Bhushan Steel Ar

7/28/2019 Bhushan Steel Ar

1/120


2/120

Forward Looking Statement: This report contains forward-looking statements, which may be identified by their use of words like'plans', 'expects', 'will', 'anticipates', 'believes', 'intends', 'projects', 'estimates' or other words of similar meaning. All statements thataddress expectations or projections about the future, including but not limited to statements about the Company's strategy for growth,product development, market position, expenditures and financial results, are forward-looking statements.

Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee thatthese assumptions and expectations are accurate or will be realised. The Company's actual results, performance or achievements couldthus differ materially from those projected in any such forward looking statements. The Company assumes no responsibility to publiclyamend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events. TheCompany has sourced the industry information from the publicly available sources and has not verified those information independently.

C o n t e n t sRight Timed. Right Positioned. 01

Financial Highlights 14

Chairmans Message 16

Session with the Managing Director 18

Board of Directors 20

Corporate Information 22

Directors Report 23

Corporate Governance Report 38

Management Discussion and Analysis 43

Auditors Report on Standalone Accounts 48

Standalone Financial Statements 52

Auditors Report on Consolidated Accounts 87

Consolidated Financial Statements 88


3/120

In fast evolving and dynamic realm of business today, global opportunity landscape is fast tilting towards emergingeconomies including India. In order to make the most of impending opportunities, successful businesses need to timeand position their strategic moves right.

Way back in 2005, we foresaw the steel demand burgeoning over medium to long-term in India. We resolved to makeone of the largest Capex investments of recent times aimed at emerging as a leading Steel maker in India. Our steelsojourn was marked with several impediments such as softening global demands and tightening liquidity. Our steelyresolve and astute project implementation coupled with the robustness of our business model helped us achieve whatwe were set out for.

As the dust of economic uncertainty settles down over coming months, Phase III of our integrated steel complex inOrissa would approach commissioning in FY 13. With the demand growth picking momentum, we would be ready withmammoth capacities 5 MTPA of primary steel, 2.2 MTPA of secondary steel and 840 MW of power (including BhushanEnergy Limited). Having persevered with our mission expansion for 8 years, we would reap its benefits for all ourstakeholders over many decades to come.

In view of evolving global opportunity landscape, we find ourselves right timed and right positioned.

RIGHT TIMED.RIGHT POSITIONED.


4/120

Annual Report 2011-1202


5/120

All our greenfield and brownfield expansions, in primary as well as secondary steel making, have been meticulously planned,in line with potential demand growth in our target markets. Our capability to embrace best of global technologies, processesand machineries in each of our expansions has kept us in top stead of product quality.

The prevalent economic slowdown and tightening of liquidity did result in overall slowdown in major capital expenditures.Subsequently, capacity addition in steel sector in India has been quite moderate in recent times. Our right timed expansionsput us in an advantageous position to serve growing demand with ready and running capacities as and when the demandacceleration peaks in coming years.

Our robust strategies and effective implementation have been instrumental in furthering our expansion agenda successfullyamidst all challenges. In FY 12, we added ERW pipes in our product portfolio by adding a new line at our Khopoli plant.

The 2.5 MTPA phase III expansion of HR Coil at integrated Orissa steel plant is slated for completion during FY 13. With this,we will go on to add 5 MTPA of greenfield capacity in just 8 years which would be the fastest ever such feat in the industry.Growing from just 0.9 MTPA of secondary steel in 2005 to 5 MTPA of primary steel and 2.2 MTPA of processed steel by FY 14,we would catapult ourselves into the echelons of steel leadership in India.

EXPANSIONS.RIGHT TIMED.

Bhushan Steel Limited 03


6/120



7/120

From 45.1 kg in 2008 to 52 kg in 2011, Indias per capita steel consumption has been steadily growing. Despite markedimprovements in recent years, India still lags far behind the world average of 203 kg and Chinas average of 427 kg.

With consistent growth in per capita steel consumption over coming years, our primary as well as processed steel capacitiesare right placed to mine the best of unfolding growth in domestic and exports markets. Our traditional customer segments of automobile and consumer durables are poised to continue their growth momentum in light of growing domestic demands. Thefact that many global players are choosing India to be their global manufacturing base is only growing to accelerate demandgrowth for our products.

Our steel manufacturing capacity in Orissa is located in a region with rich availability of staple raw materials such as iron ore,coal and water. Its proximity to ports makes the vital difference in terms of importing raw materials as well as exportingfinished steel as and when desired.

Our two secondary steel plants, one each at Khopoli in Maharashtra and Sahibabad in NCR region of Delhi, are strategicallylocated to cater to various manufacturing clusters in northern and western India. With a vision to sell most of ourmanufactured steel as high value added finished steel, we are poised to add new processing lines at Orissa. By adding Orissaas our third secondary steel location, we would enhance our capabilities to cater to manufacturing clusters in southern andeastern parts of the country.

With our capacities rightly placed, we would make the most of impending opportunities.

CAPACITIES.RIGHT PLACED.



8/120



9/120

In the competitive world of business, having a wide array of products in line with market demand helps as a springboard inthe up cycle and cushion in the down cycle. At Bhushan Steel, we have maintained a right mix of products. Our dominance in

high-end CR steel is well established in automobile and consumer goods segment.In secondary steel segment, we added ERW pipes in our product portfolio in the year under review. Courtesy ourcontinuous expansion and diversification, we have made some pioneering product initiatives in India and maintaineda diverse line of product offerings for our customer segments globally. As a leading steel player in India today, ourvaried product range includes Hot Rolled Coils, Cold Rolled Coils, Galvanized Sheets, Galume, Colour Coated Sheets, Drawn

Tubes, Tempered Steel Strips, ERW Pipes and Wire Rods amongst others. Apart from these, we also generate Power forcaptive consumption.

RANGE.RIGHT MIXED.



10/120



11/120

At the core of our unabated forward march has been our vision of Sustainable and Inclusive growth. We have been driven tocreate sustained value for all our stakeholders customers, employees, partners, suppliers, shareholders, lenders, exchequersand community. Driven to drive sustained value for our stakeholders, we continue to dream, dare and deliver.

With a definitive focus on future, we continue to ready ourselves. The same spirit has helped us create many firsts in theIndian steel industry. As a result, we have stayed ahead of the curve consistently. With our well planned and seamlesslyexecuted secondary and primary steel capacities and ensuing development on the allocated Coal & Iron Ore blocks, we arewithin striking distance to realize our long cherished vision of fully integrated, backward and forward, steel operations.

Our phase III expansion of 2.5 MTPA primary steel capacities, apart from consumption in open market, would ensure an evensmooth input for our secondary steel manufacturing. Going forward, we are aiming to and have planned to increase oursecondary steel capacities, which would have uninterrupted and ready-availability of raw material.

VISION.RIGHT DIRECTED.



12/120



13/120

At Bhushan Steel, continuous capacity expansions, product diversity and technological enhancements form core of ourbusiness operations. A continued focus on bringing more steel, better quality and value addition has kept our expansion spirithigh all these years.

As we are about to see the momentous completion of phase III of our expansion in FY 13, we are announcingcommencement of our next expansion at Orissa plant. The latest from the house of Bhushan Steel is 2 MTPA Pickling Linewith Tandem Cold Mill line (PLTCM). In PLTCM, HR Coil will undergo pickling and cold rolling process to yield CR Coil. Sinceboth these processes are taking place on the same line, it leads to saving in manufacturing time. The Continues AnnealingLine (CAL) as part of this expansion further adds to the variety of steel that we can bring to our customers with increasedefficiency and optimized costs. Post completion of PLTCM we would have added 2 MTPA Cold Rolled Coil/Sheet and 0.65 MTPA Galvanized Sheets.

Distinctive features Reduced cost and time involved in movement of HR Coil to CR Line Superior steel quality from improved flatness, better

surface, cleanliness and dimensional tolerance Significant reduction in scrap/wastage during processing

Strategic advantages Internal consumption of surplus HR Coils generated from expanded capacities (4.4 MTPA) post phase III expansion Self-reliance on Raw material for PLTCM due to ready availability of HR Coil Most suited location for exports

opportunities to international markets due to proximity to the port

Wide range of products CR Annealed & Skin Pass Coil Galvanised Coil for both Automobile and Construction Sectors Gal-Alume/ Zn-Mg Coated

Coil for construction sector Aluminised Coil for heat exchanger CR full Hard Coil

FUTURE.EVER EVOLVING.



14/120


15/120

At Bhushan Steel, we have been mastering the art of steel making with efficiency, profitability and sustainability. From 0.12MTPA of secondary steel in 1989 to first captive power plant of 12 MW in 1997 to foray in primary steel with 1.9 MTPA plant in2006 to 4.4 MTPA total capacities and 355 MW captive power plant today, our journey has been that of a phenomenal growth.

Steel making being amongst the most capital-intensive businesses, we took cognizance of our responsibility to become anefficient, self-reliant and sustainable business at the right time with the right intensity. Today, with total capacities in sight tobe 5 MTPA upstream and 2.2 MTPA downstream by FY 13, we equal the intensity of focus on raw material, manpower andlogistics integration.

Our relentless planning and execution towards integrating all the important raw material and infrastructure like Thermal Coal,Iron Ore, Coking Coal, Water and Power has started showing initial signs of success. Development work on Iron Ore, CoalMines and Water resources is progressing well apart from our continuous addition of Captive Power.

RESOURCES.RIGHT ALIGNED.



16/120

10 YEARS FINANCIAL SUMMARY (` in crores)

Particulars FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12

Gross Sales 1,263 1,745 2,868 3,070 4,202 4,673 5,410 6,003 7,576 10,793

EBITDA 202 277 410 408 659 887 1,047 1,571 2,100 3,031

Net Profit 55 90 153 154 313 424 421 846 1,005 1,023

Net Worth 573 664 805 960 1,338 2,022 2,781 4,421 6,695 8,918

Gross Block 1,302 1,529 2,044 3,091 4,586 7,495 10,682 14,795 21,818 28,999(Including CWIP)

FINANCIALHIGHLIGHTS

FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12

G R O S S S A L

E S A N D E B I

T D A ( R i n

c r o r e s )

G r o s s S a l e s

E B I T D A

1,2631,745

2,868 3,070

4,2024,673

5,4106,003

7,576

10,793

202 277410 408 659

887 1,0471,571

2,100

3,031



17/120

EBITDA (R in crores)

NET WORTH(R in crores)

FY 08 FY 09 FY 10 FY 11 FY 12

8 8 7

1 ,0 4 7

1 ,5 7 1

2 ,1 0 0

FY 08 FY 09 FY 10 FY 11 FY 12

2 ,0 2 2

2 ,7 8 1

4 ,4 2 1

6 ,6 9 5

3 ,0 3 1

8 ,9 1 8

NET PROFIT(R in crores)

GROSS BLOCK (Including CWIP) (R in crores)

FY 08 FY 09 FY 10 FY 11 FY 12

4 2 4 4 2 1

8 4 6

1 ,0 0 5

FY 08 FY 09 FY 10 FY 11 FY 12

7 ,4 9 5

1 0 ,6 8 2

1 4 ,7 9 5

2 1 ,8 1 8

1 ,0 2 3

2 8 ,9 9 9

FY 08 FY 09 FY 10 FY 11 FY 12

4 ,6 7 3

5 ,4 1 0

6 ,0 0 3

7 ,5 7 6

1 0 ,7 9 3

GROSS SALES(R in crores)



18/120


B. B. SingalChairman


19/120

Dear Shareholders Amidst the volatilities and uncertainties prevalent in the macro-economic environment across the globe and here in India, I ampleased to address you all with a momentous feat of yourCompany coupled with another year of industry-defying growth.

Testing Macro-economic ScenarioGrowth momentum of the world economy got arrested onceagain in the year gone by. At work in the networked world of today were several events and factors such as the catastrophic

Tsunami in Japan, sovereign debt crisis in the Euro zone, higher

unemployment in most of the developed economies includingUS, and considerably higher global prices of commoditiesincluding food items, inflationary pressures in emergingeconomies and reverse flow of foreign capital towards saferhavens in advanced economies. Consequently the world GDPgrowth rate slipped to 3.9% in calendar year (CY) 2011 from5.3% recorded in 2010. Emerging economies, despitemoderation in their growth rate to 6.2% in CY 2011 from 7.5%recorded in the previous year, showed tremendous resilience.

The world economy is projected to grow by 3.5% in 2012before returning back to 4.1% in calendar year 2013.

Against such a testing backdrop, Indian economy recorded aGDP growth of 6.5%, its lowest in past nine years. Consistently

higher inflation, sharp depreciation of Indian rupee against USdollar, fiscal regime of liquidity tightening through sequentialincrease in interest rates and deferment of key policy reformsspelt their adverse cast on our growth momentum. Being adiehard optimist and a firm believer in India growth story, I amencouraged by the sense of urgency that the government isexpressing towards reviving growth.

Silver Lining for Indian Steel Industry Amidst economic uncertainties, global Steel production recordeda 6.8% growth to reach 1,527 million tonnes in 2011. In India,the industrys production recorded 5% growth in the sameperiod to reach 72 million tones by 2011. Steel production in

India has suffered from Industrys poor performance on capacityaddition. In the light of Planning Commissions projections of domestic steel demand to almost double during the 12th Five

Year Plan period from current levels, the future of Indian steelindustry appears bright. Your Companys soon to beaccomplished feat of adding 5 MTPA of primary steel capacitiescoupled with significant increase in secondary steel segment isright timed. The same would yield tremendous valueenhancement for all our stakeholders over coming years.

Shining in Testing TimesLet me first congratulate each one of you on your Companystransition to the coveted club of ` 10,000 Crores revenue mark inFY 12. The toughest steel is the one that passes throughhighest heat. Like our products, our Company also has showntremendous toughness in weathering many a tough times andcycles in its very young age of little over two decades.

Amidst challenging times of FY 12, your Company came up withflying colours to record a 42% growth in its revenues and a44% growth in its EBITDA. Consequently, our revenues andEBITDA stood at ` 10,793 Crores and ` 3,031 Crores respectivelyin FY 12.

A Brighter Future AheadFrom being a dominant player in special grade downstreamsteel until 2004, we dreamt of foraying into primary steelmaking way back in 2005. Fiscal year 2012-13 would mark theaccomplishment of a future that we envisioned for ourselves.With the ensuing expansion under phase III of our greenfieldproject at Orissa fast approaching completion, we are poised tocatapult ourselves in the echelons of steel leadership in India.Our vision of becoming a leading steel player with integratedoperations is within striking range of realization. On the other

side of this perseverance and hard work would be a leadingIndian steel maker, one with 5 MTPA of primary steel, 2.2 MTPA of secondary steel and 840 MW of power generation includinggeneration capacities in Bhushan Energy Limited. And we arestill counting.

I would like to close my address with congratulating everymember of our management and staff for their passionateefforts and wish them good luck in successful accomplishmentof their set out goals. While thanking each one of you for yourcontinued trust and patronage, I look forward to many moreyears of being together and creating value.

Best Regards,

B. B. SingalChairman

CHAIRMAN'S MESSAGE



20/120


Neeraj Singal Vice-Chairman & MD


21/120

How do you view the Company's performance in FY 12? At Bhushan Steel, we have a rich tradition of enhancingstakeholders value through consistent performance year afteryear. With our teams persevering and excelling to overcomemacro-economic uncertainties, the year gone by was nodifferent where we outperformed the industry once again.Crossing the coveted mark of ` 10,000 Crores for the first time,our revenues reached ` 10,793 Crores in FY 12 and recorded animpressive 42% growth over ` 7,576 Crores achieved in theprevious year. At ` 3,031 Crores, our EBITDA grew by 44% over` 2,100 Crores recorded in FY 11.

