUATE
TO MEET THE COMPANY'S DEBT
SERVICING REQUIREMENTS.
40
47
HUMAN
resource
People are the companys valuable
asset. Every initiative, every
improvement, every strength is the
result of the aggregate people
strengths within the organisation.
Shree Cement Limited is committed
to providing the right environment for
people to work and inculcate a sense
of ownership.
Initiatives in 2001-02
CREATING LEADERS AT EVERY LEVEL.
In 2001-02, Shree embarked on creating leaders not just at the organisational apex but at every
level, resulting in a strong sense of emotional
ownership. Result: in November 2001, the
company institutionalized a suggestion scheme
called Jo soche woh Paave. The key objectives of
48
41
50
EMPOWER
EMPLOYEES TO THINK LIKE
LEADERS
RESPONSE
and 67 per cent from the staff. The details of the number
shown below :
The number of training programmes conducted by the
company increased by 79 per cent from 176 in 2000-01
Number of suggestions received
730
237
168
70
69
30
EVALUATION
categories :
Rs - 2,000,
Rs - 5,000,
Rs - 10,000,
Rs - 20,000.
CRITERIA
safety.
Suggestions to generate the savings of Rs 5 lacs per
annum to the company.
50
THE NUMBER OF
TRAINING
PROGRAMMES CONDUCTED BY THE
COMPANY INCREASED BY 79 PER
CENT FROM 176 IN 2000-01
TO 315 IN 2001-02
51
STRENGTH
members.
utilisation.
attendance.
business managers.
HR achievements
The success of the companys training programmes was
reflected in the following instances:
The company was probably the only cement
manufacturer in Rajasthan to have an accident-free
period between 12.2.97 to 31.12.98. In 2001-02, the
company had no fatal accidents due to increased
awareness on safety brought about through strong
training programmes.
PROGRAMME
INITIATED BY THE COMPANY, ATTRITION
RATE STOOD AT 3 PER CENT
ENVIRONMENT
report
Shree Cement protects the
environment through its
6R
Reduce
Raise production
Release less
Replace
Record
Restore
Research
Responsible manufacturing at Shree extends from processes that add to shareholder
value to practices that enhance community value.
Reduce
A reduction in consumption is the first step towards a responsible environment management process.
Shree Cement possesses an inspiring record in this respect. Over the years, the company has reduced the
consumption of power and fuel from 23.4 per cent of its turnover in 2000-01 to 22.6 per cent in 2001-02.
The company has a specific power consumption of 79 kwh / tonne cement produced (prevailing Indian average is
105-110 kwh/ tonne) which makes it one of the most energy efficient cement making plants in the world
100
Power Consumption
Coal consumption
1996-97
90
155.7
1997-98
83
129.4
1998-99
79
127.9
1999-2000
75
123.4
2000-01
78
94.7
2001-02
79
94.7
90
80
70
60
97-98
98-99
99-2000 00-01
01-02
Power Consumption
54
52
55
ENERGY
STATUTORY COMPLIANCE
(Milligram/ Nm3)
Year
Kiln-I SPM
Kiln-II SPM
1999-2000
141.47
116.61
2000-01
112.73
55.48
2001-02
87.97
59.69
Record
At Shree Cement, we believe that no environment
management programme can succeed if it is not
accompanied by a strong culture of documentation.
Shree has a prescribed method for carrying out every
manufacturing process. This takes experiments out of
Raise production
(Microgram/m3)
Year
1999-2000
SPM
434.0
SOX
5.80
NOX
6.80
2000-01
432.0
9.51
11.86
2001-02
422.5
13.50
18.15
Replace
Release less
Shree Cements immediate vicinity is clean because the
company releases negligible waste - stack and fugitive
650
review.
575
725
Restore
As a result, the company has conducted an aggressive
500
97-98
98-99
99-2000
00-01
01-02
Reduced Co2
environment.
Year
1997-98
777
1998-99
701
1999-2000
693
2000-01
621
2001-02
632
VICINITY
Kg Co2 / T Cement
PLANTED
A TOTAL OF 1,32,379 TREES, COVERING
57
1997-98
4000
1998-99
7700
1999-2000
7722
2000-01
8957
2001-02
20867
Total area Area under
(Hectare)
% of
plantation greenery
(Hectare) (Hectare)
Ladies Club.
travellers.
COMMUNITY DEVELOPMENT
include:
Ramdevra festival.
plant.
Generates a performance report of newly installed
projects.
Main plant
80.00
27.40
34.25
Staff colony
50.00
18.50
37.00
Labour colony
44.00
14.52
33.00
Ropeway-belt conveyor
12.00
4.96
41.33
Rest area
42.94
15.16
35.30
228.94
80.54
35.18
Total
Community Development
Research
Shree Cement is one of the few cement companies in
India with a full-fledged Research and Development
of fly ash.
A reduction of waste in mines through use of coal
with low ash.
scientists.
58
59
DIRECTORS
report
INCREASE
Financial results
Dividend
The financial highlights of the companys performance in the last financial period was:
(Rs. in cr)
Sales
Other Income
Period ended
Year ended
31.3.2002
30.6.2001
(9 months)
(12 months)
397.22
554.61
0.31
0.28
76.77
95.77
Less: Interest
26.93
44.01
Gross Profit
49.84
51.76
22.09
25.65
21.03
28.08
(Rs. in cr)
a) On 9% Redeemable Cumulative
Preference Shares
(pro-rata for 9 months)
0.51
0.42
3.48
figures are -
28.08
6.72
26.11
3.11
0.00
2.14
Not Required
1.47
26.11
3.20
0.58
19.43
0.00
24.10
26.69
Particulars
16.25
18.06
Not Required
10.88
0.93
1.91
3.48
3.48
Not Applicable
0.55
10.10
6.67
9.59
3.20
0.00
Appropriation:
2001-02
(July to March)
Capacity Utilization
107 %
60
61
Finance
reengineered its debt profile. Various steps were
taken to bring the cost of capital of the company in
line with prevalent rates for both long-term and
short-term debts.
GROW
Ltd.
AWARDS
62
63
shareholders.
Human relations
Your Company's competitive edge is derived from
the quality of its people. Your company's
employees - 1187 employees as on 31st March,
AWARDS
Directors
Shri Agnivesh Agarwal and Shri R.S. Agarwal joined
the Board of the Company.
DISTINCT SHIFT OF
FOCUS
FROM INSTITUTIONAL
BUYERS TO RETAIL SALES
Corporate governance
All the statutory requirements with regard to
corporate governance were fully implemented.
64
65
that period.
BEATEN
The Board recommend to the members reappointment of retiring directors and approval of
appointment and remuneration of whole-time
directors.
period ended 31st March, 2002 and that The applicable accounting standards had been
followed and in case of material departures, the
proper explanation has been given in the Accounts
and notes thereon.
Auditors
M/s. B.R. Maheshwari & Co., Auditors of your
company, will retire at the forthcoming Annual
Cost Audit
The Cost Records of your Company in respect of
Cement for the period ended 31st March, 2002 are
BEST
66
Subsidiary
Kolkata
B.G. Bangur
Chairman & Managing Director
67
ANNEXURES
to the Directors report
Annexure - II
Disclosure of particulars with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo as required under Companies
(Disclosure of Particulars in the report of the Board of Directors) Rules, 1988 and forming part of Directors' Report for the period ended 31st March, 2002.
2.
3.
4.
COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975 AND FORMING
5.
PART OF THE DIRECTORS' REPORT FOR THE PERIOD ENDED 31ST MARCH, 2002.