We continued to expand our product portfolio as well as ourinstalled capacities in upstream and downstream segmentsthrough the year. We added high quality API grade ERW Pipes inour diverse product offerings. With total capacities at 2.2 MTPA of primary steel (1.90 MTPA HRC and 0.30 MTPA Billets) and 2.2MTPA of finished steel, we continued to achieve realizationsbetter than the industry average. Our Captive Power generationcapacity, which stood at 158 MW in FY 12, is poised to becomemore than double to 355 MW with completion of our ensuingphase III expansion at Orissa.

Phase III of ensuing expansion at Orissa is nearingcompletion. How would it add to Bhushan Steelsstrengths?

Completion of Phase III expansion would deliver a decisive edgeto our strengths. Marking the completion of our grandeur forayinto primary steel making, our Orissa unit would stand tall as atechnological masterpiece in modern steel making in India. Thiswould go on to be recorded as the fastest executed 5 MTPA Greenfield steel making facility in India which is built with best-in-class machineries and deploys state-of-the-art technology.Strategic geographic advantages of this facility clubbed withproven dominance in high-end downstream product segmentsof our operations would make us the first company in India tohave fully-integrated operations. Matching our downstreamcapacities with installed upstream capacities over coming yearswould enable higher realizations and catapult Bhushan Steelinto an altogether different league of steel making.

With completion of ensuing phase III expansion, a lot would getaccomplished and vindicated including the valor of our dreams,the ardor of our execution and the never say die attitude of ourspirit. It is important to mention that all this would getaccomplished during a period which proved to be quite severefor the economy as well as the industry. Slated to be completedin FY 13, our Orissa facility would possess 4.5 MTPA of HotRolled Coils besides billets and slabs and 792 MW of captivepower including capacities under Bhushan Energy Limited.

How do you view the emerging market conditions andhow do you relate the timing of completion of phase IIIexpansion?

It is quite apparent that overall macro-economic environmentglobally and at home has not been encouraging, especiallyduring the second half of FY 12. Rising cost of commoditiesincluding food items, resultant inflationary pressures in domesticeconomy leading to a regime of liquidity tightening and rippleeffect of slowdown in advanced economies and uncertainties inthe Euro zone have cast their adverse spell in our economy inFY 12 and some of these factors are likely to continue in FY 13too. Spate of unabated increase in the interest rates appears tohave been stalled and Governments intentions to make serious

efforts towards reviving growth shall have positive impact onthe investment sentiments. Add to it the strong fundamentals of our economy and I am optimistic of demand growth in FY 13,cautiously though.

Post commencement and subsequent stabilization of our phaseIII capacities, we are likely to capture the most of increaseddemand in near to medium term. With leading agenciesqualifying 2012 as the year of consolidation for global economycoupled with their projections of accelerated growth returning inthe second half of calendar year 2013 augurs well for ourintegrated operations. In a nutshell, India would certainly seeaccelerated growth in manufacturing of Automobiles andConsumer Durables, not only for domestic but for global

consumption also. Leading global corporations are alreadyconsidering India as an important manufacturing location fortheir global operations. With ready capacities of high qualityspecial grade steel, we are going to cater to their growingdemands and in turn benefit from it.

How do you view the Companys growth prospects innear-to-medium term?

At Bhushan Steel, we take pride in sheer consistency of ourperformance. Amidst most testing times of recent years, wehave achieved excellent compounded annual growth rates of 20.76% in revenues and 35.69% in EBITDA over the last fiveyears. With the fruits of backward and forward linkages poised

to get added over coming 3-4 years, we shall continue to reapthe benefits of our dynamic evolution with similar growthnumbers in coming years. Expansion in downstream segment,diversification in our product portfolio, integration of key rawmaterials and phased increase in efficiency of our soon to becommissioned capacities shall be the enablers to this effect.

SESSION WITH THE MANAGING DIRECTOR



22/120

BOARD OF DIRECTORS

Brij Bhushan Singal

As a first generation entrepreneur, Brij Bhushan Singal, Chairman of the Board has played a pivotalrole in guiding Bhushan Steel to its current position of strength. As a promoter director, he has beeninstrumental in not only shaping the physical assets of the Company but also in honing a promisingleadership pool in the Company. Holding a Bachelors Degree in Law from Delhi University, he bringsa rich experience of over five decades in the steel industry. A big admirer and advocate of technological advancements, he guides the Company in technological and equipment related aspects.

Rahul Sen Gupta

Mr. Rahul Sen Gupta is Whole-time Director (Technical) on the Companys Board. He holds aBachelor's Degree in Science in Mechanical Engineering from the University of Calcutta, Kolkata. Hehas nearly 31 years of experience in steel industry. Prior to joining the Board, he was employed withIndian Oxygen Limited. He is responsible for project conceptualization, project planning andimplementation, and technology evaluation.

Prem Kumar Aggarwal

Mr. Prem Kumar Aggarwal is Whole-time Director (Commercial) on the Board of the Company. Heholds Bachelor's Degree in Science from Punjabi University and is also a fellow member of the ICAI.He has more than 30 years of experience in accounts and commercial activities, and prior to joiningthe Board, he has worked as an Assistant General Manager with Bhushan Industries Limited and inother capacities with Amrit Banaspati Limited and the Himachal Pradesh State Forest Corporation. Heis responsible for the overseeing of commercial and legal matters involving the Company, includingindirect taxation disputes in particular.

Neeraj Singal

As Vice Chairman & Managing Director, Neeraj Singal has spearheaded Bhushan Steels transformation

from a single plant downstream steel processor to a three locations fully integrated Steel & Powerplayer in India. Having risen from ranks, he has served in various departments of the Company andalso as executive director of Bhushan Metallics before joing the board of Bhushan Steel. Holding aBachelors Degree from Punjab University, he brings rich hands on experience of 25 years. As apromoter Director, he guides the Company on all operational aspects including expansion projects.

Nittin Johari

As Whole-time Director (Finance), Mr. Nittin Johari heads the finance function of the Company. A fellow member of Institute of Chartered Accountants of India, He holds a Masters Degree inCommerce from the University of Rohilkhand at Bareilly. He brings nearly 27 years of experience incorporate finance, management information systems, budgeting, etc. Prior to joining Bhushan Steel,he has served WIMCO Limited, Century Textiles Limited and Modi Rubber Limited in various

leadership roles in finance function. He is responsible for financial management, treasury, foreignexchange management of the Company, alongside legal matters.



23/120

Mohan Lal

Mr. Mohal Lal is an independent Director on the Board. He holds a Master's Degree in Arts and

a Bachelor's Degree in Law - both from the University of Delhi, New Delhi. He has over 63 yearsof experience in the field of law, particularly in income taxation. He was designated asa senior advocate.

Vinod Kumar Mehrotra

Mr. Vinod Kumar Mehrotra is an independent Director on the Board. He holds a Master's Degree inCommerce and a Bachelor's Degree in Law from the University of Delhi, New Delhi. He also holds acertified associate-ship with the Indian Institute of Banking. He has around 38 years of experience inbanking industry. Prior to joining the Board, he was employed with numerous banks including the

State Bank of India as Deputy Managing Director.

Brij Bihari Tandon

Mr. Brij Bihari Tandon is an independent Director on the Board. He holds a Master's Degree inEconomics and a Bachelor's Degree in Law from the University of Delhi, New Delhi, as well ascertificate of associate-ship from the Indian Institute of Bankers. Prior to joining the Board, he servedas an officer of the Indian Administrative Service and has about 47 years of experience in thatcapacity. He served as the Chief Election Commissioner of India and the Election Commissioner of India, and also held numerous positions including as a member of the Delimitation Commission of

India, the Secretary to the Ministry of Personnel, Public Grievances and Pensions, and the Secretaryto the Ministry of Mines, Govt. of India.

Malakapalli Venkata Suryanarayana

Mr. Malakapalli Venkata Suryanarayana is an independent Director on the Board. He is a fellowmember of the ICAI. He has over 35 years of experience with the Life Insurance Corporation of Indiawhere he held various positions before retiring as the Executive Director (Audit). He has been anominee Director of the Life Insurance Corporation of India on the Board prior to joining asindependent Director.

Sunita Sharma

Ms. Sunita Sharma is a nominee Director of the Life Insurance Corporation of India on the Board. Sheholds a Master's Degree in Science from the University of Delhi, New Delhi. She has over 32 years of working experience with the Life Insurance Corporation of India where she has worked in differentdepartments including housing finance and accounts. She has held various positions at the LifeInsurance Corporation of India such as Secretary (Personnel and Industrial Relations) and Chief (Personnel).



24/120

CORPORATE INFORMATION

BOARD OF DIRECTORS

COMPANY SECRETARY

Shri Brij Bhushan SingalChairman

Shri Neeraj Singal Vice-Chairman & Managing Director

Shri Mohan LalDirector

Shri B.B. TandonDirector

Shri V.K. MehrotraDirector

Shri M.V. Surya NarayanaDirector

Smt Sunita SharmaNominee Director of LIC

Shri Nittin JohariWhole-time Director (Finance)

Shri Rahul Sen GuptaWhole-time Director (Technical)

Shri P. K. AggarwalWhole-time Director (Commercial)

Shri O.P. Davra

TECHNICAL SUPPORT

1 ABB2 Air Liquide Engineering SA, France

3 BHEL

4 China Shougang International, China

5 Daehyuntech, South Korea

6 Danieli Corus, The Netherlands

7 Ebner, Austria

8 Fimi, Italy

9 Hitachi, Japan

10 Intech Machinery Co. Limited, Korea

11 KCI Special Cranes, Finland

12 KIC Limited, Korea13 Kvaerner Clecim, France

14 L & T

15 LOI Thermoprocess GmbH, Germany

16 Man B & W, Germany

1 Allahabad Bank 2 Andhra Bank

3 Axis Bank 4 Bank of Baroda5 Bank of India6 Bank of Maharashtra7 Bank of Rajasthan8 Barclays Bank 9 Bayerische Landesbank 10 Canara Bank 11 Central Bank of India12 Corporation Bank 13 Credit Agricole Bank (CalyonBank)14 Deutsche Bank 15 Dena Bank 16 DBS Bank 17 DZ Bank AG18 Exim Bank 19 Federal Bank 20 HSBC Bank 21 ICICI Bank 22 IDBI Bank 23 Indian Bank 24 Indian Overseas Bank 25 IndusInd Bank

26 ING Bank 27 J & K Bank

28 Karur Vysya Bank Limited29 LIC30 Nord LB31 Natixis32 Oriental Bank of Commerce33 Punjab & Sind Bank 34 Punjab National Bank 35 Saraswat Cooperative Bank Limited36 South Indian Bank 37 Standard Chartered Bank 38 State Bank of Bikaner & Jaipur39 State Bank of Hyderabad40 State Bank of India41 State Bank of Patiala42 State Bank of Travancore43 Syndicate Bank 44 The Bank of Tokyo-Mitsubishi UFJ Ltd45 The Ratnakar Bank Limited46 UCO Bank 47 Union Bank of India48 United Bank of India49 Vijaya Bank 50 WEST LB51 Yes Bank

REGISTRAR & SHARE TRANSFER AGENTSRCMC Share Registry Pvt. Ltd. B - 106, Sector -2, Noida (U.P.) 201 301 Ph. 0120- 4015880, Fax. 0120 - 2444346 Email: [email protected]

Agra

Ahmedabad

AurangabadBengaluru

Bhubaneshwar

Chandigarh

Chennai

Coimbatore

Dehradun

Delhi

Faridabad

Gurgaon

Guwahati

Haldwani

Hyderabad

Hosur

Indore

Jaipur

JammuKullu

Kolkata

Kanpur

Ludhiana

Mandigovindgarh

Mumbai

Pilkhuwa (Hapur)

Pune

Parwanoo

Rishikesh

Varanasi

BANKERS BRANCH & SALES OFFICE NETWORK

AUDITORS

REGISTERED AND CORPORATEOFFICE

WORKS

Mehra Goel & Co.Chartered Accountants

F-Block, 1st Floor, International Trade Tower, Nehru Place, NewDelhi - 110 019, INDIA

Tel: 011 - 42297777, 42295555,39194000.Fax: 011 - 26478750, 26415845

Site IV, Sahibabad Industrial Area,Distt. Ghaziabad - 201 010 (U.P.)INDIA

Village: Nifan, Sarvoli,Kharpada Road, Taluka-Khalapur,Near Khopoli,Distt.: Raigad - 410 203(Maharashtra) INDIA

P.O. Shibapur, MeramandaliDistt.: Dhenkanal - 759 121(Orissa) INDIA

17 Mecon18 MillTech, Korea

19 Outo Tec, Germany

20 Paul Wurth, Italy

21 Qualical AG, Switzerland

22 RITES

23 Schalker, Germany

24 Siemens AG, Germany

25 SMS Siemag, Germany

26 Sumitomo Metal, Japan

27 Techint S.P.A., Italy

28 Waldrich Siegen, Germany

29 WAPCOS



25/120


26/120


,Q DGGLWLRQ WR WKH DERYH WKH FRPSDQ\ VKDOO DOVR EH FRPSOHWLQJ WKH&RNH RYHQ SODQW 073$ &RDO :DVKHU\ 073$ DQG '5,.LOQV DJJUHJDWH FDSDFLW\ RI 073$ DQG 0: 3RZHU 3ODQW DWWKH H[LVWLQJ VLWH RI ,QWHJUDWHG VWHHO SODQW DW 2ULVVD

:LWK WKLV WKH FRPSDQ\ ZLOO EH DEOH WR LPSURYH LQ LWV PDUJLQV

FINANCE'XULQJ WKH \HDU WKH &RPSDQ\ KDV WLHG XS WKH WHUP ORDQV LQ IRUHLJQ FXUUHQF\and rupee for its expansion plans and for the requirement of funds for itsQRUPDO FDSLWDO H[SHQGLWXUH 7KH &RPSDQ\ KDV DOVR WLHG XS (&% IRU 86'

0LOOLRQ IURP 6WDWH %DQN RI ,QGLD 6LQJDSRUH IRU RXU 'HERWWOHQHFNLQJSURMHFW DW 2ULVVD

7KH :RUNLQJ &DSLWDO IDFLOLWLHV IRU6DKLEDEDG .KRSROL DQG 2ULVVD3ODQWVKDYH EHHQ DSSUDLVHG E\ 31% WKH OHDG %DQN IRU` FURUH )XQG

Based limit of ` FURUH H[FOXGLQJ H[SRUW FUHGLW DQG 1RQ )XQGBased limit of ` FURUH IRU WKH )LQDQFLDO \HDU

CREDIT RATING7KH /RQJ 7HUP UDWLQJ RI \RXU FRPSDQ\ LV &DUH $ E\ &UHGLW $QDO\VLV5HVHDUFK /WG DV SHU WKH SURYLVLRQV RI %$6(/ ,, JXLGHOLQHV RI 5%,

7KH &UHGLW $QDO\VLV 5HVHDUFK /WG &$5( KDV UDWHG WKH VKRUW WHUPUDWLQJ DW WKH KLJKHVW UDWLQJ RI $ $ 2QH 3OXV IRU VKRUW WHUP FUHGLWIDFLOLWLHV RI WKH FRPSDQ\

EXPORTS'XULQJ WKH \HDU WKH FRPSDQ\ KDV DFKLHYHG WKH ([SRUW 7XUQRYHU RI` &URUH 7KH ([SRUW 7XUQRYHU RI PRVW RI WKH ([SRUWHUV LQ WKHFRXQWU\ KDV D QHJDWLYH WUHQG GXH WR WKH UHFHVVLRQ LQ LQWHUQDWLRQDOPDUNHW GXULQJ WKH ODVW \HDU

:LWK D UP FRPPLWPHQW DQG WKURXJK VXVWDLQHG HIIRUWV \RXU FRPSDQ\FRQWLQXHV WR PDLQWDLQ JRRG UDSSRUW ZLWK *OREDO &XVWRPHUV 2XU TXDOLW\SURGXFWV DQG WLPHO\ GHOLYHU\ KDYH IRXQG ZLGH DFFHSWDQFH LQ WKH KLJKO\FRPSHWLWLYH LQWHUQDWLRQDO PDUNHW

2XU SURGXFWV DUH EHLQJ H[SRUWHG DFURVV WKH JOREH

QUALITY ,Q WRGD\V JOREDO FRPSHWLWLRQ DQG RSHQ HFRQRP\ TXDOLW\ SOD\V D YLWDOUROH LQ PDUNHWLQJ WKH SURGXFWV DQG VWD\ DKHDG RI RWKHUV 7KHUHIRUHJUHDW HPSKDVLV LV JLYHQ WR PDQXIDFWXULQJ SURGXFWV WKDW PHHW KLJKVWDQGDUGV RI TXDOLW\ LQ WKH JOREDO PDUNHW DQG FXVWRPHU VDWLVIDFWLRQ

3URDFWLYH HIIRUWV DUH GLUHFWHG WRZDUGV GHWHUPLQLQJ FXVWRPHUVUHTXLUHPHQWV DQG DFKLHYLQJ DOO URXQG FXVWRPHU VDWLVIDFWLRQ 7KLVLV SULPDULO\ DFKLHYHG WKURXJK DXWRPDWHG V\VWHPV UHGXFLQJ PDQXDOKDQGOLQJ WRD PLQLPXP KLJKDWWHQWLRQ WR FRPSODLQW UHVROXWLRQ RQOLQHFRPPXQLFDWLRQ DQG LQIRUPDWLRQ H[FKDQJH TXDOLW\ FLUFOHV HWF

DIRECTORS,Q DFFRUGDQFH ZLWK WKH SURYLVLRQV RI WKH &RPSDQLHV $FW DQG&RPSDQ\V $UWLFOHV RI $VVRFLDWLRQ 0U 0RKDQ /DO 0U 0 9 6XU\DQDUD\QDDQG 0U 1LWWLQ -RKDUL 'LUHFWRUV DUH OLDEOH WR UHWLUH E\ URWDWLRQ DWWKH HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ

%HLQJ HOLJLEOH 0U 0RKDQ /DO 0U 0 9 6XU\DQDUD\QD DQG 0U-RKDUL KDYH RIIHUHG WKHPVHOYHV IRU UH DSSRLQWPHQW

1HFHVVDU\ UHVROXWLRQV IRU PHPEHUV DSSURYDO IRU WKHLIRUP SDUW RI WKH QRWLFH RI $QQXDO *HQHUDO 0HHWLQJ


27/120

Bhushan Steel Limited

6K 0 9 6XU\DQDUD\DQD DQG 6K 9 . 0HKURWUD DV LWV PHPEHUV 6K% % 7DQGRQ LV WKH &KDLUPDQ RI WKH $XGLW &RPPLWWHH $XGLW &RPPLWWHHVKDOO KDYH VXFK SRZHUV DQG DXWKRULW\ DV SURYLGHG XQGHU WKH DIRUHVDLGSURYLVLRQV DQG VKDOO DFW LQ DFFRUGDQFH ZLWK WKH WHUPV RI UHIHUHQFH WREH VSHFLHG LQ ZULWLQJ E\ WKH %RDUG RI 'LUHFWRUV IURP WLPH WR WLPH

PARTICULARS OF EMPLOYEESIn terms of the provisions of Section 217 (2A) of the Companies Act,

UHDG ZLWK WKH &RPSDQLHV 3DUWLFXODUV RI (PSOR\HHV 5XOHVWKH SDUWLFXODUV RI (PSOR\HHV DUH JLYHQ LQ $QQH[XUH $ IRUPLQJ SDUWRI WKLV 5HSRUW

PARTICULARS OF CONSERVATION OF ENERGY,7(&+12/2*< $%62537,21 )25(,*1 (;&+$1*(EARNINGS AND OUTGO

Information pursuant to Section 217(1)(e) of the Companies Act,UHDG ZLWK WKH &RPSDQLHV 'LVFORVXUH RI SDUWLFXODUV LQ WKH5HSRUW RI %RDUG RI 'LUHFWRUV 5XOHV UHJDUGLQJ FRQVHUYDWLRQRI HQHUJ\ WHFKQRORJ\ DEVRUSWLRQ IRUHLJQ H[FKDQJH HDUQLQJV DQGRXWJR DUH JLYHQ LQ $QQH[XUH C% IRUPLQJ SDUW RI WKLV 5HSRUW

CORPORATE GOVERNANCE AND MANAGEMENTDISCUSSION AND ANALYSIS


28/120


ANNEXURE - A

$11(;85( %

ANNEXURE TO THE DIRECTORS REPORT FOR THE YEAR ENDED 31ST MARCH, 2012

,1)250$7,21 $6 3(5 6(&7,21 $ 2) 7+( &203$1,(6 $&7 5($' :,7+ 7+( &203$1,(6 3$57,&8/$56 2) (03/2


29/120


,,, *HQHUDWLRQ RI VWHDP ZLWK LQVWDOODWLRQ RI &RNH GU\4XHQFKLQJ &'4 LQ &RNH 2YHQ WR EH XVHG DV SUR-FHVV VWHDP LQ %) DQG FRNHRYHQ DUHDV

,9 ,QVWDOODWLRQ RI ZDVWH KHDW UHFRYHU\ V\VWHP LQ %ODVW )XU-QDFH 8QGHU FRQVWUXFWLRQ

9 ,QVWDOODWLRQ RI 7 DQG 7 PL[HG JDV UHG ERLOHUV WRXWLOL]H WKH H[FHVV JDV DYDLODEOH IURP SURFHVV

9, *HQHUDWLRQ RI + IURP FRNH RYHQ JDV WR EH XVHG LQ $Q-QHDOLQJ IXUQDFHV DQG *3 OLQHV RI &50 DQG XWLOL]DWLRQ RIUHVLGXDO VXOIXU IUHH EDODQFH JDV DV IXHO LQ $QQHDOLQJIXUQDFH DQG *3 OLQHV DV UHSODFHPHQW RI /3*

F ,03$&7 2) 7+( $%29( 0($685(6

(QHUJ\ &RQVHUYDWLRQ PHDVXUHV KDV UHVXOWHG LQ DFKLHYLQJ

, *HQHUDWLRQ RI 0: ) SRZHU IURP :DVWH JDV RI'5,

,, 6DYLQJ LQ FRQVXPSWLRQ RI PHWDOOXUJLFDO FRNH E\ DURXQG.J 7RQ RI OLTXLG SLJ LURQ SURGXFHG DFKLHYHG IURP

ZDVWH KHDW UHFRYHU\ V\VWHP RI %ODVW )XUQDFH

,,, 'UDVWLF UHGXFWLRQ LQ WKH FRQVXPSWLRQ RI /3* /'2 LQ6LQWHU SODQW +60 5H KHDWLQJ IXUQDFH /LPH GROR FDOFLQD-WLRQ SODQW DQG &50 FRPSOH[

,9 8OWLPDWH VDYLQJ LQ FRQVXPSWLRQ RI KLJK JUDGH PHWDOOXU-JLFDO FRNH

9 *HQHUDWLRQ RI 0: SRZHUIURP %37* LQVWHDGRI ZDVW-LQJ WKH HQHUJ\ LQ 35'6

9, 5HGXFWLRQ LQ WKH FRQVXPSWLRQ RI FRDO UHTXLUHG IRU JHQ-HUDWLRQ RI 6WHDP IRU SRZHU SODQWV

9,, 5HGXFHG SRZHU UHTXLUHPHQW LPSURYHPHQW LQ SRZHUIDFWRU

9,,, *HQHUDWLRQ RI .: SRZHU E\ ,QGXFWLRQ *HQHUDWRU LQO2 3ODQW

,; *HQHUDWLRQ RI SURFHVV VWHDP WR EH XVHG LQ %ODVW IXUQDFHDQG FRNHRYHQ SODQW E\ EDFN SUHVVXUH WXUELQH DQG &'4

7KH GHWDLOV UHJDUGLQJ SUHVHQW HQHUJ\ FRQVXPSWLRJHQHUDWLRQ DUH IXUQLVKHG DV SHU )RUP $ RI WKH $QQH

FORM-A

I. POWER & FUEL CONSUMPTION

2011-12 2010-111 ELECTRICITY PURCHASED

8QLW 1R LQ ODFV .:+ LQFOXGLQJXVHG IRU 3URMHFW

Total Amount ( ` In Lacs) 5DWH 8QLW)

2 OWN GENERATION (THROUGH)851$&( 2,/ *(1(5$7258QLW 1R LQ ODFV .:+ 8QLW SHU OWU RI RLO ([FOXGLQJ 5/1*FRQVXPHG DORQJZLWK )XUQDFH 2LO

5DWH SHU 8QLW` ) 3. OWN GENERATION (THROUGH

67($0 785%,1( *(1(5$7258QLW 1R LQ /DFV .:+ LQFOXGLQJunits sold)

8QLW SHU 07 RI 6WHDP 4. FUEL CONSUMED IN

MANUFACTURING4W\ /WUV ,Q ODFV Total Amount ( ` In Lacs) $YJ 5DWH )

5. RLNG4W\ 7KRXVDQG %78 LQ /DFV Total Amount ( ` in Lacs) $YJ 5DWH )

II. CONSUMPTION PER UNIT OF PRODUCTION.

2011-12 2010-113URGXFWLRQ 07V 2096811 1766443(OHFW 8QLW 07 733 702)XHO 2LO /WUV 07 5/1* 7KRXVDQG %78 (OHFW 07 )XHO 2LO 07 5/1* ` 07


30/120


)250 %

% 7(&+12/2*< $%62537,21RESEARCH & DEVELOPMENT (R&D)

&RPSDQ\V 5HVHDUFK DQG 'HYHORSPHQW DFWLYLWLHV FRQVLVW RIFDUU\LQJ RQ QRUPDO TXDOLW\ WHVWLQJ RI LWV UDZ PDWHULDO ZRUN LQSURJUHVV DQG QLVKHG JRRGV ,W GRHV QRW LQYROYH GHYHORSPHQWV RIQHZ SURGXFWV

1 6SHFLFareas inZKLFKR&D iscarriedoutE\ WKHFRPSDQ\

'XH WR WKH ODWHVW DQG DGYDQFHG WHVWLQJ IDFLOLWLHVLQVWDOOHG DW WKH FRPSDQ\V 5 ' FHQWHUV GHWDLOHGWHVWLQJ RI WKH YDULRXV LPSRUWHG VWHHO VDPSOHVEURXJKW IURPGLIIHUHQW$XWRPRELOH ,QGXVWULHV ZHUHDQDO\]HG WKH DXWR JUDGH VSHFLFDWLRQ UHTXLUHGIRU WKH RXWHU ERG\ SDQHOV KDV EHHQ YHU\ ZHOOHVWDEOLVKHG 7KLV KDV HQDEOHG LQGLJQDWLRQ RIWKH DXWRPRELOH LQGXVWU\

7LHG XS ZLWK 60, IRU KLJKHU 6WUHQJWK 6WHHO%DNH +DUGHQHG 6WHHO SURGXFWLRQ IRU DXWRPRWLYHDSSOLFDWLRQ

'XH WR WKH ODWHVW DQG DGYDQFHG WHVWLQJ IDFLOLWLHVLQVWDOOHG DW WKH &RPSDQ\V 5 ' FHQWHUV VWDUWHGGHYHORSLQJ YDULRXV 6SHFLDO JUDGH VWHHOV UHTXLUHGIRU $XWRPRELOH LQ KRW UROOHG DQG RU IXUWKHU FROGUROOHG OLNH ('' KLJK WHQVLOH VWUXFWXUDO VWHHOV HYHQLQ WKH HDUO\ VWDJHV RI 6WHHO 0HOWLQJ DQG 6ODE &DVWHU3ODQW VWDELOL]DWLRQDQG +RWVWULS PLOOVWDUWXS SHULRG

7KLV HIIRUWZLOOEHIXUWKHU FRQWLQXHG IRUGHYHORSPHQWRI DOO VSHFLDO JUDGH VWHHOV LQ KRW UROOHG DQG FROGUROOHG UHTXLUHG IRU DXWRPRELOH ZKLWH JRRGV OLQHSLSHV HOHFWULFDOVWDPSLQJ 1*2 KLJK WHQVLOH +6/$JUDGHV IRU ZLGHU 0DUNHW DQG QLFKH VHJPHQW

RESEARCH & DEVELOPMENT CARRIED OUT AT OUR FOLLOWING PLANTS

$ &203$1


31/120


PREPRINTED PRODUCTS:

$OO SDLQW V\VWHPV L H 503 603 39') 6'3GHYHORSHG DQG ZHOO HVWDEOLVKHG

+LJK VFUDWFK GXVW UHSHOODQW SDLQW V\VWHP+6'5 TXDOLW\ IRU FOHDQ URRI DSSOLFDWLRQ

'LIIHUHQW ZULQNOH QLVK SDLQW IRU KLJK FODVVURRQJ FODGGLQJ VDQGZLFK SDQHOV

3ULQWLQJ SDWWHUQFRDWLQJ IRUIXUQLWXUH DQG DXWRERG\ DSSOLFDWLRQV

'-+ FRDWLQJ WKLFNQHVV JDXJH IURP 86

/DWHVWV\VWHPRIPHDVXULQJSUHSDLQWHGFRDWLQJWKLFNQHVV IRU LQGLYLGXDO FRDW PHDVXUHPHQWV

POLLUTION AND NOISE CONTROL

,QVWDOODWLRQ RI 'XVW 0RQLWRULQJ 6\VWHP

,QVWDOODWLRQ RI (PLVVLRQ 0RQLWRULQJ 6\VWHP

$PELHQW $LU 0RQLWRULQJ 6\VWHP

,QVWDOODWLRQ RI $FLG 5HJHQHUDWLRQ 3ODQW

0L[LQJ RI $GGLWLYH &DUERQ\O 2 LQ +)2

3ULFH RI )2 KDYH LQFUHDVHG DOVR LWVVSHFLFDWLRQV KDYH FKDQJHG 6XOSKHU FRQWHQWKDYH JRQH XS WR DQG YLVFRVLW\ KDV DOVRLQFUHDVHG XS WR FVW &DUERQ\O 2 JLYHVEHWWHU FRQWURO RQ WKHVH E\ LPSURYLQJ EHWWHUFRPEXVWLRQ HIFLHQF\

3RZHU *HQHUDWLRQ EHIRUH DIWHU DGGLWLRQ RIDGGLWLYH LQ ) 2

)XHO RLO DGGLWLYH LPSURYHV LJQLWLRQ DQG FRPEXVWLRQSURSHUWLHV RI IXHO ( J FRQVLGHU FDVH EHORZ

Before use of additives After use of additives)XHO

LQMHFWLRQ ActiveSRZHU

)XHOLQMHFWLRQ

ActiveSRZHU

73 7176 74

)XHO 6DYLQJ 6OXGJH 5HGXFWLRQ /RZHU $X[3RZHU &RQV

6OXGJHUHGXFWLRQ VHGLPHQWDWLRQDQGDVSKDOWLQJUHGXFWLRQ DVSKDOWLQJ IRUPV GLVSHUVLRQ LQWUHDWHG WDQN E\ XVH RI &DUERQ\O 2 &DOFXODWLRQVKRZ GLUHFW VDYLQJV RI 56 /75 RI )2VDYLQJ .LQHPDWLFV YLVFRVLW\ KDV DOVR GHFUHDVHG