6.
7.
8.
Annexure - I
Designation/Nature
No. Employee
of Duties
Remuneration
Qualification
Age
Experience
Date of
Last Employment
Commence-
(b)
ment of
Name of the
employment
Organisation
Position held
(A) EMPLOYED THROUGHOUT THE PERIOD AND WERE IN RECEIPT OF REMUNERATION IN AGGREGATE OF NOT LESS THAN RS. 12,00,000/- PER ANNUM
1.
Bangur B.G.
Chairman &
1,827,100
B.Com.
68
49
13.8.92
Managing Director
Jt. Managing
1,771,000
B.E. (Chem.)
50
24
1.1.92
Director
3.
4.
Chief Executive
5.
a division of
(Prod.& Develp.)
6.
(c ) Impact of measures taken at (a) and (b) above for reduction of energy consumption and consequent impact on cost of production of goods.
2.
Hasting Mill -
Shree Digvijay
2.
Additional Investments and proposals, if any, being implemented for reduction of consumption of energy.
1.
Shree Digvijay
i)
The coal consumption at 9.47% of clinker during the period, as in last year continues to be lowest in the country and has been maintained by
continuous efforts put in for implementing energy conservation measures
Financial Advisor
ii)
Power Consumption per tonne of Cement has marginally increased to 79 Units in 2001-02002 from 78 units in 2000-01 due to higher blaine of
product and trials for Capacity enhancement.
3.
Singhi M.K.
President
1,702,220
B.Sc., L.L.B.,
50
24
17.1.95
F.C.A.
Rajshree Cement-
a Unit of Indian
(Commercial)
Bhandari Ashok
Group Financial
1,214,120
Advisor
B.Sc. (Hons.),
49
24
1.4.90
F.C.A.
PT Indo Rama
Vice President
Payal Diwakar
659,236
B.Tech,
Synthetics
(B) EMPLOYED FOR PART OF THE YEAR AND WERE IN RECEIPT OF REMUNERATION AT THE RATE OF RS. 1,00,000/- PER MONTH.
1.
(d) Total Energy consumption and energy consumption per unit of products.(information given in the prescribed Form A annexed).
44
20
23.10.01
PGDM
Gujarat Ambuja
Vice President
Cements Ltd.
(Mktg.)
(a)
Activities relating to export, initiatives taken to increase export, development of new export market for products and services and export plans.
Export was not viable during the period.
NOTES:
(b)
1)
All appointments are non-contractual and terminable by notice on either side except in the case of Whole-time Directors.
2)
Remuneration includes Salary, Allowances, value of perquisites and Company's Contribution to Provident and Superannuation Funds but excludes
contribution to Gratuity Fund on the basis of actuarial valuation as separate figures are not available.
3)
Current Period
Previous Year
ended 31.3.2002
ended 30.6.2001
( 9 months)
(12 months)
107.47
2887.39
Nil
Nil
Earned
( b) Shri H. M. Bangur who is related to Shri B.G. Bangur and Shri Agnivesh Agarwal.
On behalf of the Board
Kolkata
Kolkata
26th April, 2002
68
B.G. Bangur
B.G. Bangur
69
Annexure - II
Annexure - II
Form A
Form B
(See Rule 2)
(See Rule 2)
1.
Previous Year
ended 31.3.2002
ended 30.6.2001
( 9 Months)
(12 Months)
Purchased
Unit (Kwh in lacs)
1061.49
1772.74
4448.72
7820.63
Rate/Unit (Rs.)
b)
4.19
2)
4.41
350.39
32.10
3.60
3.56
Cost/Unit (Rs.)
3.33
4.35
3.
4.
Own Generation
i)
Electricity
a)
1.
2.
3)
3.
1.
2.
ii)
2.
83.64
82.03
0.68
0.92
Cost/Unit (Rs.)
3.10
4.05
1.54
2.00
3101.77
4668.70
4.
2016.09
2332.99
3.
Furnace Oil
N.A.
N. A.
4.
N.A.
N.A.
4.
1.
Standard
Current
Previous
(if any)
Period
Year
105-110
79
78
N.A.
N.A.
N.A.
20.00
9.47
9.47
Product: Cement
Unit : MT
Electricity (Kwh /MT of Cement)
Furnace Oil
Coal (% of clinker)
Expenditure on R& D
(Rs. in lac)
a)
Capital Expenditure
4.77
b)
Recurring Expenditure
c)
Total Expenditure
143.67
d)
0.36 %
138.90
70
3.
71
FIVE-YEAR
financial highlights
Annexure - II
(Rs. in Lac)
Particulars
1997-98
1998-99
1999-2000
2000-01
2001-02
(9m)
Form B (Contd.)
2.
16.70
19.45
22.85
21.13
16.25
1. A unique opportunity to learn about Energy conservation methodology, approach and technologies adopted by the successful
energy efficient units
Cement
17.26
20.44
23.12
23.83
18.06
17.97
22.55
24.26
25.79
18.27
83
79
75
78
79
12.94
12.79
12.34
9.47
9.47
34,278.00
44,214.50
48,456.13
55,460.48
39,721.69
Coal (% of Clinker)
3.
Sales
Other Income
1,471.92
456.27
200.82
28.35
30.87
Total Income
35,749.92
44,670.77
48,656.95
55,488.83
39,752.56
Operating Expenses
29,996.48
37,162.67
40,519.06
45911.97
32,075.60
1.
3.
Operating Profit
5,753.44
7,508.10
8,137.89
9,576.86
7,676.96
Interest
3,733.52
4,406.65
4,135.43
4,400.53
2,692.87
2,019.92
3,101.45
4,002.46
5,176.33
4,984.09
L.P. Cyclones
2,809.09
2,808.02
Less : Depreciation
1,114.54
2,514.11
5,276.89
5,372.85
4,312.56
905.38
587.34
1,534.66
2,611.50
671.53
51.28
4.72
310.41
214.37
854.10
582.62
1,534.66
2,611.50
146.75
3,483.72
3,483.72
3,483.72
3,483.72
3,483.72
2.45
1.67
4.41
6.89
1.03
5.65
8.89
11.49
14.86
17.89
Net Block
39,654.52
37,422.76
36,927.91*
40,118.82*
45,038.73*
Shareholders Funds
19,056.86
19,654.48
21,939.14*
24,705.98*
21,560.59*
49,248.09
48,431.37
55,708.61*
56,588.12*
51,048.51*
4.48
2.96
7.00
10.57
15.24
12.55
15.26
15.40
16.94
19.02
b) Year of Import.
: 1999-2000
2000-2001
2001-2002
1997-1998
Deferred Tax
Yes
N. A.
72
73
FIFTEEN-YEAR
financial highlights
CORPORATE
information
Basic information you
might need to know
PBIDT
INTEREST
PBDT
DEPN.