PP V DW & RZ DELOLW\ RI )2 LVHQKDQFHG JLYLQJ ORZHU DX[LOLDU\ HTXLSPHQWHQHUJ\ FRQVXPSWLRQ 5HGXFHG 62 IRUPDWLRQLQ H[KDXVW E\ REVHUYLQJ H[KDXVW TXDOLW\ DOVRUHVXOWHG LQ OHVVHU FRUURVLRQ RI HTXLSPHQW2SWLPL]HG DWRPL]DWLRQ UHVXOWHG LQ UHGXFWLRQ RIOHDN IXHO TXDQWLW\

6WDFN (PLVVLRQ VWDFN 7HPS

7R NHHS DOO 3ROOXWDQW SUHVHQW*DV ZLWKLQ OLPLW ZH KDYH PRQLW6WDFN (PLVVLRQ 630 62 &2 &2 12FRQWLQXRXVO\ E\ LQWHUQDO VRXUFH

)ROORZLQJ SDUDPHWHUV RI H[KDXVW JDV Das per schedule:-

6U1R

3$5$0(7(5 0(7+2' 5(68/7 81,7 /,0,7

1 Particulate0DWWHU 30

EPA 0HWKRG

PJ1P 3

2 SulpherDioxide (SO 2)

EPA 0HWKRG

.J 'D\ 1400

3 &DUERQDioxide (CO 2)

0XOWLSOH *DVDetector

-

4 &DUERQ0RQR[LGH &2

0XOWLSOH *DVDetector

ppm

1LWURJHQ'LR[LGH 122)

EPA 0HWKRG

PJ1P 3

970

(IIHFWLYH 8WLOL]DWLRQ RI :DVWH +HDW

'HFUHDVHG FDUERQ GHSRVLWLRQ RQ :ERLOHU ZDWHU SLSHV KDYH UHVXOWHWUDQVIHU WKXV HIFLHQF\ RI ERLOHU K

,QFUHDVH LQ FDORULF YDOXH E\ 0- NJDGGLQJ DGGLWLYH &DUERQ\O 2

(QJLQH VRXQG KDV UHGXFHG DQG RSVPRNH KDV DOVR UHGXFHG

1HW HIFLHQF\ LQFUHDVH E\ DGGLQJ&DUERQ\O 2

&RPEXVWLRQ HIFLHQF\ LV PRQLWRUHG ELQ SHUFHQWDJH RI &22 , H &RPEXVWLRQFDUERQ WR FDUERQ GLR[LGH 1HW LQFU2SHUFHQW LV LQGLFDWLQJ QHW LQFRPEXVWLRQ HIFLHQF\ E\

&DOFXODWLRQ 0ROHFXODU ZHLJKW2:- 44JP QHW &2 2 LQFUHPHQW $WRPLF ZHRI FDUERQ

QHW VDYLQJ RI IXHO

Conclusion: - ` 07 RI ) 2 *URVV VDY -LQJ

$GHTXDWH FKDQJHV UHGXFHG RI FDU-SRVLWV RQ WXUERFKDUJHU WXUELQHUHVXOWHG WR EHWWHU HIFLHQF\ RI W

/HVV FDUERQ GHSRVLWLRQ RQ EOWXUERFKDUJHU VKRZV EHWWHU HIFLVHWV DQG WKH FOHDQLQJ IUHTXHQF\UHGXFHG DYHUDJH GD\V %HIRUH GRVLUHTXLUHG IRU ZDVKLQJ WXUELQHV R

PLQ


32/120


$IWHU GRVLQJ WLPH UHTXLUHG IRU ZDVKLQJ WXUELQHRI ERWK '* :00

7LPH VDYLQJ LQ PRQWK IRU VFKHGXOHG PDLQWH-QDQFH RI ERWK '* PLQ

([KDXVW JDV WHPSHUDWXUH FRPHV GRZQ E\0Cto 8 0& IURP UXQQLQJ SDUDPHWHUV

([KDXVW JDV WHPSHUDWXUH GHYLDWLRQ VWRSSHGDQG FRPH GRZQ E\ 0C to 8 0& LW ZLOO UHVXOWWKDW ORZHU WKHUPDO DQG PHFKDQLFDO ORDGLQJRQ HQJLQH UHVXOWLQJ OLIH LQFUHPHQW RI URWDWLQJHTXLSPHQW SDUW )RU H[DPSOH

%HIRUH XVH RI DGGLWLYHV ([KDXVW JDV WHPSHUD-WXUH GLIIHUHQFH EHWZHHQ WKH EDQNV

$W VDPH ORDG 0:

%DQN $ 7HPSRecord

%DQN % 'LII

428 /RZHVW 406 22440 +LJKHVW 421 19436 0DUJLQ 21437 - 414 23

$IWHU XVH RI DGGLWLYHV ([KDXVW JDV WHPSHUD-WXUH GLIIHUHQFH EHWZHHQ WKH EDQ

%DQN $ 7HPSRecord

%DQN % 'LII

448 +LJKHVW 438 13440 0DUJLQ 427 13437 /RZHVW 424 13

(QHUJ\ 6DYLQJ FRVW VDYLQJ ,Q WKH )RUP 2I&RQGHQVDWH 5HFRYHU\ )URP (&/ :LGHU%\ XVLQJ IHHG ZDWHU IURP (&/ WDQN KDYLQJtemp of 90 0& KDV UHGXFHG WKH HQHUJ\ FRQ-sumption of IBL as the fuel requirement hasOHVVHQHG GXH WR UDLVHG WHPS RI IHHG ZDWHUSUHYLRXVO\ LW ZDV0& 7KLV KDV DOVR JLYHQDQ DGYDQWDJH E\ OHVVHU XVDJH RI VRIW ZDWHU1HW 6DYLQJ IURP &50 GXULQJ SHULRGWR E\ FRQGHQVDWH UHFRYHU\

7RWDO FRQGHQVDWH UHFRYHU\= /WU ./

7RWDO (QHUJ\ VDYHG = .FDO /WU

7RWDO &RVW 6DYLQJ LQ` =

$YHUDJH FRQGHQVDWHUHFRYHU\ SHU GD\ = ./ 'D\

$YHUDJH (QHUJ\ 6DYLQJSHU GD\ = .FDO 'D\

$YHUDJH 6DYLQJ LQ`SHU GD\ = 'D\

&RVW VDYLQJ SHU ./ RI condensate = ` ./

$QQXDO VDYLQJV GXH WR= &RVW RI &RQG NJ 4W\FRQGHQVDWH UHFRYHU\ RI &RQG KUV +UV 2I

operation) = = `

7RWDO FRQGHQVDWH UHFRYHU\ DW 673 WXEH SO

/LWHUV PRQWK

(QHUJ\ VDYLQJ DQG FRVW VDYLQJ LQ WKH IRFRQGHQVDWH UHFRYHU\ IRUP ( & / ZLGHU

5HJXODU PRQLWRULQJ RI &50

5HJXODU S P RI &50

)ROORZ VWDQGHUG RSHUDWLQJ SURFHGXUH

7RWDO FRQGHQVDWH UHFRYHU\

7RWDO HQHUJ\ VDYLQJ .&$/2 %HQHWV

derived

as aresultof theDERYHR&D

%KXVKDQ 6WHHO /LPLWHGLVWKH UVWVWHHOLQ ,QGLD ZKLFK LV PDNLQJ GHQW UHVLVWDQW

$XWRPRELOH VHFWRU VSHFLDOO\ IRU RXWHUSDQHOV DOO FDU PDQXIDFWXUHU ZHUH LPSRVWHHO IURP YDULRXV VRXUFHV (DUOLHU %KXUVW JRW WKH RSSRUWXQLW\ WR H[SORUH WKLDQ ,QGLDQ 6XSSOLHU

,QGLJQDWLRQ RI WKH FDU ERG\ VKHHW SDQHO KDFKLHYHG XS WR DW WKH PDMRU FDU LQG8OWUD ORZ FDUERQ VWHHO(8/& ,) VWHHO) and DentUHVLVWDQW KLJK WHQVLOH PDWHULDO L H $3

63& KDV EHHQ ZHOO GHYHORSHG DQGHVWDEOLVKHG IRU WKH RXWHU ERG\ SDQHOV

1HZ JUDGHV UHTXLUHG IRU WKH DXWRPRWLYRWKHU WKDQ WKH ('' TXDOLW\ VKHHW KDYSURGXFHG VXSSOLHG DQG SHUIRUPLQJ ZHOOYDULRXV DXWRPRELOH PDQXIDFWXUHUV

5ROOLQJ XS WR PP ZLGWK KDV EHHQ DFKLHYH

1RQ 6FDOORSLQJ PDWHULDO ZLWK HTXLD[HVWUXFWXUH IRU WKH EHDULQJ FDVH LQGXVWHVWDEOLVKHG

(QDPHOLQJ JUDGH IRU WKH NLWFKHQ ZDUH DSSKDV EHHQ DFFHSWHG E\ WKH PDUNHW

$SSURYDO JUDQWHG E\ +RQGD 0RWRUV -DSD2XWHU ERG\ VNLQ SDQHOV 3URGXFWLRQ RI $(Galume ) 6WDUWHG

,Q WKH LQLWLDO VWDELOL]DWLRQ SHULRG RI &&&0 RSHUDWLRQ 3ODQW KDV VWDUWHG GHYH-FLDO 6WHHO *UDGHV IRU FROG UROOLQJ IRUDQG :KLWH JRRGV LQGXVWU\ OLNH ' '' ('' 7XEHPDNLQJ *UDGHV VWHHO 0HGLXP +LJK FDUVWHHOV 0LFUR $OOR\HG 6WHHO(/RZ $OOR\ +LJK 6WUHQJWK +6/$ OLNH 6$( 6$( 6$( DQGKLJK WHQVLOH VWUXFWXUDO VWHHO LQ 6WVXFFHVVIXOO\ GRQH

1HW HIFLHQF\ LQFUHDVH E\ DGGLQJ DGGLFDUERQLO R DQG DFWXDO IXHO VDYLQJIXHO FRQVXPSWLRQ


33/120


6OXGJH UHGXFWLRQ E\ ZD\ RI VHGLPHQW DQG DV-SKDOWHQH UHGXFWLRQ LQ WUHDWHG WDQN E\ FDU-ERQLO R

1HW LQFUHDVH LQ FDORULF YDOXH RI I R DIWHU DGG-LQJ DGGLWLYH LV PM NJ

7RWDO VXOSKXU FRQWHQW LV UHGXFHG E\ E\additive and reduced corrosion of equipmentDQG SROOXWDQW WR DWPRVSKHUH

(QJLQH VRXQG KDV UHGXFHG DQG RSDFLW\ RIVPRNH KDV DOVR UHGXFHG

$GHTXDWH FKDQJHV UHGXFHG RI FDUERQ GH-SRVLWV RQ WXUERFKDUJHU WXUELQH EODGHV ZKLFKUHVXOWHG WR EHWWHU HIFLHQF\ RI WKH GJ VHWV

([KDXVW JDV WHPS FRPHV GRZQ E\ WR FIURP UXQQLQJ SDUDPHWHUV

'XULQJ PDMRU PDLQWHQDQFH U K RIGJ YHU\ OHVV FDUERQ GLSRVLWLRQQ IRXQG RQHQJLQH SDUWV DV FRPSDUH WR SULYHV PDLQWH-QDQFH U K

1) 7HPS LQFUHPHQW LQ ERLOHU IHHG ZDWHU IURPF WR F

2) 5HGXFH VRIW ZDWHU FRQVXPSWLRQ LQ ERLOHU

DSSUR[ OWUV KU

NO GD\ NO PRQWK

3) 5HFRYHU RI FRQGHQVDWH ZDWHU LQIHHGZDWHUWDQN ZLOO KHOS UHGXFLQJ WKH ERLOHU ZDWHUWGV ZDWHU WUHWPHQW FRVW DOVR WKH FRVW RIZDWHU

4) (QHUJ\ VDYLQJ WR UDLVH WKH IHHG ZDWHUWHPPS LQ LEO IURP F WR F

3 )XWXUHPlan of action

7KH HIIRUWV DUH FRQWLQXHG WR DFKLHYH LQGLJ-QDWLRQ RI WKH DXWR LQGXVWU\

0DWHULDO WR EH WULHG IRU RSWLPL]LQJ GLIIHUHQW DQQHDO-LQJ F\FOHV IRU JHWWLQJ RSWLPXP SURSHUWLHV

To reduce process cost & reduce failure and Im-SURYH SHUIRUPDQFH RI WKH H[LVWLQJ DQG QHZO\ GH-YHORSHG SURGXFWV

(UHFWLRQ RI $FLG UHJHQHUDWLRQ 3ODQW

(UHFWLRQ RI + 7 /LQH

8S JUDGDWLRQ RI 3LFNOLQJ /LQH $GGLWLRQ RIRQH PRUH $FLG WDQN

)XUWKHU $XWRPDWLRQ RI +LWDFKL UROOLQJ PLOO

(OHFWULFDO $XWRPDWLRQ RI 6NLQ SDVV PLOO

*DOYDQL]LQJ /LQH DXWRPDWLRQ

)XUQDFH H[WHQVLRQ RI 1DUURZ PLOO FR(UHFWLRQ RI 2QH PRUH DGGLWLRQDO 1ZLWK DQFLOODU\ IDFLOLWLHV

,PSURYLQJ DFFXUDF\ IRUEDODQFH ZHLJK

3URFXUHPHQW DQG FRPPLVVLRQLQJ RGULYHV DQG PRWRU IRU FKDUJLQJ SODWKH FKDUJLQJ PDFKLQHV IRU FRDORSWLPL]DWLRQ

3ODQQLQJWR FRPPLVVLRQ'U\4XHQFKLQIRU &RNH FRROLQJ

3URFXUHPHQW DQG FRPPLVVLRQLDFFXPXODWRUV RI ERWK )XPH &DUV IRUUXQQLQJ RI )XPH &DUV LQ%DWWHULHVFKDUJLQJ HPLVVLRQ

3&, UDWH LV WR EH LQFUHDVHG XS WR

+RW %ODVW 7HPSHUDWXUH LV WR EHGHJ &

)RU )XWXUH 3ODQ RI DFWLRQ :LQG5HSDLULQJ VKRS IRU +7 /7 PRWRU LV HQY

3ODQQLQJ WR XVH FRNH RYHQ JDV LQ EERLOHUV

3ODQQLQJ WR LQVWDOO 7RQ HOHFWULF%+(/ %RLOHUV WR OLIW EHG PDWHULD

OHYHO WR UHGXFH 7LPH PDQ SRZHU3ODQQLQJ WR FKDQJH FRROLQJ WRZimpellers from Cast steel to stainless steel(QHUJ\ VKDYLQJ

%3 6KHHW $QQHDOLQJ )XUQDFH

2QH 00 :LGH 0L &ROG 5ROOLQJ 0LOO

2QH 5HZLQGLQJ &XP 7ULPPLQJ /LQH

2QH *DOYDQL]LQJ &XP *DOYDOXUH ZLW3RWV

2QH &XW 7R /HQJWK /LQH

8WLOLWLHV VXFK DV &RPSUHVVRU IRUP

5$1' '0 ZDNH SODQW 6RIW ZDWHU SODQW,RQ ([FKDQJH 0XPEDL

10 3 [ +\GURJHQ 3ODQW IURP 3HULF &

- One 10Ton Boiler from Industrial Boiler,0XPEDL

7R UHSODFH ROG FRQWURO V\VWHP RILQ &RORU &RDWLQJ /LQH E\ XSJUDGHV\VWHP RI &0, WR REWDLQ VKHHW FHUHGXFH VLGHWUDFN WR UHGXFH UROmaintain proper tension, to prevent catenariesXFWXDWLRQ HWF


34/120


- Planned to increase CCL speed from 90030 72 030 E\ XSJUDGLQJ H[LVWLQJOLQH HTXLSPHQWV H[LVWLQJ V\VWHP WUDLOV DUHVXFFHVVIXO XS WR 030

2QOLQH FRORU DQG ')7 PHDVXUHPHQW V\VWHP

,QVWDOODWLRQ RI VPDOO GLD 3LSH PLOO RI FDSDFLW\ WR 0DNH 0LOOWHFK .RUHD

0DJQHWLF 3DUWLFOH ,QVSHFWLRQ HTXLSPHQW 0DNH. (OHFWURQLFV 0XPEDL

$XWRPDWLF +DUGQHVV WHVWHU IRU WKH HYDOXDWLRQRI PDWHULDOV KDUGQHVV WR FDWHU EXON

VDPSOHV IRU $3, RUGHUV

8S JUDGDWLRQ RI $3, / OLFHQVH XS WR ;JUDGH $3, &7 OLFHQVH XS WRW . JUDGH

,QVWDOODWLRQ RI DQRWKHU QHZ 5ROO *ULQGLQJ0DFKLQH

,QVWDOODWLRQ RI DQRWKHU QHZ +5 6OLWWHU

,QVWDOODWLRQ RI QHZ 3UROLQJ OLQH

,QVWDOODWLRQ RI QHZ 5H FRROLQJ FXP WHQVLRQOHYHOHU

,QVWDOODWLRQ RI QHZ $QQHDOLQJ %DVHV

- Automation of ECL

- Automation of GP-III

/HYHO ,, $XWRPDWLRQ RI +LWDFKL 0LOO

5H YDPSLQJ RI +L 5ROOLQJ 0LOO

6WHHO RI +LJK WHQVLOH DSSOLFDWLRQ LQ (QJLQHHULQJ6WUXFWXUDO 3RZHU WUDQVPLVVLRQ /LQH SLSHDSSOLFDWLRQ IRU JDV RLO WUDQVSRUWDWLRQ HOHFWULFDOVWDPSLQJ 1*2 HWF GHYHORSHG GXULQJ WKHQDQFLDO \HDU

6WHHO *UDGH + %+ WR EH GHYHORSHG GXULQJWKH QDQFLDO \HDU

FUEL SYSTEM AND THE ENVIRONMENT

7KH LQVWDOODWLRQ RI WKH )XHO V\VWHP ZLOO KHOS%KXVKDQ 6WHHO OWG WR DFKLHYH WKH IROORZLQJ DLPV

$SSUR[ VDYLQJV RI IXHO :LWK UHGXFH LQZDVWDJH RI QDWXUDO UHVRXUFHV DQG LPSURYH WKHHQHUJ\ HIFLHQF\ RI WKH SODQW

5HGXFWLRQ LQ HPLVVLRQ ZLWK FRQVLGHUDEOHreduction of CO 2 UHVXOWDQW WR DFKLHYH FDUERQFUHGLELOLW\

&OHDQHU DQG FRPSOHWH FRPEXVWLRQ UHLQ UHGXFWLRQ RI XQEXUQW FDUERQ GHSRUHGXFWLRQ LQ &2 (PLVVLRQV

5HGXFHV RI 3UHYHQWLYH 0DLQWHQDQFH VF

4 Expendi-ture onR&D(Ratesin Lacs)&DSLWDORecur-ULQJ

1LO

7(&+12/2*< $%62537,21 $'$37$7,21INNOVATION

1 Efforts inEULHI PDGHWRZDUGVWHFKQRORJ\DEVRUSWLRQadaptation & innovation

&203$1


35/120


J 7HFKQLFDO $VVLVWDQFH &RQWUDFW ZLWK 6XP-LWRPR 0HWDO ,QGXVWULHV -DSDQ IRU GHYHO-opment, sample test and evaluation andVLPXODWLRQ RI YDULRXV JUDGHV UHTXLUHG E\WKH ,QGLDQ ,QGXVWU\ KDV EHHQ UHQHZHGIRU IXUWKHU SHULRG RI VL[ \HDUV

K 5H FHUWLFDWLRQ RI ,62 76 IURPYHUVLRQ WR

L &HUWLFDWH KDV EHHQ REWDLQHG IURP 'XQV& Brandstreet Information Services,QGLD 3YW /WG '816 1XPEHU

IRU VXSSO\LQJRXU PDWHULDO GLUHFWO\WR $XWR 2(0V DEURDG OLNH(*0 )RUG&KU\VOHU 9RONV :DJRQ HWF

M ,QVWDOODWLRQ RI .DWKDEDU FRLO FRROLQJ V\V-tem imported from LOI Thermo process*HUPDQ\ KDV UHVXOWHG LQ LQFUHDVHG SUR-GXFWLYLW\ DOVR KHOSHG LQ HOLPLQDWLQJUHMHFWLRQ GXH WR SLQ UXVW

N 1R +\GURJHQ EDVHV DGGHG IURP (E-QHU $XVWULD

O &RORXU &RDWHG 3UROLQJ IDFLOLW\ DGGHG

P 2QH QHZ SURFHVV OLQH LV DOVR XQGHU LQ-VWDOODWLRQ VWDJH 7KLV ZLOOVWDUW SURGXFLQJPDWHULDO GXULQJ FXUUHQW \HDU DQG ZLWK

WKLV OLQH ZH ZLOO SURGXFH *DOXPH PDWH-ULDO $O =Q)

Q 6HUYLFH &HQWHUIRU FRORXUFRDWLQJ OLQHHV-WDEOLVKHG

&203$1


36/120


QRV 3UROH 0DFKLQHV KDYH EHHQ LQ-

VWDOOHG IRU WKH SURFHVVLQJ RI KLJK TXDOLW\SUROH RI *, */ DQG FRORU SURGXFWV IRUYDULRXV FRPPHUFLDO DSSOLFDWLRQV

(OHFWUR VWDWLF RLOHU IRU FRQWUROOHG RLOLQJfor CRCA applied for auto sector and ap-SOLDQFH LQGXVWULHV

+\GURJHQ DWPRVSKHUH FRQWUROOHGEHOO DQQHDOLQJ IXUQDFHV IRU DFKLHYLQJXQLIRUP SURSHUWLHV LQ &5&$

ERW Pipe Plant:

%6/ KDV FRPPLVVLRQHG WKHODWHVW WHFKQRORJ\(5: SLSH SODQW IURP 0LOO WHFK .RUHD 7KHPLOO LV RI UVW RI LWV NLQG LQ ,QGLD WR PDQXIDF-WXUH (5: SLSHV XS WR 2' UHTXLUHG IRU 2LODQG QDWXUDO JDV WUDQVSRUWDWLRQ

7KH WHFKQRORJ\ LQFRUSRUDWHV KLJK OHYHO RIDXWRPDWLRQ IRU VPRRWK WURXEOH IUHH RS-HUDWLRQ ZLWK KLJK SURGXFWLRQ RXWSXW

7KLV LV WKH UVW (5: SLSH PLOO WR PDQXIDF-WXUH ; JUDGH SLSHV VSHFLDOO\ UHTXLUHG IRUKLJK SUHVVXUH VHUYLFH

87,/,7<

(UHFWLRQ DQG &RPPLVVLRQLQJ RI 6HZDJH

Treatment Plant at API&DSDFLW\ 0 'D\

(UHFWLRQ DQG &RPPLVVLRQLQJ RI 6HZDJHTreatment Plant at Bhushan Garden

&DSDFLW\ 0 'D\

,QVWDOODWLRQ RI &KLOOLQJ 0DFKLQH DW $3,

&DSDFLW\ 75

7XEH SODQW

0W KU FDSDFLW\ UROOHU KHDUWK IXUQDFHLQVWDOOHG LQ DGGLWLRQ WR SUHYLRXV WZR

furnaces to increase the production of & ( :

$ IXOO\ HTXLSSHG 5 ' FHQWUH LV XQGHU FRP-PLVVLRQLQJ ZLWK IROORZLQJ IDFLOLWLHV

Research & development centre:

)HZ RI WKH WHVW V\VWHPV DUH OLVWHG EHORZ

6SDUN HPLVVLRQ VSHFWURPHWHU IURP P VWKHUPR HOHFWURQ 6SHFWURPHWHU 6ZLW]HU-ODQG ZLWK DGGLWLRQDO IDFLOLW\ WR FKHFNQLWURJHQ FRQWHQW

)XOO\ FRPSXWHUL]HG XQLYHUVDO WPDFKLQH ZLWK WRQ FDSDFLW\ IURP 0=ZLFN *HUPDQ\ IRU GHWHUPLQDWLRPHFKDQLFDO SURSHUWLHV DORQJ ZLWVWUDLQ FXUYH IDFLOLW\

'LJLWDO 9LFNHUV DQG 5RFNZHOO KDUWHVWHUV IURP 0 V =ZLFN *HUPDQ\

4 )RJ F\FOLF FRUURVLRQ WHVWLQJ H-PHQW KDV EHHQ SURFXUHG IURP 4 /86$ 7R SHUIRUP VDOW VSUD\ WHVWVRSKLVWLFDWHG F\FOLF FRUURVLRQ*DOXPH DQG 3UH SDLQWHG SURGXFWVZLOO KHOS WR JHW FRUUHODWLRQ ZLWexpected results

,PSDFW WHVW PDFKLQH ZLWK FDSDFLMRXOHV IRU GHWHUPLQDWLRQ RI IU

WRXJKQHVV RI PDWHULDO LQ VXE ]HU-URQPHQWDO FRQGLWLRQV

0HWDOOXUJLFDO PLFURVFRSH ZLWK-PLFURJUDSK DWWDFKPHQW IURP 0 V=HLVV *HUPDQ\

'URS ZHLJKW WHDU WHVW PDFKLQH ':7ZLWK FDSDFLW\ RI M WR GHWHUPLGXFWLOH EULWWOH IUDFWXUH GHWHPDWHULDO XQGHU VXE]HUR HQYLURFRQGLWLRQV

489 DFFHOHUDWHGZHDWKHU WHVWHU IRWHVWV IRU SUH SDLQWHG SURGXFWV

R & D efforts:

489 IRU SUHGLFWLQJ UHODWLYH GXUDELO-door environments

4XDOLW\ V\VWHPV

%6/ NKRSROL KDV EHHQ QRZ FHUWLHG IRUYHUVLRQ RI ,62 YHUVLRQ

$OVR FHUWLHG IRU ,62 IRU WKHHQYLURQPHQWDO PDQDJHPHQW V\VWHP

3UHVHQWO\ RQ WKH ZD\ IRU ,62 O 2+6$6DQG 76 FHUWLFDWLRQ IRU DXWR VHFW

%KXVKDQ LV PRYLQJ DKHDG IRU FHUWLIURP $PHULFDQ SHWUROHXP LQVWLWXWHIRU PDQXIDFWXULQJ SLSHV DV SHU $3, /&7 6SHFLFDWLRQ DORQJ ZLWK 406 DV SHU6SHF 4 FHUWLFDWLRQ

,62 76 IRU 4XDOLW\0DQDJHPHQW 6\VWHP


37/120


$3, 4 IRU 4XDOLW\ 3URJUDPV IRU WKH3HWUROHXP 3HWURFKHPLFDO 1DWXUDO *DV,QGXVWU\

$3, / IRU OLQH SLSHV IURP $PHULFDQ 3H-WUROHXP ,QVWLWXWH

$3, &7 IRU&DVLQJ 7XELQJ IURP $PHU-LFDQ 3HWUROHXP ,QVWLWXWH

%+(/ +\GHUDEDG

&HUWLFDWLRQ (QJLQHHUV ,QGLD /WG IRU/DERUDWRU\ 7HVWLQJ )DFLOLWLHV

&HUWLFDWLRQV DSSURYHG E\ %,6

,6 6WHHO 7XEHV IRU PH -FKDQLFDO *HQHUDO (QJ 3XUSRVH

,6 6WHHO 7XEHV 8VHG IRU:DWHU :HOOV 6SHFLFDWLRQ

,6 6WHHO 7XEHV )RU6WUXFWXUDO 3XUSRVH 6SHFLFDWLRQ

,6 6WHHO WXEHV IRU,GOHUV IRU EHOW FRQYH\RUV

,6 6WHHO 3LSHV IRU :D -WHU 6HZDJH WR PP

$SSURYDOV IURP 0(&21 *$,/ ,2&/ *63/DQG ,*/ HWF DUH XQGHU ZD\ &HUWLFDWHV IRU,62 IRU (QYLURQPHQWDO 0DQDJHPHQW

6\VWHP ,62 IRU 2FFXSDWLRQDO +HDWK6DIHW\ 0DQDJHPHQW 6\VWHP DUH XQGHU LP-SOHPHQWDWLRQ

)ROORZLQJ IDFLOLWLHV ZLOO EH LQFOXGHG LQ FRP-LQJ \HDUV

,QVWDOODWLRQ RI VPDOO GLD 3LSH PLOO RI FD-SDFLW\ WR

0DNH 0LOOWHFK .RUHD

0DJQHWLF 3DUWLFOH ,QVSHFWLRQ HTXLSPHQW

0DNH . (OHFWURQLFV 0XPEDL

$XWRPDWLF +DUGQHVV WHVWHU IRU WKH HYDO-

XDWLRQ RI PDWHULDOV KDUGQHVV WR FDWHUEXON VDPSOHV IRU $3, RUGHUV

8S JUDGDWLRQ RI $3, / OLFHQVH XS WR; JUDGH $3, &7 OLFHQVH XS WRW. JUDGH

7KUHH /3( FRDWLQJ

&RDWLQJ IDFLOLWLHV DYDLODEOH DFKLHYHPHQW

([WHUQDO FRDWLQJ

D )XVLRQ ERQGHG HSR[\ FRDWLQJ XS WRmicron

E 'XHO OD\HU IXVLRQ ERQGHG HSR[\PLQ PLFURQ

F OSH FRDWLQJ DV SHU GLQ

G 3RO\SURS\OHQH FRDWLQJV IRU KL-LQJ WHPSHUDWXUH

&RDWLQJ UDQJH WR 2' SLSHV

&RDWLQJ OHQJWK P WR P

&RDWLQJ WKLFNQHVV XS WR PP

&RDWLQJ FDSDFLW\ 6T P KU DV SHU30670

,QVWLOOHG FRDWLQJ FDSDFLW\PHWHU \HDU PLQ

,QWHUQDO FRDWLQJD RZ UHGXFWLRQ FRDWLQJ

E )RRG JUDGH HSR[\ FRDWLQJ

F VROYHQW IUHH HSR[\ FRDWLQJ

G 3RO\XUHWKDQH FRDWLQJ

&RDWLQJ UDQJH WR 2' SLSHV

&RDWLQJ OHQJWK P WR P

&RDWLQJ WKLFNQHVV XS WR PL

,QVWDOOHG FRDWLQJ FDSDFLW\\HDU PLQ

&203$1


38/120


606 1RV 7 ,QGXFWLRQ)XUQDFH 1R 7 ($)