PBT
TAX
PAT
1986
1,322.21
665.64
656.57
542.20
114.37
114.37
1987
1,273.78
731.36
542.42
672.32
(129.90)
(129.90)
1988-89*
1,486.64
716.24
770.40
725.37
45.03
0.15
44.88
1989-90
1,453.56
638.00
815.56
811.66
3.90
3.90
1990-91
2,800.95
602.84
2,198.11
857.73
1,340.38
0.02
1,340.36
Board of Directors
Bankers
1991-92
3,330.66
545.31
2,785.35
880.82
1,904.53
318.00
1,586.53
1992-93
2,089.02
627.52
1,461.50
904.47
557.03
113.70
443.33
1993-94
2,057.76
431.76
1,626.00
227.43
1,398.57
233.00
1,165.57
1994-95
3,246.37
555.79
2,690.58
60.32
2,630.26
404.00
2,226.26
1995-96
5,340.14
755.85
4,584.29
446.31
4,137.98
805.00
3,332.98
1996-97*
4,346.59
575.82
3,770.77
725.90
3,044.86
252.00
2,792.86
1997-98
6,012.02
3,992.10
2,019.92
1,114.54
905.38
51.28
854.10
1998-99
7,508.10
4,406.65
3,101.45
2,514.11
587.34
4.72
582.62
Management Consultant
Shri R. S. Agarwal
1999-00
8,152.89
4,144.43
4,008.46
2,467.80
1,540.66
6.00
1,534.66
2000-01
9,576.86
4,400.53
5,176.33
2,564.83
2,611.50
2,611.50
10,235.95
3,590.49
6,645.45
2,945.69
3,699.76
310.41
3,389.35
ABSOLUTE
15 YRS
7.741544
5.394047
10.121470
32.349043
29.634957
NO. OF
10 YRS
3.073249
6.584316
2.385859
1.942611
2.136329
TIMES
5 YRS
2.354936
6.235401
1.762361
1.215082
1.213575
15 YRS
14.62%
11.89%
16.70%
26.08%
25.35%
10 YRS
11.89%
20.75%
9.08%
6.85%
7.90%
5 YRS
18.69%
44.20%
12.00%
3.98%
3.95%
Management Team
Shri H.M. Bangur
Executive Director
** The profit after tax for the period includes Rs.2103.29 lac of revaluation depreciation and Rs.214.37 of Provision for deferred tax.
Secretary
Shri S.L. Bhansali
74
2001-02**
CAGR
Auditors
M/s. B.R. Maheswari & Co., New Delhi
Cost Auditors
M/s. Tholiya & Associates, Mumbai
Corporate Office
21, Strand Road, Kolkata - 700 001
Phones : 220 9601-6, Fax : 243 4226
75
RATIOS
AND
ratio analysis
PBDIT / Turnover
20
15.00
15
11.25
10
7.50
3.75
0.00
97-98
98-99
99-2000
00-01
PBDT / Turnover
01-02
97-98
PBDIT/Turnover
98-99
99-2000
00-01
20
11.25
15
7.50
10
3.75
0.00
0
98-99
99-2000 00-01
01-02
97-98
Cash flow
PBDT/Turnover
Financial ratios
98-99
99-2000 00-01
01-02
ROCE
Jun-98
Jun-99
Jun-00
Jun-01
Mar-02
100.00
100.00
100.00
100.00
100.00
0.59
1.03
0.41
0.05
0.08
8.11
9.16
9.59
9.04
9.63
3.51
3.31
3.03
2.99
3.41
17.50
15.69
15.45
15.82
16.04
1.82
2.26
1.79
1.99
3.03
21.13
19.23
19.98
21.46
21.46
11.23
9.97
8.53
7.93
6.78
16.92
16.98
16.79
17.27
19.33
5.68
7.01
8.26
9.33
12.55
3.14
5.69
5.09
4.62
10.86
0.14
0.01
Nil
Nil
46.22
2.40
1.32
3.17
4.71
0.37
5.54
7.01
8.26
9.33
12.55
15.26
15.40
16.94
11.77
19.02
76
15.00
97-98
01-02
74.22
89.84
91.72
98.11
98.41
0.17
0.18
0.23
0.19
0.36
90.94
88.13
89.50
83.90
84.97
77
60
45
Growth in PBDIT
30
50.0
2001-02.
37.5
0
25.0
Debt-equity ratio
2.0
12.5
41.25
1.5
1.0
97-98
32.50
98-99
99-2000
00-01
97-98
01-02
Growth ratios
23.75
0.0
15.00
97-98
98-99
99-00
00-01
01-02
97-98
Debt-equity ratio
98-99
99-00
00-01
01-02
01-02
1997-98
1998-99
1999-00
2000-01
2001-02
36.33
28.99
9.59
14.46
-4.50
10.65
30.50
8.39
17.68
28.38
-75.97
-31.79
163.41
70.17
-94.38
-55.87
53.54
29.05
29.33
20.39
1997-98
1998-99
1999-00
2000-01
2001-02
1.38
1.25
1.28
1.07
1.03
48.43
42.06
43.39
26.86
Debt-equity ratio*
Debtors turnover (days)
20.72
55.67
37.28
50.30
22.85
28.30
Current ratio
2.48
2.72
3.17
2.66
2.24
Quick ratio
1.66
1.83
2.27
1.98
1.76
1.69
2.12
1.21
2.39
0.72
2.27
5.20
4.91
4.65
4.73
65.05
81.35
77.35
88.54
84.78
1997-98
1998-99
1999-00
2000-01
2001-02
2.45
1.67
4.41
6.89
1.03
5.65
8.89
11.49
14.86
17.89
1.00
54.70
56.42
60.82
66.61
1.00
57.58*
industry average.
78
00-01
99-2000
Growth in PBDIT
0.5
98-99
79
CORPORATE
governance
2. Board of Directors
dealings.
Company.
During the period under review, four Board Meetings
satisfaction.
EXPERTISE
Category
No. of Board
Meetings attended
Private
Sitting fees
Paid ( Rs.)
1.
2.
15,000
2,500
3.
Independent Director
13
4.
Independent Director
12
5.
Independent Director
6.
Independent Director
Shri R.S.Agarwal
Independent Director
(Appointed on 24.10.2001)
8.
9.
Not Applicable
Executive Director
2,500
(Appointed on 24.7.2001)
5
7.
20,000
Shri R.S.Agarwal
Nil
(Appointed on 24.10.2001)
6
Remarks
5,000
10,000
Total
55,000
No director is relative of any other director, except Shri Agnivesh Agarwal who is relative of Shri B.G. Bangur
Shri B.G. Bangur has been appointed as Executive Chairman & Shri H.M. Bangur as Managing Director
on 26.4.2002.
80
81
Particulars
Chairman and
2. Pending Approval of Central Government of increased Remuneration, the provision has been
Managing Director
(i)
Rs.
Rs.
Salary
9,70,000
9,40,000
2,61,900
2,53,800
Benefits- Allowances/perks
5,95,200
5,77,200
Bonuses
Stock options
Pension
18,27,100
17,71,000
Total
(ii)
made for the current period to the extent of monetary limits for Minimum Remuneration as per
Schedule XIII of the Act.
3. As Shri M.K. Singhi was appointed on 26.4.2002,details of remuneration paid for period ended
31st March, 2002 are not applicable.
2,47,500
2,25,000
(iii)
(iv
82
Up to 5% of net profit by
way of Salary, perks and
Commission taken
together.
Directors:
process,
b) To review the Annual Financial Statement
before submission to the Board,
c) To review with the management, External &
control systems.
directors is as under:
24.7.2001
31.8.2001
17.1.2002
Meeting
Attended
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
83
6. Information to Shareholders
2.
1.
2.
3.
4.
5.
Meeting.
7. Compliance Certificate
from Statutory Auditors of the Company is annexed
herewith.
d)
4. Board Procedure
There has not been a time gap in excess of four
months between any two meetings of the Board of
To,
The Board of Directors
Shree Cement Limited
This is to certify that we, the Auditors of Shree Cement Limited, Beawar, have reviewed the compliance by the
Company of the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement
entered into with the Stock Exchanges and report that all the conditions contained therein have been complied
with by the Company.
For B.R. MAHESWARI & CO.
84
c)
transfer.
b)
Directors:
1.
a)
committee
The Committee consist of the following independent
Chartered Accountants
Kolkata
26th April,2002
SUDHIR MAHESHWARI
Partner
85
SHAREHOLDER
information
How shareholders can safeguard
their rights and interests.
Registered office:
Year ended
30.6.1999
Date of AGM
22.11.1999
Time
4.00P.M
Corporate headquarters :
Venue
Bangur Nagar,
Beawar 305 901
(Rajasthan)
Financial Calendar
30.6.2000
26.12.2000
4.00P.M.
30.6.2001
24.10.2001
By end of July, 02
By end of October, 02
By end of November,02
By end of January, 03
-do-
Bangur Nagar
Shareholder enquiries :
Shri S.L. Bhansali, Company Secretary
Tele : 01462-28101-06
Disclosures
a) There are no materially significant transactions
with related parties viz promoters, Directors or the
Fax : 01462-28117-119
e-mail : shreebwr@datainfosys.net
bhansalisl@shreecementltd.com
Low
Volume
High
Low
Volume
(Rs.)
(Rs.)
(No. of Shares)
(Rs.)
(Rs.)
(No.of Shares)
July 2001
41.50
25.30
1,00,718
40.50
29.00
2,98,146
August 2001
40.40
35.50
52,729
42.50
36.25
1,95,441
September 2001
37.95
34.05
65,560
38.20
22.50
2,68,141
October 2001
36.70
26.75
67,874
36.70
27.60
3,15,618
November 2001
43.80
35.00
3,03,088
42.90
35.00
7,40,067
December 2001
60.00
36.75
7,92,016
60.00
37.00
13,68,729
January 2002
52.45
43.10
5,32,498
51.95
42.65
12,41,735
February 2002
47.00
38.10
1,34,279
46.70
39.65
3,84,695
to the media.
March 2002
43.35
38.75
1,02,742
45.40
38.55
5,00,603
Means of communication
e-mail : scl@cal2.vsnl.net.in
Time
Venue
20.08.2002
4.00 P.M
Registered Office at
Bangur Nagar, Beawar 305 901
Distt Ajmer, Rajasthan.
86
Month
NSE
High
BSE
Total
21,51,504
53,13,175
87
BSE
Price
Rs
NSE
increase
%
Price
Rs
2.7.2001
30.80
32.95
31.3.2002
41.65
41.90
increase
%
Shareholding Pattern
SHREECEM
INE070A01015
SHREECEM
As on 31 March, 2002
Description
2,07,41,974
59.54
4,04,282
1.16
INE070A01015
Promoters
8.95
+27.16
24,65,248
7.08
600
0.00
NRIs/OCBs/Non-domestic Companies
40,37,368
11.59
18,25,721
5.24
FIIs
based indices
Indian Public
Indices
BSE(Sensex)
SCLQUOTE
2.7.2001
3406
30.80
31.3.2002
3469
41.65
Increase/Decrease
+1.85%
+35.23%
Total
Contact person:
53,62,032
15.39
3,48,37,225
100.00
Stock Code
500387
jayaramanvk@karvy.com
SHREECEM EQ
N.A.
Ref-4388
SHC
participants.
Limited (CDSL).
receipt.
Distribution of Shareholding
As on 31 March, 2002
Range
From-To
Total no. of
Share holders
Total shares
held
Upto 50
5,314
25.69
2,43,454
0.70
51 - 100
7,244
35.01
7,08,565
2.03
101 - 200
3,242
15.67
5,83,101
1.67
201 - 500
2,958
14.30
11,29,041
3.24
501 - 1000
1,086
5.25
8,97,056
2.58
1001 - 5000
665
3.21
14,42,202
4.14
5001 - 10000
76
0.37
5,42,095
1.56
88
104
0.50
2,92,91,711
84.08
20,689
100.00
3,48,37,225
100.00
dematerialised.
March, 2002.
89
AUDITORS
report
To the Members of Shree Cement Limited,
We have audited the attached Balance Sheet of M/s SHREE CEMENT LIMITED as at 31st March, 2002 and the
annexed Profit & Loss Account for the period ended on that date and report that:
1.
(i)
(ii)
accounts.
1956.
(ii)
March' 2002.
(iii)
(ix)
account.
thereto.
(vi)
March, 2002.
(v)
90
reasonable.
6.
5.
4.
3.
2.
(iv)
(x)
sale of goods.
(xi)
91
PROFILE
OF
Directors-2002
(xii)
account.
Finance Ltd.
Act, 1985.
its business.
maintained.
transfer forms.
India.
Chartered Accountants
92
no by-product.
KOLKATA
SUDHIR MAHESHWARI
Partner
93
94
FINANCIAL
Section
95
97
PROFIT & LOSS ACCOUNT FOR THE PERIOD ENDED 31ST MARCH, 2002
2001-02
[Rs. in Lacs]
Schedule
SOURCES OF FUNDS
1) Shareholders Funds
a) Capital
b) Reserves & Surplus
1
2
2) Loan Funds
a) Secured Loans
b) Unsecured Loans
3
4
APPLICATION OF FUNDS
1) Fixed Assets
a) Gross Block
b) Less: Depreciation
c) Net Block
d) Capital Work-in-Progress
e) Survey, Prospecting & Mining Development Expenses
(to the extent not written off)
4,983.72
31,003.93
35,987.65
4,983.72
36,252.61
41,236.33
27,261.60
2,226.32
29,487.92
65,475.57
30,647.75
1,234.39
31,882.14
73,118.47
84,458.63
24,992.84
59,465.79
3,029.19
77,363.31
20,714.14
56,649.17
5,907.34
2) Investments
3) Current Assets, Loans & Advances
a) Inventories
b) Sundry Debtors
c) Cash & Bank Balances
d) Loans & Advances
6
7
8
9
10
227.56
62,722.54
125.04
260.07
62,816.58
359.73
4,103.14
3,003.39
553.38
6,422.78
14,082.69
3,471.75
4,081.88
1,891.48
6,583.55
16,028.66
5,839.95
446.13
6,286.08
7,796.61
5,487.57
598.93
6,086.50
9,942.16
(5,168.62)
65,475.57
73,118.47
11
12
19
2000-01
[Rs. in Lacs]
INCOME
Sales
Other Income
Increase / (Decrease) in Stock
EXPENDITURE
Manufacturing Expenses
Excise Duty
Payment to and Provisions for Employees
Administrative Expenses
Freight,Handling & Selling Expenses
Interest (Net)
Preliminary Expenses written off
Survey, Prospecting & Mining Development
Expenses written off
21,094.31
8,775.88
1,659.33
1,102.98
11,904.17
4,400.53
0.07
43.35
35,370.13
48,980.62
4,984.09
4,312.56
671.53
310.41
214.37
146.75
320.10
1,943.39
2,410.24
1,010.00
5,176.33
2,808.02
5,372.85
2,611.50
2,611.50
57.66
2,669.16
1,087.73
666.67
92.81
348.37
1,451.18
959.06
2,410.24
17.89
1.03
191.25
19.51
348.37
35.53
2,349.06
320.10
2,669.16
14.86
6.89
15
16
17
18
19
Signature to Schedule 1 to 19
H. M. Bangur
Jt. Managing Director
S. K. Somany
Director
B. G. Bangur
Chairman & Managing Director
H. M. Bangur
Jt. Managing Director
B. R. Gupta
Director
Kolkata
26th April, 2002
96
15,193.37
6,370.62
1,353.69
1,204.05
8,523.02
2,692.87
32.51
14
B. G. Bangur
Chairman & Managing Director
R. S. Agarwal
Director
55,460.48
28.35
(1,331.88)
54,156.95
S. L. Bhansali
Secretary
39,721.69
30.87
601.66
40,354.22
13
Sudhir Maheshwari
Partner
Kolkata
26th April, 2002
Signature to Schedule 1 to 19