6WUDQG %LOOHW &DVWHU

6LQJOH 6WUDQG 6ODE &DVWHU

2[\JHQ 3ODQW 73' 73'73' ZLWK 2[\JHQ 1LWURJHQ $UJRQVHSDUDWLRQ V\VWHPV

8WLOLW\ V\VWHPV ZLWK :DWHU WUHDWPHQW DQGZDWHU FRROLQJ V\VWHPV ZLWK SLSHOLQHV:DWHU FRROLQJ WRZHUV

)XOO HGJHG 5DLOZD\ 1HWZRUN ZLWK


39/120


%HQHWVderived as aresult of theDERYH HIIRUWVH J SURGXFWimprove-ment, costreduction,productdevelop-ment, importVXEVWLWXWLRQHWF

&203$1


40/120


ANNEXURE - CCORPORATE GOVERNANCE REPORT

1. COMPANYS PHILOSOPHY ON CODE OF GOVERNANCE

7KH &RPSDQ\ LV FRPPLWWHG WR DWWDLQ WKH KLJKHVW VWDQGDUG RI &RU-SRUDWH *RYHUQDQFH ,W UHFRJQLVHV WKDWWKH %RDUG LV DFFRXQWDEOH WRDOO WKH 6WDNHKROGHUV IRU JRRG JRYHUQDQFH 7KH SKLORVRSK\ RI WKH&RPSDQ\ LQ UHODWLRQ WR &RUSRUDWH *RYHUQDQFH LV WR HQVXUH WUDQV-SDUHQF\ LQ DOO LWV RSHUDWLRQV PDNH DSSURSULDWH GLVFORVXUH DQG HQ-KDQFHG VKDUHKROGHUV YDOXH ZLWKRXW FRPSURPLVLQJ LQ DQ\ZD\ DQGLQ FRPSOLDQFH ZLWK ODZV DQG UHJXODWLRQV

%2$5' 2) ',5(&72567KH FXUUHQW SROLF\ RI WKH &RPSDQ\ LV WR KDYH DQ DSSURSULDWH PL[of executive and independent directors to maintain the independ-HQFH RI WKH %RDUG DQG WR VHSHUDWH LWV IXQFWLRQV RI JRYHUQDQFHDQG PDQDJHPHQW &XUUHQWO\ WKH %RDUG RI 'LUHFWRU FRQVLVWV RIWHQ 'LUHFWRUV RXW RI ZKLFK 6L[ DUH 1RQ ([HFXWLYH 'LUHF-

WRUV )LYH RI ZKRP EHLQJ LQGHSHQGHQW

&RPSRVLWLRQ DQG FDWHJRU\ RI 'LUHFWRUV DUH DV XQGHU&DWHJRU\ 1DPH RI 'LUHFWRUV3URPRWHUV ([HFXWLYH 'LUHFWRU 6K 1HHUDM 6LQJD3URPRWHU 1RQ ([HFXWLYH 'LUHFWRUChairman

6K % % 6LQJDO

1RQ 3URPRWHU ([HFXWLYH 'LUHFWRUV 6K 1LWWLQ -RKDU6K 3 . $JJDUZDO6K 5DKXO 6HQ *XSWD

,QGHSHQGHQW 1RQ ([HFXWLYH 'LUHF-tors

6K 0RKDQ /DO

6K % % 7DQGRQ6K 9 . 0HKURWUD6K 0 9 6XU\DQDUD\DQD

1RPLQHH 'LUHFWRUV 0V 6XQLWD 6KDUPD1RPLQHH 'LUHFWRU /,&

$77(1'$1&(2) ($&+ ',5(&725$77+(%2$5'0((7,1*6 /$67$118$/*(1(5$/0((7,1*$1' 180%(52)27+(5',5(&7256+,3 $1' &+$,50$16+,3 0(0%(56+,3 2) &200,77(( 2) ($&+ ',5(&725 ,1 9$5,286 &203$1,(6

SrNo

1DPH RI 'LUHFWRUV $WWHQGDQFH 3DUWLFXODUV 1R RI GLUHFWRUVKLSV FRPPLWWHH PHPEHUVKLSFKDLUPDQVKLS RI 3XEOLF FRPSDQLHV

1R RI %RDUG0HHWLQJV KHOG

GXULQJ WKHLUWHQXUH LQ WKHF.Y.2011-12

1R RI %RDUG0HHWLQJ

$WWHQGHG

$WWHQGDQFH DW/DVW $*0

2WKHU'LUHFWRUVKLSV

&RPPLWWHHPHPEHUVKLS

&RPPLWWHH&KDLUPDQVKLS

6K % % 6LQJDO YES 7 4 6K 1HHUDM 6LQJDO YES 7 3 -

6K 0RKDQ /DO YES 2 - - 6K % % 7DQGRQ YES 14 10 1 6K 0 9 6XU\DQDUD\DQD 12 - 1 - 6K 9. 0HKURWUD YES - 1 - 6PW 6XQLWD 6KDUPD 12 - - - 6K 1LWWLQ -RKDUL YES 1 - - 6K 5DKXO 6HQ *XSWD YES 1 - - 6K 3. $JJDUZDO YES - 1 -

([FOXGHV 'LUHFWRUVKLSV &RPPLWWHH PHPEHUVKLSV DQG &RPPLWWHH &KDLUPDQVKLSV RI 3ULYDWH /LPLWHG &RPSDQLHV )RUHLQFRUSRUDWHG 8 V RI WKH &RPSDQLHV $FW

&RPPLWWHH KHUH PHDQV $XGLW &RPPLWWHH DQG 6KDUHKROGHUV ,QYHVWRUV *ULHYDQFHV &RPPLWWHH 0HPEHUVKLS RI &RPPLWW

12 2) %2$5' 0((7,1*6 +(/' $1' 7+( '$7(6 21WHICH HELD'XULQJ WKH \HDU )LYH %RDUG 0HHWLQJV ZHUH KHOG RQ

DQG

3. AUDIT COMMITTEE7KH &RPSDQ\ KDV DQ $XGLW &RPPLWWHH RI 'LUHFWRUV VLQFH

3UHVHQWO\ WKH &RPPLWWHH FRQVLVWV RI )RXU 'LUHFWRUVQDPHO\ 6K % % 7DQGRQ 6K % % 6LQJDO 6K 0 96XU\DQDUD\DQD DQG 6K 9 . 0HKURWUD

6K % % 7DQGRQ LV WKH &KDLUPDQ RI WKH $XGLW &RPPLWWHH

$XGLW &RPPLWWHH KDV SRZHU D WR LQYHVWLJDWH DQ\ DFWLYLW\ ZLWKLQ

LWV WHUPV RI UHIHUHQFH E WR VHHN LQIRUPDWLRQ IURP D

F WR REWDLQ RXWVLGH OHJDO RU RWKHU SURIHVVLRQDWR VHFXUH DWWHQGDQFH RI RXWVLGHUV ZLWK UHOHYDFRQVLGHUV QHFHVVDU\

The terms of reference of the Committee conform to the provisionsRI 6HFWLRQ $ RI WKH &RPSDQLHV $FW DQG DOVR &ODXVHWKH /LVWLQJ $JUHHPHQW DV GHWDLOHG KHUHXQGHU

D 2YHUVLJKW RI WKH &RPSDQ\V QDQFLDO UHSRUWLQJWKH GLVFORVXUH RI LWV QDQFLDO LQIRUPDWLRQ

E 5HFRPPHQGLQJ WKH DSSRLQWPHQW UH DSSRLQWPHQW UVWDWXWRU\ DXGLWRUV DQG [DWLRQ RI DXGLW IHH DQIRU SD\PHQW IRU DQ\ RWKHU VHUYLFHV


41/120


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

G 5HYLHZLQJ ZLWK WKH PDQDJHPHQW SHUIRUPDQFH RI VWDWXWRU\DQG LQWHUQDO DXGLWRUV WKH DGHTXDF\ RI LQWHUQDO FRQWUROV\VWHPV

H 5HYLHZLQJ WKH DGHTXDF\ RI LQWHUQDO DXGLW IXQFWLRQV

I 'LVFXVVLRQ ZLWK LQWHUQDO DXGLWRUV DQ\ VLJQLFDQW QGLQJV DQGIROORZV XS WKHUH RQ

J 5HYLHZLQJ WKH QGLQJV RI DQ\ LQWHUQDO LQYHVWLJDWLRQV E\ WKHLQWHUQDO DXGLWRUV LQWR PDWWHUV ZKHUH WKHUH LV VXVSHFWHG IUDXGRU LUUHJXODULW\ RU D IDLOXUH RI LQWHUQDO FRQWURO V\VWHPV RI DPDWHULDO QDWXUH DQG UHSRUWLQJ WKH PDWWHU WR WKH ERDUG

K 'LVFXVVLRQ ZLWK VWDWXWRU\ DXGLWRUV EHIRUH WKH DXGLWFRPPHQFHV QDWXUH DQG VFRSH RI DXGLW DV ZHOO DV SRVW DXGLWGLVFXVVLRQ WR DVFHUWDLQ DQ\ DUHD RI FRQFHUQ

L 5HYLHZLQJ WKH &RPSDQ\V QDQFLDO DQG ULVN PDQDJHPHQWSROLFLHV

M 5HYLHZLQJ WKH XWLOL]DWLRQ RI SURFHHGV RI IXQGV UDLVHG E\ WKH&RPSDQ\

N 7R ORRNLQWRWKHUHDVRQV IRUVXEVWDQWLDOGHIDXOWVLQ WKHSD\PHQWWR WKH GHSRVLWRUV GHEHQWXUH KROGHUV VKDUHKROGHUV LQ FDVH RIQRQ SD\PHQW RI GHFODUHG GLYLGHQGV DQG FUHGLWRUV

O 5HYLHZLQJ ZLWK WKH PDQDJHPHQW TXDUWHUO\ QDQFLDOVWDWHPHQWV EHIRUH VXEPLVVLRQ WR WKH %RDUG IRU DSSURYDO

'XULQJ WKH \HDU WKH FRPPLWWHH KDV PHW IRXU WLPHV RQDQG 6K

% % 7DQGRQ 6K % % 6LQJDO 6K 0 9 6XU\DQDUD\DQD DQG6K 9 . 0HKURWUD KDYH DWWHQGHG DOO WKH IRXU PHHWLQJV RI WKH $XGLW &RPPLWWHH

4. REMUNERATION COMMITTEE7KLV &RPPLWWHH KDV EHHQ FRQVWLWXWHGIRU PDNLQJ UHFRPPHQGDWLRQRI 5HPXQHUDWLRQ RI ([HFXWLYH 'LUHFWRUV RI WKH &RPSDQ\ 7KH&RPPLWWHH 5HYLHZV &RPSDQ\V 3ROLF\ RQ VSHFLF UHPXQHUDWLRQSDFNDJH IRU WKH H[HFXWLYH 'LUHFWRUV LQFOXGLQJ SHQVLRQ ULJKWV DQ\FRPSHQVDWLRQ DQG UHFRPPHQG WKH PDQDJHULDO UHPXQHUDWLRQ DVSHU WKH SROLF\

COMPOSITION

7KLV &RPPLWWHH FRPSULVHV RI 6K 0RKDQ /DO6XU\DQDUD\DQD 6K 9 . 0HKURWUD 6K % % 6LQJDO DQG 06KDUPD

6K 0RKDQ /DO 1RQ ([HFXWLYH GLUHFWRU LV WKH &K&RPPLWWHH 'XULQJ WKH \HDU WKH &RPPLWWHH PHWDQG DOO WKH PHPEHUV RI WKH &RPPLWWHH KDYH DWWH

REMUNERATION POLICY 7KH UHPXQHUDWLRQ SROLF\ LV GLUHFWHG WRZSHUIRUPDQFH EDVHG RQ UHYLHZ RI DFKLHYHPHQW REDVLV 7KH UHPXQHUDWLRQ SROLF\ LV LQ FRQVRQDQFH,QGXVWULDO SUDFWLFH 7KH UHPXQHUDWLRQ VWUXF'LUHFWRUV FRPSULVHV RI VDODU\ SHUTXLVLWHVFRQWULEXWLRQ WR SURYLGHQW IXQG OHDYH HQFDVK

DETAIL OF REMUNERATION PAID TO DIRECTORS(a) Remuneration paid to Executive Directors:

Sr.No.

1DPH 'HVLJQDWLRQ 6DODU\Perks ( `

6K 1HHUDM 6LQJDO Vice Chairman and0DQDJLQJ 'LUHFWRU

6K 1LWWLQ -RKDULWhole-Time Director 61,24,738 6K 5DKXO 6HQ *XSWDWhole-Time Director 6K 3. $JJDUZDO Whole-Time Director

Total 2,46,04,090

E 6LWWLQJ IHHV SDLG WR 1RQ ([HFXWLYH 'LUHFWR

([HFXWLYH 'LUHFWRUV DUH SDLG VLWWLQJ IHHV IRWKH %RDUG DV ZHOO DV DQ\ RWKHU FRPPLWWHH PHE\ WKHP

Sr.No.

1DPH 'HVLJQD-WLRQ

6LWWLQJFees ( `

1R RI (TXLW\VKDUHV KH

6K % % 6LQJDO Chairman 6K 0RKDQ /DO Director 90,000 1000

6K 9. 0HKURWUD Director - 6K 0 9 6XU\DQDUD\DQDDirector 6K % % 7DQGRQ Director -

TOTAL 12,90,000

F %HVLGHV VDODU\ DQG SHUNV ([HFXWLYH 'LUHFWRU

WKH &RPSDQ\V FRQWULEXWLRQ WR SURYLGHQW IXQRU DQQXLW\ IXQG OHDYH HQFDVKPHQW DQG JUDWX

G 1R &RPPLVVLRQ LV SDLG WR DQ\ 'LUHFWRU

5. SHAREHOLDERS/ INVESTORS GRIEVANCECOMMITTEE7KLV &RPPLWWHH FRPSULVHV RI 6K % % 6LQJDO 6K 1HDQG 6K 3 . $JJDUZDO 'LUHFWRUV 7KLV &RPPLWWHHFRQVWLWXWHG IRU ,QYHVWRUV *ULHYDQFHV VXJJHVWPHDVXUHV WR LPSURYH LQYHVWRUV VDWLVIDFWLRQV&KDLUPDQ RI WKH &RPPLWWHH


42/120


7KH ERDUG KDV GHVLJQDWHG 0U 2 3 'DYUD DV WKH &RPSOLDQFH2IFHU

7KH WRWDO QXPEHU RI FRPSODLQWV UHFHLYHG DQG UHSOLHG WR WKHVDWLVIDFWLRQ RI 6KDUHKROGHUV GXULQJ WKH \HDU XQGHU UHYLHZZHUH $OO WKHFRPSODLQWV ZHUH GLVSRVHGRII DQG WKHUHZHUH QRFRPSODLQWVSHQGLQJ DV RQ 0DUFK

*(1(5$/ %2'< 0((7,1*6/RFDWLRQ DQG WLPH IRU WKH ODVW WKUHH $QQXDO *HQHUDO 0HHWLQJV$*0V

2010-11 2009-10 2008-20092Q :HGQHVGD\ WKHWK 6HSWHPEHU

DW $ 0

at Airforce Audito-ULXP 6XEURWR 3DUN1HZ 'HOKL

2Q 6DWXUGD\ WKHWK 6HSWHPEHU

DW $ 0

at Airforce Audito-ULXP 6XEURWR 3DUN1HZ 'HOKL110 010

2Q 6DWXUGD\ WKHWK 6HSWHPEHU

DW $ 0

at Airforce Audito-ULXP 6XEURWR 3DUN1HZ 'HOKL

6SHFLDO UHVROXWLRQV SDVVHG E\ $*0V KHOG LQ ODVW WKUHH \HDUV DUHDV EHORZOne special resolu-WLRQ ZDV SDVVHGLQ $*0 UHJDUGLQJaddition of Article8A to the Articles of $VVRFLDWLRQ