Sudhir Maheshwari
Partner
S. L. Bhansali
Secretary
R. S. Agarwal
Director
S. K. Somany
Director
B. R. Gupta
Director
97
Issued
3,48,37,225 Equity Shares of Rs.10/- each
7,50,000 9% Cumulative Redeemable Preference Shares of Rs.100/-each
7,50,000 7.5% Cumulative Redeemable Preference Shares of Rs.100/-each
6,000.00
6,000.00
1,500.00
1,500.00
7,500.00
7,500.00
3,483.72
750.00
750.00
4,983.72
3,483.72
750.00
750.00
4,983.72
3,483.72
3,483.72
2000-01
[Rs. In Lacs]
Capital Reserve
As per last Balance Sheet
27.16
27.16
3,044.80
3,044.80
3,830.20
1,943.39
1,886.81
4,275.80
1,087.73
1,533.33
3,830.20
16,530.35
2,103.29
14,427.06
19,370.43
0.49
32.55
2,808.02
16,530.35
12,500.00
1,010.00
4,954.25
8,555.75
10,300.00
1,533.33
666.67
12,500.00
2,103.29
2,103.29
959.06
31,003.93
320.10
36,252.61
20,297.91
23,347.73
333.33
571.43
857.14
250.00
500.00
733.34
916.67
332.04
394.14
2,402.36
2,674.52
27,261.60
1263.82
3,034.92
30,647.75
SCHEDULE 2
RESERVES AND SURPLUS
SCHEDULE 1
SHARE CAPITAL
Authorised
6,00,00,000 Equity Shares of Rs.10/- each
(Previous Year 600,00,000 Equity Shares of Rs.10/-each)
15,00,000 Cumulative Preference Shares of Rs.100/- each
(Previous Year 15,00,000 Cumulative Preference Shares of Rs.100/-each)
2001-02
[Rs.in Lacs]
2000-01
[Rs. In Lacs]
[Issued subscribed & paid-up capital includes (a) 2,40,021 Equity Shares
of Rs.10/- each fully paid-up issued for consideration other than cash in
pursuance of Scheme of Amalgamation (b) 20,480 Forfeited Equity
Shares and (c) 43,95,000 Equity Shares issued on surrender of
detachable optional Share warrants attached with 16% Unsecured Non
Convertible Redeemable Debentures of Rs.100/- each, vide Board
Special Reserve
Transfer from Revaluation Reserve
750.00
750.00
Surplus as per annexed Profit & Loss Account
SCHEDULE 3
SECURED LOANS
15% p.a.]
750.00
750.00
preference share capital subscribed at the end of third and fifth year at
11.50% p.a.]
4,983.72
98
99
(a) Buildings, most of Plant & Machinery and Railway siding have been revalued on 31.12.1999 on indexed capitalised cost (RBI Index) basis resulting in increase in gross
value by Rs. 436.48 lac, Rs. 21063.92 lac and Rs. 679.12 lac respectively as per report of approved valuers.
(b) Lease hold land and assets on lease have been revalued by an approved valuer applying indexed capitalised cost (RBI Index) and physical existence basis respectively.
The revaluation process has resulted into a net increase of Rs. 0.49 Lac.
(c) Includes Rs. 2103.29 Lac for current year (upto previous year Rs. 5617.11 lac) being additional depreciation on revalued assets withdrawn from Revaluation Reserve.
(d) Includes interest during construction of Rs. 221.40 Lacs (Previous Year Rs. 913.07 Lac).
(e) Expense Written off.
61067.63
62816.58
62722.54
62816.58
20936.56
25247.77
33.86
814.47
5416.20
4345.07
20936.56
16334.83
83753.14
87970.31
7014.13
7583.53
Previous Year
11231.30
83753.14
77402.46
13934.21
4769.29
6167.41
222.42
43.35
179.07
6389.83
5628.42
4948.36
Previous Year
7069.89
6167.41
3256.75
254.93
32.51
222.42
3511.68
6929.25
4051.10
6389.83
Total (B)
260.07
227.56
254.93 (e)
32.51
222.42
482.49
482.49
Survey Prospecting & Mining
Development Expenses
5907.34
56298.34
56649.17
3029.19
20714.14
814.47
5372.85
16155.76
3029.19
6929.25
4051.10 (d)
77363.31
1955.11
6864.32
5907.34
72454.10
Previous Year
56649.17
59465.79
24992.84
33.86
4312.56
20714.14
84458.63
84.88
7180.20
77363.31
Total (2)
Office Equipments
Assets On Lease
211.60
56649.17
59465.79
287.49
205.98
24992.84
33.86
31.83
27.24
4312.56 (c)
20714.14
210.57
493.47
84458.63
Total (1)
84.88
141.19
7180.20
422.17
77363.31 (a)
Vehicles
69.89
350.59
372.53
503.53
2.03
44.85
460.71
876.06
4.99
69.75
811.30
19105.83
571.49
1712.10
76201.51
6919.54
1712.10 (a)
365.54
3504.32
69281.97 (a)
49.71
3454.61 (a)
1032.99
467.84
0.01
467.84
1140.61
50176.14
53001.60
1051.76
660.34
88.85 (c)
23199.91
3089.07
3081.24
423.08
4094.08 (c)
57.54 (c)
467.84
1032.98
1032.99
467.84
180.34
170.34
170.34
10.00
Period
Period
As at
2001
2002
31st March,
during the
2002
Period
during the
2001
during the
during the
2001
2002
Upto
Total
Deductions/
Adjustments
Adjusted
Provided/
Upto
Total as at
Deductions/
Additions/
As at
Period
Railway Siding
30.00
1,234.39
2,226.32
Buildings
1032.98 (b)
1,204.39
2,226.32
Leasehold Land
180.34
[Rs. In Lacs]
Freehold Land
[Rs.in Lacs]
UNSECURED LOANS
FIXED ASSETS
2000-01
2001-02
SCHEDULE 5
SCHEDULE 4
GROSS BLOCK
3) Working Capital borrowings from Banks are secured by hypothecation of inventories of stock-in-trade, stores & spares, book
debts and other current assets of the Company on first charge basis and on whole of movable fixed assets of the Company on
second charge basis. These borrowings are also secured by joint equitable mortgage on all the immovable assets of the Company
on second charge basis.
30th June,
are secured by joint equitable mortgage over all the immovable assets and first charge by way of hypothecation of all the
movable assets (save and except book debts) of the Company, both present and future, subject to prior charge(s) created
and/or to be created in favour of the Company's bankers on inventories of stock-in-trade, stores & spares, book debts and
other current assets of the Company for working capital facilities. The mortgage and charge rank pari passu with the
mortgage and charges created / to be created in favour of other first charge holders for their respective loans. The said
debentures are also secured by a legal mortgage over one of the immovable properties of the Company situated in Mumbai,
by execution of Debenture Trust Deed.
31st March,
(v) 1,10,000 13.5% Non Convertible Debentures of Rs.100/- each aggregating to Rs. 110 Lac (Previous Year Rs. 110 Lac
@ 17.5%) redeemable at par in twenty one equal quarterly instalments commencing from 1st July, 2001 and 27,000 13.5%
Non Convertible Debentures of Rs.100/- each aggregating to Rs.27 Lac (Previous Year Rs. 27 Lac @ 17.5%) redeemable at
par in twenty one equal quarterly instalments commencing from 1st January, 2002
Adjustments
(iv) 2,70,000 13.5% Non Convertible Debentures of Rs. 100/- each aggregating to Rs.270 Lac (Previous Year Rs. 270 Lac
@ 17.5%) redeemable at par in twenty one equal quarterly instalments commencing from 1st July, 2001
Adjustments
DEPRECIATION
(iii) 11,00,000 14% Non Convertible Debentures of Rs.100/- each aggregating to Rs. 1100 Lac (Previous Year Rs.1100 Lac )
redeemable at par in six equal bi-annual instalments commencing from 2nd June, 2001,
30th June,
(ii) 10,00,000 14.5% Non Convertible Debentures of Rs.100/- each aggregating to Rs.1000 Lac (Previous Year Rs. 1000 Lac )
redeemable at par in four equal annual instalments commencing from 1st April, 2000
100
As at
NET BLOCK
20,00,000 14.5% Non Convertible Debentures of Rs.100/- each aggregating to Rs. 2000 Lac (Previous Year Rs. 2000 Lac )
redeemable at par in seven equal annual instalments commencing from 1st October, 1997
Particulars
2) (i)
31st March,
1) All Term Loans [except Interest Free Sales-tax Loan of Rs. 809.42 Lac (Previous Year Rs. 809.42 Lac) from RIICO which is secured
by joint equitable mortgage on second charge basis ranking pari passu with the Commercial Banks for Working Capital facilities]
from Financial Institutions are secured by joint equitable mortgage on all the immovable assets ranking pari passu with the
Debenture holders for Redeemable Non Convertible Debentures privately placed with financial institutions as mentioned in point
(2) herebelow. The above term loans and NCDs are also secured by hypothecation of all the movable assets (save & except book
debts) of the Company both present and future subject to charge(s) created and/or to be created in favour of the Company's
bankers on inventories of stock-in-trade, stores & spares, book debts and other current assets of the Company for working capital
facilities. The above charge(s) rank pari passu inter-se among these lenders.
30th June,
SCHEDULE 3
SECURED LOANS (Contd.)
101
SCHEDULE-6
INVESTMENTS
(Rs. in Lac)
As at 30th June, 2001
Particulars
Value Face
(Per Unit)
In Government & Trust Securities:
Unquoted
National Saving Certificate
No.
Amount
Additions during
the period
No.
Sold/Deductions
during the period
Amount
No.
As at 31st
March, 2002
Amount
No.
Amount
0.03
0.03
1000
10000
80.00
10000
80.00
Bonds
9% Tax Free Bonds of Power
Grid Corpn. of India Ltd.
SCHEDULE 8
SUNDRY DEBTORS
(UNSECURED)
Over Six months (Considered good)
(Considered doubtful)
SCHEDULE 7
INVENTORIES
(As taken, valued and certified by the Management)
Raw Materials (At Cost)
Stores, Spares, Coal & Packing Materials (At Cost)
Materials-in-Transit (At Cost)
Goods-in-Process (At Cost)
Finished Goods (At lower of cost or net realisable value)
Less: Provisions
10
64960
50.31
39.65
64960
10.66
10
100
10
14500
147500
14.57
14.82
10
1530222
49930
4.99
49930
4.99
14500
147500
14.57
14.82
200.00
1530222
200.00
359.73
4.99
239.68
Book Value
125.04
Market Value
31.3.2002
30.6.2001
31.3.2002
30.6.2001
(Rs. in Lac)
(Rs. in Lac)
(Rs. in Lac)
(Rs. in Lac)
10.66
50.31
10.66
16.21
114.38
309.42
114.38
309.42
125.04
359.73
125.04
325.63
102
SCHEDULE 9
CASH AND BANK BALANCES
Cash Balances
Remittances in transit
Balance with Scheduled Banks :
In Fixed Deposit Accounts
In Current Accounts
In Margin Money Accounts
Fixed Deposits (Pledged with Banks)
In Unpaid Dividend Account
SCHEDULE 10
LOANS AND ADVANCES
(Unsecured - Considered Good)
Advances Recoverable in cash or in kind or for value to be received
Short Term Deposit with Mutual Fund
Deposit with Government Departments & Others
Inter Corporate Deposits
Subsidiary Company
Others
Prepaid Expenses
Interest on deposits recoverable
Tax deducted at source, net of provision.
2001-02
[Rs.in Lacs]
2000-01
[Rs. In Lacs]
406.92
2,240.75
161.55
732.27
561.65
4,103.14
358.56
2,329.19
91.74
118.86
573.40
3,471.75
1,284.14
1,284.14
1,284.14
1,719.25
3,003.39
1,364.97
19.59
1,384.56
19.59
1,364.97
2,716.91
4,081.88
27.18
157.00
15.90
484.26
1.39
270.64
1.28
1,274.25
88.54
8.63
553.38
111.93
3.86
1,891.48
2,061.57
2,363.40
1,004.22
2,027.56
2,593.40
831.66
780.35
56.09
129.43
27.72
6,422.78
800.00
77.60
175.10
78.23
6,583.55
103
2001-02
[Rs.in Lacs]
SCHEDULE 11
CURRENT LIABILITIES AND PROVISIONS
Current Liabilities
Sundry Creditors [SSI Creditors Rs. 14.28 Lac (Previous Year 4.96 Lac )]
Security Deposits & Advances
Other Liabilities
Sales-tax Payable
Interest accrued but not due on loans
Unpaid Dividend
Provisions
Provision for Wealth-tax
Proposed Dividends
Provision for Corporate Dividend Tax
SCHEDULE 12
DEFERRED TAXATION
Difference between Book and tax Depreciation
Carried forward losses
Others
SCHEDULE 13
INCREASE / (DECREASE) IN STOCK
Opening Stock
Goods-in-Process
Finished Goods
Closing Stock
Goods-in-Process
Finished Goods
Increase/(Decrease)
SCHEDULE 14
MANUFACTURING EXPENSES
Raw Materials Consumed
Stores, Spares & Packing Materials Consumed
Power, Fuel & Water
Repair & Maintenance:
(a) Plant & Machineries
(b) Buildings
(c) Others
104
2001-02
[Rs.in Lacs]
2000-01
[Rs. In Lacs]
3,754.05
1,883.59
46.76
86.61
60.31
8.63
5,839.95
3,405.98
1,513.73
24.59
362.28
177.13
3.86
5,487.57
4.95
441.18
6,286.08
4.27
539.62
55.04
6,086.50
8,465.87
(3,266.97)
(30.28)
5,168.62
118.86
573.40
692.26
1,315.85
708.29
2,024.14
732.27
561.65
1,293.92
601.66
118.86
573.40
692.26
(1,331.88)
3,826.38
1,982.39
9,021.79
5,014.28
2,635.55
13,082.93
292.47
54.91
15.43
15,193.37
271.53
70.54
19.48
21,094.31
SCHEDULE 15
PAYMENT TO AND PROVISIONS FOR EMPLOYEES
Salaries,Wages,Bonus and Allowances
Contribution to Provident Fund, Superannuation Fund and Gratuity
Employees Welfare Expenses
SCHEDULE 16
ADMINISTRATIVE EXPENSES
Rent (Net)
Rates & Taxes
Insurance
Travelling [Including Rs. 7.82 Lac for Directors (Previous Year Rs. 5.32 Lac)]
Directors Fees
Miscellaneous
Debit/ (Credit) Balance Written Off/Back (Net)
Doubtful debts written off
Fixed Assets Written off
(Profit) / Loss on Sale of Fixed Assets (Net)
Bank and Financial Charges
2000-01
[Rs. in Lacs]
1,054.92
138.11
160.66
1,317.63
152.95
188.75
1,353.69
1,659.33
43.08
71.17
78.73
237.85
0.55
442.21
(27.50)
155.46
17.14
197.04
53.76
71.10
97.89
241.48
0.43
448.83
258.21
0.06
(19.16)
227.22
(11.68)
(276.84)
1,204.05
1,102.98
5,901.09
414.72
2,207.21
8,510.72
665.91
2,727.54
8,523.02
11,904.17
2,510.99
219.57
293.90
86.05
157.65
3,268.16
575.29
2,775.56
482.81
1,154.06
83.62
223.05
4,719.10
318.57
2,692.87
4,400.53
(Including foreign exchange fluctuation of Rs. 113.58 Lac) (Previous Year Rs. 95.91 Lac)
SCHEDULE 17
FREIGHT, HANDLING & SELLING EXPENSES
Freight & Handling
Advertisement and Sales Promotion
Rebate & Discount and Depot Handling
SCHEDULE 18
INTEREST
(a) On Term Loans
(b) On Cash Credits
(c) On Non Convertible Debentures
(d) On Stockists' Deposit
(e) On Others
Less: Interest Received (Net)
[Includes Rs. 6.75 Lac on Tax Free Bonds (Previous Year Rs. 9.00 Lac)]
[Tax deducted at source Rs. 18.88 Lac (Previous Year Rs. 43.61 Lac)]
105
SCHEDULE - 19
1.