1 $ 7ZR 6SHFLDO UHVROX-WLRQV ZHUH SDVVHGLQ $*0 UHJDUGLQJRe-appointment of 6PW 5LWX 6LQJDO DVSenior ExecutiveDQG )XUWKHU ,VVX-DQFH RI 6HFXULWLHV

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

0U 5 6 %KDWLD D SUDFWLFLQJ &RPSDQ\ 6HFUHWDU\ DSSRLQWHG E\WKH %RDUG RI 'LUHFWRUV RI WKH &RPSDQ\ DV WKH VFUXWLQL]HU IRUFRQGXFWLQJ WKH 3RVWDO %DOORW SURFHVV

'HWDLO RI 9RWLQJ 3DWWHUQV IRU WKH UHVROXWLRQV

1XPEHU RI YDOLGSRVWDO EDOORW IRUPVreceived

961

Resolutions Votes in favour of DJH RI 9RWHVL 5HVROXWLRQ QRLL 5HVROXWLRQ QRLLL 5HVROXWLRQ QR

147303023147302798

Resolutions 9RWHV DJDLQVW WKHresolutions

DJH RI 9RWHVDJDLQVW WKH UHVR-tions

L 5HVROXWLRQ QRLL 5HVROXWLRQ QRLLL 5HVROXWLRQ QR

1472189

)XUWKHU D 1RWLFH RI SRVWDO EDOORW GDWHG SXWR 6HFWLRQ $ RI WKH &RPSDQLHV $FW UHDG ZLWK W&RPSDQLHV 3DVVLQJ RI WKH 5HVROXWLRQV E\ 3RVWDO %

KDV EHHQ VHQW WR WKH PHPEHUV LQ UHVSHFW RI UHV)XUWKHU LVVXH RI 6HFXULWLHV SURSRVHG WR EH SDVV5HVROXWLRQ

D 'LVFORVXUHV RQ PDWHULDOO\ VLJQLFDQW UHODWHG SDL H WUDQVDFWLRQV RI WKH &RPSDQ\ RI PDWHULDO QDWSURPRWHUV WKH 'LUHFWRUV RU WKH 0DQDJHPHQW WKHLUUHODWLYHV HWF WKDW PD\ KDYH SRWHQWLDO FRQLFW Z&RPSDQ\ DW ODUJH

7KHUH ZHUH QR PDWHULDOO\ VLJQLFDQW WUDQVDFWLRSDUWLHV ZKLFK ZHUH LQ FRQLFW ZLWK WKH LQW&RPSDQ\

E 'HWDLO RI QRQ FRPSOLDQFH E\ WKH &RPSDQ\ SHQDOWLHVLPSRVHG RQ WKH FRPSDQ\ E\ 6WRFN ([FKDQJH RU 6(%, RU6WDWXWRU\ $XWKRULW\ RQ DQ\ PDWWHU UHODWHG WRGXULQJ WKH ODVW WKUHH \HDUV

1RQH

F 7KH &RPSDQ\ KDV DGRSWHG D :KLVWOH %ORZHU 3ROLF\HVWDEOLVKHG WKH QHFHVVDU\ PHFKDQLVP IRU HPSOR\HFRQFHUQV DERXW XQHWKLFDO EHKDYLRXU 1R SHUVRQ KDDFFHVV WR $XGLW &RPPLWWHH

8. ADOPTION OF NON-MANDATORY REQUIREMENTS7KH 5HJLVWHUHG 2IFH RI WKH &RPSDQ\ KDV D &KDLUPDQ 26K % % 6LQJDO QRQ H[HFXWLYH &KDLUPDQ RI WKH &RPSDQ

%HVLGHV PDQGDWRU\ UHTXLUHPHQWV \RXU &RPSDQ\ KDVconstituted a Remuneration Committee to consider andUHFRPPHQG WKH UHPXQHUDWLRQ RI ([HFXWLYH 'LUHF&RPSDQ\ DOVR HQGHDYRXUV WR FRPSO\ ZLWK RWKHU QRQ

UHTXLUHPHQWV RI &ODXVH DV ZHOO9. MEANS OF COMMUNICATION

7KH &RPSDQ\ SXEOLVKHV XQ DXGLWHG 4XDUWHUO\ QDQFLDDXGLWHG DQQXDO QDQFLDO UHVXOWV QRUPDOO\ LQ (F(QJOLVK %XVLQHVV 6WDQGDUG (QJOLVK -DQVDWWD 7LPHV +LQGL DQG %XVLQHVV 6WDQGDUG +LQGL 1HZ7KH UHVXOWV DUH SURPSWO\ IXUQLVKHG WR WKH 6WRFNGLVSOD\ RQ WKHLU UHVSHFWLYH ZHE VLWHV

%RWK 0DQDJHPHQW 'LVFXVVLRQ $QDO\VLV DQG 6KDU,QIRUPDWLRQ IRUP SDUW RI WKH $QQXDO 5HSRUW


43/120


10. GENERAL SHAREHOLDERS INFORMATIONL $QQXDO *HQHUDO 0HHWLQJ IRU WKH \HDU HQGLQJ VW 0DUFK

2Q WKH 0RQGD\ WK 6HSWHPEHU DW $ 0DW $LU )RUFH $XGLWRULXP 6XEURWR 3DUN 1HZ'HOKL

LL $V UHTXLUHG XQGHU &ODXVH ,9 * L RI WKH /LVWLQJ $JUHHPHQWV ZLWK WKH 6WRFN ([FKDQJHV SDUWLFXODUV RI'LUHFWRUV VHHNLQJ DSSRLQWPHQW DW WKH IRUWKFRPLQJ $QQXDO*HQHUDO 0HHWLQJ $*0 DUH JLYHQ LQ WKH 1RWHV WR WKH 1RWLFHRI WKH $*0 WR EH KHOG RQ WK 6HSWHPEHU

LLL )LQDQFLDO


44/120


[ 5HJLVWUDU DQG 7UDQVIHU $JHQW5&0& 6KDUH 5HJLVWU\ 3YW /WG8QLW %+86+$1 67((/ /,0,7('B-106, Sector -212,'$3K 1R)D[ 1R( PDLO VKDUHV#UFPFGHOKL FRP

[L 6KDUH 7UDQVIHU 6\VWHP3XUVXDQW WR 6(%, &LUFXODU 1RV ' && ),77& &,5GDWHG DQG ' && ),77& &,5 GDWHG

0 V 5&0& 6KDUH 5HJLVWU\ 3YW /WG ZKLFKLV DOUHDG\ WKH 'HSRVLWRU\ ,QWHUIDFH RI WKH &RPSDQ\ IRUERWK 16'/ &'6/ KDYH EHHQ DSSRLQWHG DV 5HJLVWUDUDQG 7UDQVIHU $JHQWV 57$ Z H I IRU DOO WKHZRUN UHODWHG WR VKDUH UHJLVWU\ LQ WHUPV RI ERWK SK\VLFDO DQGHOHFWURQLF

6KDUH 7UDQVIHU &RPPLWWHH

It approves the transfer and transmission of securities,LVVXDQFH RI GXSOLFDWH VKDUH FHUWLFDWH 7KLV &RPPLWWHHFRPSULVHV RI 6K 3 . $JJDUZDO DQG 6K 2 3 'DYUD

3K\VLFDO 0RGH7UDQVIHUV RI (TXLW\ VKDUHV LQ SK\VLFDO IRUP DUH UHJLVWHUHGZLWKLQ D SHULRG RI GD\V IURP WKH GDWH RI UHFHLSW $IWHUWKH WUDQVIHU 6KDUH &HUWLFDWHV DUH LPPHGLDWHO\ VHQW 7KH(TXLW\ VKDUHV RI WKH FRPSDQ\ DUH WR EH WUDGHG FRPSXOVRULO\LQ 'HPDW PRGH Z H I

'HPDWHULDOLVHG 0RGH

7KH &RPSDQ\V (TXLW\ 6KDUH DUH HOLJLEOH IRUGHPDWHULDOLVDWLRQ 7KH &RPSDQ\ KDG VLJQHG $JUHHPHQWVZLWK ERWK WKH 'HSRVLWRULHV QDPHO\ 16'/ DQG &'6/ 7KH6KDUHKROGHUV PD\ WKHUHIRUH KROG &RPSDQ\V 6KDUH LQ(OHFWURQLF 0RGH 7KH FRPSDQ\V ,6,1 1R IRU ERWK WKH'HSRVLWRULHV LV ,1( %

[LL 'LVWULEXWLRQ RI 6KDUHKROGLQJ DV RQ

Sr.No.

&DWHJRU\ DJH

1 Promoters2 %DQNV )LQDQFLDO ,QVWLWXWLRQV 0XWXDO

)XQGV ,QVXUDQFH &RPSDQLHV

3 )RUHLJQ ,QVWLWXWLRQDO ,QYHVWURUV 15,V4 Others

[LLL 'HPDWHULDOLVDWLRQ RI 6KDUHV /LTXLGLW\ 2YHU HTXLW\ VKDUHV RI WKH &RPSDQ\V SDLG XSHTXLW\ VKDUH FDSLWDO KDV EHHQ GHPDWHULDOL]HG XSWR VW0DUFK 7UDGLQJ LQ HTXLW\ VKDUHV RI WKH FRPSDQ\ LVSHUPLWWHG RQO\ LQ GHPDWHULDOL]HG IRUP DV SHU QRWLFDWLRQLVVXHG E\ WKH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD6(%,

[LY &RQYHUVLRQ RI :DUUDQWV7KHUH ZDV QRFRQYHUVLRQRI:DUUDQWV GXULQJWKH \HDUHQGHG

[Y 3ODQW ORFDWLRQV

L 3ORW 1R 6LWH ,9 6DKLEDEDG ,QGXVWULDO6DKLEDEDG 'LVWW *KD]LDEDG 8 3

LL 3ORW 6LWH ,9 6DKLEDEDG ,QGXVWULDO6DKLEDEDG 'LVWW *KD]LDEDG 8 3

LLL 9LOODJH 1LIDQ 6DYUROL DQG 'HKYDOL 7DOXND'LVWW 5DLJDG 1HDU .KRSROL 0DKDUDVKWUD

LY 0HUDPDQGDOL 'LVWW 'KHQNDQDO 2ULVVD

( [YL 7UDQVIHU RI XQFODLPHG DPRXQWV WR ,QYHVWR(GXFDWLRQ DQG 3URWHFWLRQ )XQG

The investors are advised to claim the un-encashedGLYLGHQGV O\LQJ LQ WKH XQSDLG GLYLGHQG DFFR&RPSDQ\ EHIRUH WKH GXH GDWH DV LQGLFDWHG LQ W

WKH 1RWLFH EHIRUH FUHGLWLQJ WKH VDPH E\ WKH &WKH ,QYHVWRU (GXFDWLRQ DQG 3URWHFWLRQ )XQG

'XULQJ WKH \HDU XQGHU UHYLHZ WKH &RPSDQ\ KDVIROORZLQJ DPRXQW WR WKH ,QYHVWRU (GXFDWLRQ D)XQG SXUVXDQW WR 6HFWLRQ & RI WKH &RPSDQLHV $F

i) ` LQ UHVSHFW RI WKH 8QSDLG XQFODLPHG GLYLDPRXQW UHODWLQJ WR WKH )LQDO GLYLGHQG GHF

ii) ` LQ UHVSHFW RI WKH 8QSDLG XQFODLPHG GLYLDPRXQW UHODWLQJ WR WKH ,QWHULP GLYLGHQG

&200,77(( 21 %2552:,1*67KH &RPSDQ\ KDV D &RPPLWWHH RI 'LUHFWRUV RQ %RUURZ

3UHVHQWO\ WKH &RPPLWWHH FRQVLVWV RI WKUHH 'LUHF6K % % 6LQJDO 6K 1HHUDM 6LQJDO DQG 6K 1LWWLQ -R6K % % 6LQJDO LV WKH &KDLUPDQ RI WKH &RPPLWWHH

7KLUW\ 6HYHQ 1RV RI 0HHWLQJV RI &RPPLWWHH RI %RD'LUHFWRUV RQ %RUURZLQJV ZHUH KHOG GXULQJ WKH \HDU

13-06-2011,17-06-2011,18-06-2011, 14-07-2011, 30-07-2011,04-08-2011, 17-08-2011, 01-09-2011, 09-09-2011, 17-09-2011,21-09-2011, 29-09-2011, 24-10-2011, 07-12-2011, 17-12-2011,23-12-2011, 07-01-2012, 20-01-2012, 28-01-2012, 29-01-2012,

21-02-2012, 03-03-2012, 10-03-2012, 17-03-2012, 20-03-2012,

DQG12. ADDRESS FOR CORRESPONDENCE

5HJG 2IFH %KXVKDQ 6WHHO /LPLWHG) %ORFN VW )ORRU ,QWHUQDWLRQDO 7UDGH 71HKUX 3ODFH 1HZ 'HOKL7HO)D[( PDLO LQYHVWRUVHUYLFHV#EKXVKDQVWHHO:HE VLWH ZZZ EKXVKDQVWHHO FRP


45/120


ANNEXURE- DMANAGEMENT DISCUSSION AND ANALYSIS:7KH PDQDJHPHQW RI %KXVKDQ 6WHHO /LPLWHG SUHVHQWV LWV DQDO\VLV UHSRUWFRYHULQJ SHUIRUPDQH DQG RXWORRN RI WKH &RPSDQ\ 7KH UHSRUW KDV EHHQSUHSDUHG LQ FRPSOLDQFH ZLWK WKH &RUSRUDWH *RYHUQDQFH UHTXLUHPHQWSUHVFULEHG LQ WKH /LVWLQJ $JUHHPHQW 7KH PDQDJHPHQW DFFHSWVUHVSRQVLELOLW\ IRU WKH LQWHJULW\ DQG REMHFWLYLW\ RI WKH QDQFLDO VWDWHPHQWV

*/2%$/ 67((/ ,1'8675< :RUOG FUXGH VWHHO SURGXFWLRQ UHDFKHG 0LOOLRQ WRQQHV 0W IRU WKH\HDU RI 7KLV LV DQ LQFUHDVH RI FRPSDUHG WR DQG LV DUHFRUG IRU JOREDO FUXGH VWHHO SURGXFWLRQ

$QQXDO SURGXFWLRQ IRU $VLD ZDV 0W RI FUXGH VWHHO LQ DQLQFUHDVH RI FRPSDUHG WR 7KH UHJLRQV VKDUH RI ZRUOG VWHHOSURGXFWLRQ LQFUHDVHG VOLJKWO\ IURP LQ WR LQ

7KH LQWHUQDWLRQDO VWHHO LQGXVWU\ KDV EHHQ UHFRUGLQJ D JUDGXDOLPSURYHPHQW VLQFH ZLWK SURGXFWLRQ OHYHOV ULVLQJ VWHDGLO\ LQ

DOO UHJLRQV 7KLV UHYLYDO KDV EHHQ SURSHOOHG E\ WKH JOREDO HFRQRPLFUHVXUJHQFH DV HYLGHQW LQ ULVLQJ LQGXVWULDO SURGXFWLRQ DFURVV PDMRUJHRJUDSKLHV DV ZHOO DV WKH JRYHUQPHQW VWLPXOXV SURYLGHG LQ NH\UHJLRQV 7KH JOREDO HFRQRP\ LV RQ WKH UHFRYHU\ SDWK ZKLOH DGYDQFHGHFRQRPLHV DUH H[SHFWHGWR SLFN XS JURZWK PRPHQWXP 7KH HPHUJLQJHFRQRPLHV ZLOO FRQVROLGDWH ZLWK PRGHUDWH JURZWK DV WKH IRFXV LVVKLIWHG WR FRQWDLQ LQDWLRQ ZKLOH SXUVXLQJ JURZWK