Accounting Convention
The Accounts of the Company are prepared under the historical cost convention using the accrual method of accounting
unless stated otherwise hereinafter. Accounting Policies not specifically referred to, are consistent with generally
accepted accounting principles.
1.
2.
Fixed Assets
Fixed Assets other than those, which have been revalued, are stated at cost including expenses related to acquisition
and installation thereof, less accumulated depreciation and amortised amount, except for land.
2.
Instalments of Secured loans falling due for repayment in next 12 months amount to Rs. 3600.11 Lac.
3.
Estimated amount of contracts remaining to be executed on capital account Rs. 7809.85 Lac (Net of advances) (Previous
Year Rs. 105.28 Lac)
4.
Purchase value of land, in some cases, is subject to finalisation of acquisition proceedings. Additional liability, if any,
is not ascertainable at present.
5.
The Ministry of Textiles, vide its orders dated 30th June, 1997 and 1st July, 1999 has deleted cement from the list of
commodities to be packed in Jute bags under the Jute Packaging (Compulsory Use in Packing Commodities) Act 1987.
In view of this, the company does not expect any liability for non-dispatch of cement in Jute bags in respect of earlier
years.
6.
7.
In the opinion of the Management and to the best of their knowledge and belief the value on realization of Loans,
Advances and Other Current Assets in the ordinary course of business will not be less than the amount at which they
are stated in the Balance Sheet.
8.
Fixed assets include Rs.137.23 Lac (Previous Year Rs. 211.23 Lac) paid towards cost of land and building in respect of
which conveyance deeds are pending execution in favour of the Company.
9.
Advances recoverable in cash or in kind include Rs. Nil (Previous Year Rs. Nil) due from officers of the Company.
Maximum amount due at any time during the period Rs. Nil (Previous Year Rs. 11.55 Lac).
3.
4.
Investments
Investments are stated at cost of acquisition or market price whichever is lower.
5.
Inventories
Raw Materials, Stores & Spare Parts and Semi-finished Goods are valued at Weighted average cost. Finished Goods are
valued at lower of cost or net realisable value, inclusive of Excise Duty.
6.
7.
Depreciation
Depreciation is provided on the Straight Line Method at the rates and in the manner specified in schedule XIV of the
Companies Act, 1956 as amended. Depreciation on additions due to exchange rate fluctuation is charged prospectively
over the residual life of the Assets. Depreciation on the addition to the certain fixed assets pursuant to revaluation has
been provided on the basis of the remaining life of the said assets as determined by the valuers.
Taxation
Provision for tax is made for current and deferred taxes. Provision for current income tax is made on the current tax
rates based on assessable income. The deferred tax is recognized, based on timing differences, being the difference
between taxable income and accounting income that originate in one period and are capable of reversal in one or more
subsequent periods.
8.
Revenue Recognition
(a) Sale is recognized on despatch of goods from Plant/Stock point to customer.
(b) Scrap sale is accounted on cash basis.
(c) Insurance Claims are accounted on actual receipt.
(d) Additional claim for Rebate & Discount from Dealers/Sale Promoters, are accounted for as and when settled.
9.
2001-2002
[Rs. In Lac]
53.00
6307.55
1820.90
2000-2001
[Rs. In Lac]
3.09
8400.94
2105.08
11. Other Income includes (a) Dividend Rs. 2.92 Lac (Previous year Rs. Nil) (b) Profit/(Loss) on sale of Investments (net)
Rs. Nil (Previous year Rs. 1.07 Lac), and (c) Miscellaneous Receipts Rs. 27.95 Lac (Previous year Rs. 27.28 Lac).
12. The profit for the period is lower due to(a) Charging of depreciation on revalued assets by Rs. 2103.29 Lac, and
(b) Valuing the investment at lower of cost or market value by Rs. 466.32 Lac.
13. During the period, the Company has implemented Accounting Standard- 22, 'Accounting for Taxes on Income' issued
by the Institute of Chartered Accountants of India. The net deferred tax liability provided during the year pertaining to
the period up to 30th June, 2001, amounting to Rs. 4954.25 Lac has been adjusted against the General Reserve and the
deferred tax credit of Rs. 214.37 Lac for the period has been charged to the Profit & Loss Account.
14. There are no transactions with related parties as envisaged by Accounting Standard-18, 'Related Party Disclosure' issued
by the Institute of Chartered Accountants of India.
107
2000-2001
[Rs. In Lac]
Audit Fee
2.25
3.00
0.75
0.75
0.75
Consultancy
1.89 (*)
1.37 (*)
(ii) Sales
3.00
Reimbursement of Expenses
1.84
1.26
2001-2002
Statutory Auditors
2000-2001
Quantity
Value
[MT]
36482
1802156
Quantity
Value
[Rs. in Lac]
[MT]
[Rs. in Lac]
573.40
53386
708.29
39721.69 (*)
40684
561.65
2400270
55460.48 (*)
36482
573.40
(*) Includes Rs. 380.46 Lac (Previous Year Rs. 2449.01 Lac) being value of clinker sold.
Cost Auditors
2001-2002
Audit Fee
0.56
0.75
Reimbursement of Expenses
0.22
0.24
Value
Quantity
Value
[MT]
[Rs. in Lac]
[MT]
[Rs. in Lac]
2350904
2753.59
3086735
3765.70
(ii) Gypsum
130650
524.87
200070
826.87
171575
547.92
145110
421.71
(i) Limestone
16. Pre-operative Expenses of Rs. 472.76 Lac [includes exchange fluctuation Rs. Nil (Previous Year Rs.191.54 Lac)]
Previous year Rs. 1730.12 Lac have been capitalized.
2000-2001
Quantity
19.10
22.20
5.16
5.99
11.72
10.55
35.98
2000-2001
[Rs. in Lac]
[Rs. in Lac]
2317.59
35.10
459.12
28.23
(i) Coal
38.74
18. Expenses charged to limestone (raw material) raising cost during the period:
Salary, Wages, Allowances and Bonus
42.90
42.37
6.63
7.01
6.29
6.71
677.23
978.73
84.51
71.33
14.25
7.39
9.64
1402.61
1643.20
2529.45
13.61 (#)
13.25 (#)
17.28
10.04
2.13
87.39
(iii) Others
(#) For Expansion Project Rs. 7.06 Lac (Previous Year Rs. 13.25 Lac)
11.05
804.00
(f)
Value of imported and indigenous stores, spare parts and components consumed and their percentage to total
consumption:
2001-2002
19. The Equity Shares of the Company are listed in Stock Exchanges of Jaipur, Delhi, Calcutta, Chennai, Mumbai and
National Stock Exchange, Mumbai and the annual listing fee has been paid.
Value
2000-2001
%
[Rs. in Lac]
20. Information pursuant to provisions of paragraphs 3, 4-C and 4-D of Part-II of Schedule VI of the Companies Act, 1956.
2001-2002
[MT]
2000 -2001
[MT]
1685479
2000000
Value
[Rs. in Lac]
34.73
5.86
76.14
10.79
557.46
94.14
629.32
89.21
1685479
2000000
(iii) Production
1806358
2383366
108
109
Balance Sheet Abstract and Company's General Business Profile as required under
Part IV of Schedule VI to the Companies Act, 1956 :
I.
Registration Details
Registration No.
State Code
0
2
2
3
0
1
3
0
Date
Month
Year
Capital Raised during the Period (Amount in Thousand of Rupees)
Public issue
We have examined the attached Cash Statement of Shree Cement Limited for the period ended 31st March, 2002. The
Statement has been prepared by the Company in accordance with the requirements of Clause 32 of the Listing Agreement
with Stock Exchange and is based on the corresponding Profit & Loss Account and Balance Sheet of the Company, covered
by our report of 26.4.2002 to the members of the Company and reallocation as required for the purpose are as made by the
Company.
II.
Rights Issue
Private Placement
L
N
I
Bonus issue
L
N
I
To
The Board of Directors,
Shree Cement Limited.
3
1
0
0
Unsecured Loans
Kolkata
26th April, 2002
Sudhir Maheswari
Partner
SOURCES OF FUNDS
Reserves & Surplus
3
6
7
1
2
6
2
Investments
2
2
7
Net Current Assets
9
5
1
2
Misc. Expenditure
0
Accumulated Losses
N
22.
Total Expenditure
9
0
8
1
3
+/ Profit / Loss after tax
+
Dividend Rate %
1
0
Product Description
C
E M E
N
The figures of the previous year have been regrouped and rearranged wherever necessary.
Signature to Schedule 1 to 19
Sudhir Maheshwari
Partner
Kolkata
26th April, 2002
110
R. S. Agarwal
Director
Amount
(Rs. in Lac)
671.53
(11.68)
659.85
4345.07
113.58
(578.21)
17.14
3268.16
(1,143.08)
631.39
(469.20)
7165.74
7825.59
(980.89)
8806.48
(113.58)
(3384.98)
(259.22)
5048.70
11.68
5060.38
B. G. Bangur
Chairman & Managing Director
S. L. Bhansali
Secretary
Amount
(Rs. in Lac)
APPLICATION OF FUNDS
Net Fixed Assets
Particulars
Deferred Taxation
5
S. K. Somany
Director
H. M. Bangur
Jt. Managing Director
B. R. Gupta
Director
(4,302.05)
33.88
(4.99)
239.68
620.96
2.92
(3409.60)
Particulars
Amount
(Rs. in Lac)
(3,172.36)
778.14
(594.66)
(2,988.88)
(1338.10)
1891.48
553.38
Sudhir Maheshwari
Partner
B. G. Bangur
Chairman & Managing Director
Kolkata
26th April, 2002
S. L. Bhansali
Secretary
R. S. Agarwal
Director
H. M. Bangur
Jt. Managing Director
S. K. Somany
Director
B. R. Gupta
Director
Statement pursuant to Section 212 of the Companies Act,1956 Relating to Subsidiary Company
1. Name of the Subsidiary Company
Nil
Not Applicable
Not Applicable
Not Applicable
DIRECTORS REPORT
AUDITORS REPORT
Dear Shareholders,
To the Members of
Shree Cement Marketing Limited,
B. G. Bangur
Chairman & Managing Director
S. L. Bhansali
Secretary
Fixed Assets
its investments
the money lent by it
the money borrowed by it for any purpose other than
that of meeting current liabilities
Kolkata
26th April, 2002
M.K. Singhi
Chairman
112
R. S. Agarwal
Director
S. K. Somany
Director
H. M. Bangur
Jt. Managing Director
B. R. Gupta
Director
Beawar,
19th April,2002
Beawar
19th April, 2002
Diwakar Payal
Director
Gopal Agarwal
Proprietor
S.M. Lotia
Director
113
PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 31ST MARCH, 2002
Particulars
As at 31.3.2002
Rupees
Particulars
SOURCES OF FUNDS
Shareholders Funds
Income
5,00,000
5,00,000
5,00,000
APPLICATION OF FUNDS
Current Assets, Loans and Advances
Cash and Bank Balances
On Current Account with a Scheduled Bank
4,65,325
4,65,325
750
Nil
750
4,64,575
32,500
2925
35,425
5,00,000
Filing fees
Printing and Stationery
Audit Fees
General Expenses
Total
Profit / (Loss) for the period (beforeTax)
Taxation
Profit / (Loss) for the period (since inception)
Balance Carried to Balance Sheet
600
500
750
1075
2,925
(2,925)
(2,925)
2,925
Gopal Agarwal
Proprietor
M.K. Singhi
Chairman
Diwakar Payal
Director
S.M. Lotia
Director
Gopal Agarwal
Proprietor
Expenditure
Beawar,
19th April, 2002
Total
M.K. Singhi
Chairman
Diwakar Payal
Director
S.M. Lotia
Director
Beawar,
19th April, 2002
114
115
ANNEXURE 1
Notes on Accounts
1. The Company was incorporated on 11th February,2002 and yet to start commercial activities. The Accounts are for the
period 11.2.2002 to 31.3.2002.
2. This being first year of the Company, there are no figures for previous year.
3. Additional information pursuant to the provisions of paragraphs 3 and 4 of the Part II of Schedule VI to the Companies
Act, 1956, is not applicable, in absence of any marketing activity.
4. Balance Sheet abstract and Companys General Business Profile as per Schedule VI, Part-IV of the Companies Act, 1956
I Registration Details:
Registration No.
: 17427 of 2001-02
State Code
: 17
: NIL
Right Issue
Bonus Issue
: NIL
PrivatePlacement : 500
(Initial Subscription by theSubscribers to Memorandum)
: NIL
IV
500
TOTAL ASSETS
: 500
SOURCES OF FUNDS
Paid up-Capital
Secured Loans
:
:
500
Nil
:
:
Nil
Nil
APPLICATION OF FUNDS
Net Fixed Assets
Net Current Assets
Accumulated Losses
:
:
:
Nil
465
3
Investments
Misc. Expenditure
:
:
Nil
32
: 3
: () 3
: Nil
Product Description
Gopal Agarwal
Proprietor
Beawar,
19th April, 2002
116
N.A
M.K. Singhi
Chairman
Diwakar Payal
Director
S.M. Lotia
Director
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