&KDUW ,QGLFDWLQJ *OREDO &UXGH 6WHHO 3URGXFWLRQLQ 0LOOLRQ 7RQQHV

INDIAN STEEL INDUSTRY ,QGLD LV WKH WK ODUJHVW SURGXFHU RI VWHHO LQ WKH ZRUOG DQG SURGXFHGDERXW PLOOLRQ WRQQHV 07 RI VWHHO LQ )< WKXV DFFRXQWLQJ IRUDSSUR[LPDWHO\ RI WKH ZRUOGV WRWDO SURGXFWLRQ

*OREDOO\ ZLWK WKH QDQFLDO FULVLV VSLOOLQJ LQWR WKH UHDO HFRQRP\GHPDQG KDV VORZHG GRZQ +RZHYHU ,QGLD LV WKH RQO\ FRXQWU\ LQ WKHZRUOG DSDUW IURP &KLQD WR SRVW D SRVLWLYH RYHUDOO JURZWK LQ FUXGH VWHHOSURGXFWLRQ RYHU WKH ODVW \HDU 7KH UHFRYHU\ LQ VWHHO SURGXFWLRQ KDVEHHQ DLGHG E\ WKH LPSURYHG VDOHV SHUIRUPDQFH RI VWHHO FRPSDQLHVChina and India are expected to provide the impetus for steel demandIRU WKH QH[W IHZ \HDUV

,QGLD EHLQJ RQH RI WKH IDVWHVW JURZLQJ FRXQWULHV VKRZHG VLJQLFDQWLQFUHDVH LQ VWHHO FRQVXPSWLRQ GXULQJ WKH ODVW \HDUV )LQLVKHG VWHHOGHPDQG LQ ,QGLD UHJLVWHUHG D KHDOWK\ JURZWK GXULQJ ODVW \HDUV

0DMRU VWHHO FRQVXPLQJ VHFWRUV VXFK DV FRQVWUXSLSH DQG WXEHV DQG PDFKLQHU\ UHFRUGHG VLJQLFDQWODVW IHZ \HDUV GULYLQJ WKH FRXQWU\V VWHHO GHPDQ&KDUW ,QGLFDWLQJ ,QGLDQ 6WHHO 3URGXFWLRQ &RQVXPSW

LQ 0LOOLRQ 7RQ

DEMAND SUPPLY SCENARIO FOR FLAT PRODUCTS'XULQJ WKH SHULRG WR WKH QLVKHG VWHHO SURRI DW SURGXFWV KDV LQFUHDVHG IURP 07 WR 07 H[K&$*5 RI 7KH GHPDQG RI WKHVH SURGXFWV KDV H[KLELWRI LQ WKH VDPH WLPH SHULRG 7KLV HPSKDVL]HV WKH SRGHPDQG IRU DW VWHHO SURGXFWV LV LQFUHDVLQJ DW DFUHDWLQJ D UHDG\ PDUNHW IRU VWHHO SURGXFHUV LQ LV HYLGHQW IURP WKH IROORZLQJ FKDUW WKDW WKH JDFRQVXPSWLRQ LQ ODVW \HDUV KDYH EHHQ UHGXFHG WR

&KDUW ,QGLFDWLQJ )LQLVKHG VWHHO SURGXFWLRQ DW SU 7RQQHV

&ROG 5ROOHG 6WHHO7KH WRWDO LQVWDOOHG FDSDFLW\ RI &5 DWV LQ ,QGLWRQQHV DW WKH HQG RI 7KH SURGXFWLRQ RI &5 DWVD &$*5 RI IURP WR 7KH FRQVXPSWLRQ RI &5 DWSURGXFWV H[KLELWHG D &$*5 RI LQ WKH VDPH SHULRG

%XON RI WKH &5 &RLOV 6KHHWV SURGXFHG LQ WKH FRXQWWKH &RDWLQJ 6HFWRU WR SURGXFH YDOXH DGGHG VWHHPDUJLQV 7KH VHFRQG ODUJHVW FRQVXPHU RI &5 &RLOV LVLQGXVWU\ XVLQJ QHDUO\ RI WRWDO &5 &RLOV SURGXFHG


46/120


&KDUW ,QGLFDWLQJ &RQVXPSWLRQ 3DWWHUQ RI &5 )ODWV

,W LVH[SHFWHG WKDW DXWRPRELOH DQG RWKHU HQGXVH LQGXVWULHV ZRXOG DFKLHYHVWDEOH JURZWK UDWH WKXV SURYLGLQJ D UHDG\ PDUNHW IRU %6/V SURGXFWV

*DOYDQLVHG 6WHHO7KH WRWDO LQVWDOOHG FDSDFLW\ RI *DOYDQLVHG 6WHHO LQ ,QGLD ZDVPLOOLRQ WRQQHV SHU DQQXP DW WKH HQG RI 7KH SURGXFWLRQ RI*3 *& VKHHWV LQ ,QGLD KDV LQFUHDVHG VLJQLFDQWO\ GXULQJ WKH UHFHQW\HDUV 'XH WR WKH ORQJ OLIH DQG GXUDELOLW\ RI WKH SURGXFW LW LV XVHGPDVVLYHO\ LQ GHYHORSPHQW RI LQIUDVWUXFWXUH OLNH $LUSRUWV 0HWUR VWDWLRQVHWF 0DMRU SURGXFHUV RI JDOYDQL]HG VWHHO LQ WKH FRXQWU\ KDYH LQVWDOOHGVWDWH RI WKH DUW WHFKQRORJLHV DQG DUH QRZ FDSDEOH RI SURGXFLQJ

JDOYDQL]HG FRLOV IRU KLJK HQG DSSOLFDWLRQV,QGLDV JDOYDQL]HG VWHHO SURGXFWV KDYH EHHQ ZHOO DFFHSWHG LQ WKH JOREDOPDUNHW 7KLV LV HYLGHQWIURP WKH IDFW WKDW WKH SURGXFWLRQ RI JDOYDQL]HGSURGXFWV LV KLJKHU WKDQ WKH GRPHVWLF GHPDQG 7KLV H[FHVV TXDQWLW\ LVIHG LQWR WKH JOREDO PDUNHW HVSHFLDOO\ 0LGGOH HDVW $IULFDQ PDUNHWVZKLFK DUH D ELJ FRQVXPHU RI WKHVH SURGXFWV

&RQVXPSWLRQ 3DWWHUQ&KDUW ,QGLFDWLQJ &RQVXPSWLRQ 3DWWHUQ RI *3 *& 6KHHWV

RI WKH *3 *& 6KHHWV SURGXFHG LQ ,QGLD DUH FRQVXPHG EFRQVWUXFWLRQ LQGXVWU\ URRQJ HWF IROORZHG E\ H[DFFRXQW IRU RI WKH WRWDO SURGXFWLRQ (QJLQHHULQJ ZKLWDXWRPRELOHV DUH WKH RWKHU PDMRU VHFWRUV FRQVXPLQJ

+5 &RLOV7KH SURGXFWLRQ RI +5 FRLOV KDV H[KLELWHG D &$*5 RI DURXLQ WKH SDVW \HDUV 'XH WR WKH LQFUHDVH LQ GHPDQG IRUSURGXFWV RI +5 FRLO OLNH &ROG UROOHG FRLOV DQG FRDWH*DOYDQL]HG VWHHO JDOXPH VWHHO HWF WKH SURGXFWLRQDFFHOHUDWHG 7KH FRQVXPSWLRQ RI +5 LWVHOI KDV LQFUH\HDUV ZLWK XVH RI +5 JDOYDQL]HG VKHHWV LQ DXWRPRELOJURZWK LQ FRQVXPSWLRQRI WKH +5 FRLOV LQ WKH SDVW \HDURXWSDFHG WKH JURZWK LQ SURGXFWLRQ RI +5 FRLOV

&KDUW ,QGLFDWLQJ 'HPDQG DQG 3URGXFWLRQ RI +5 &RLOV WRQQHV DQQXP

7KH GHPDQG IRU +5 SURGXFWV UHPDLQHG VWDEOH ZLWK LPSURLQ FRQVWUXFWLRQ DXWRPRELOH SLSH DQG WXEH VHFWRUV

RECENT GOVERNMENT INITIATIVES0DMRU LQLWLDWLYHV WDNHQ E\ WKH 0LQLVWU\ RI 6WHHO IRUsteel sector are:

,PSOHPHQWDWLRQ RI WKH 1DWLRQDO 6WHHO 3ROLF\ 1632005: 7KH 1DWLRQDO 6WHHO 3ROLF\ 163 KDV HQYLVDJHG WLQGLJHQRXV SURGXFWLRQ RI PLOOLRQ WRQQHV PW RIDQQXP E\ IURP PW LQ 7R DFKLHYH WKLVREMHFWLYH LW LV QHFHVVDU\ WR FUHDWH UHTXLUHG

VWHHO LQGXVWU\ DV ZHOO DV LQFUHDVH SHU FDSLWD FRQV $ 6WHHO 3URPRWLRQ &RRUGLQDWLRQ &RPPLWWHH 63&&FRQVWLWXWHG XQGHU WKH &KDLUPDQVKLS RI 6HFUHWDURQ WKH PHDVXUHV WR EH WDNHQ IRU SURPRWLRQ RI VWHHLQ WKH FRXQWU\ RQ D VXVWDLQHG EDVLV $V RQH RI WK1DWLRQDO 6WHHO 3URPRWLRQ &DPSDLJQ KDV EHHQ ODXQF

ZLWK SDUWLFLSDWLRQ RI PDMRU VWHHO SURGXFHUV WRDZDUHQHVV UHJDUGLQJ YDULRXVLQQRYDWLYH DQGFRPPRQ

,Q RUGHU WR HQFRXUDJH 5 ' DFWLYLWLHV LQ LURQ VWHHO VH6WHHO LV SURYLGLQJ QDQFLDO DVVLVWDQFH IURP 6WHHO 'HY6') DQG 3ODQ )XQG UHVHDUFK SURMHFWV LQLWLDWHG E\

SULYDWH XQGHUWDNLQJV UHVHDUFK ODERUDWRULHV HGXSURPRWLRQDO LQVWLWXWLRQV KDYH VR IDU EHHQ DSSURYHG


47/120


` FURUH ZDV DOORFDWHG IURP 3ODQ )XQG GXULQJ WKH WK YH \HDUSODQ IRU SURPRWLRQ RI 5 ' LQ VWHHO VHFWRU 8QGHU WKLV VFKHPH5 ' SURMHFWV KDYH EHHQ DSSURYHG ZLWK 3ODQ IXQG RI` FURUH

)RU HQVXULQJ TXDOLW\ RI 6WHHO VHYHQ LWHPV VXFK DV JDOYDQLVHGVKHHW VWHHO ZLUH IRU SUH VWUHVVHG FRQFUHWH HWF KDYH EHHQEURXJKW XQGHU D TXDOLW\ FRQWURO RUGHU LVVXHG E\ WKH *RYHUQPHQW7KH PDWWHU WR EULQJ PRUH VWHHO LWHPV XQGHU WKLV RUGHU LV XQGHUH[DPLQDWLRQ

7D[HV DQG 'XWLHV7KH IROORZLQJ FKDQJHV ZHUH DIIHFWHG E\ WKHJRYHUQPHQW LQ DQG IHZ DUH LQFRQWLQXDWLRQ VLQFH

7DEOH &KDQJHV LQ 7D[HV DQG 'XWLHV

0HDVXUH $FWLRQ 7DNHQ([SRUW 'XW\ In order to preserve iron ore resources

for domestic use on cheaper rates, ex-

SRUW GXW\ RQ LURQ RUH KDV EHHQ LQFUHDVHGZ H I WR DG YDORUHP RQall varieties of iron ore (except pellets)

&RXQWHUYDLOLQJ 'XW\CVD reintroduced on certain products'XW\ (QWLWOHPHQW3DVV %RRN '(3%

DEPB on steel items reintroduced

Import Restriction Import of certain steel products on re-stricted list

$QWLGXPSLQJ $QWLGXPSLQJ HQTXLU\ LQLWLDWHG

7KH -RLQW 3ODQW &RPPLWWHH -3& XQGHU WKH 0LQLVWU\ KDG LQLWLDWHGD VWXG\ WR DVVHVV WKH VWHHO GHPDQG LQ UXUDO DUHDV RI WKH FRXQWU\DQG WR H[DPLQH WKH SRWHQWLDO RI LQFUHDVLQJ WKH OHYHO RI VWHHOFRQVXPSWLRQ 7KH VWXG\ FRYHUV GLVWULFWV YLOODJHV

PDQXIDFWXUHV DQG UHWDLOHUV VSUHDG RYHU DOO WKH VWDWHV DQGXQLRQ WHUULWRULHV RI WKH FRXQWU\ 7KH -3& KDV VLQFH VXEPLWWHG LWVUHSRUW LQ -XO\ DQG WKH VDPH LV XQGHU H[DPLQDWLRQ

1HZ 5HVHDUFK 'HYHORSPHQW SROLF\ IRU VWHHO VHFWRU KDV EHHQQDOL]HG DGRSWHG IRU LPSOHPHQWDWLRQ

:HEVLWH RI WKH 0LQLVWU\ RI 6WHHO KDV EHHQ UHGHVLJQHG DQG PDGHFRPSUHKHQVLYH DQG XVHU IULHQGO\

$Q $FWLRQ 3ODQ DQG 4XDOLW\ 0DQXDO KDV EHHQ SUHSDUHG IRUREWDLQLQJ ,62 FHUWLFDWH IRU WKH 0LQLVWU\ RI 6WHHO

$Q $FWLRQ 3ODQ WR PLWLJDWH SRWHQWLDO DUHDV RI FRUUXSWLRQ LQ WKH0LQLVWU\ RI 6WHHO KDV EHHQ SUHSDUHG

)RXU QHZ 5 ' SURMHFWV LQ VWHHO VHFWRU KDYH EHHQ DSSURYHGLQ GLIIHUHQW DUHDV

,Q WKH 0LQLVWU\ DFWLRQ RQ URWDWLRQDO WUDQVIHU SROLF\ IRU VHQVLWLYHSRVWV KDV EHHQ FRPSOHWHG

1HZ WHFKQR HFRQRPLF EHQFKPDUNV KDYH EHHQ HYROYHG RQinternational pattern for improvement in performance of Steel368V DQG LWV LPSOHPHQWDWLRQ LV EHLQJ PRQLWRUHG FORVHO\

6WHHO ,QQRYDWLRQ &RXQFLO IRU SURPRWLRQ RILQQRYDWLYHLGHDV LQ 6WHHO6HFWRU KDV EHHQ VHW XS LQ WKH 0LQLVWU\ RI 6WHHO )LUVW PHHWLQJ RIWKH &RXQFLO WRRN SODFH RQ

8QGHU 5HVXOWV )UDPHZRUN 'RFXPHQW 5)' ZRUNLQJ RIWKH 0LQLVWU\ RI 6WHHO ZDV UDWHG DV ([FHOOHQW

,QWHU 0LQLVWUHLDO *URXS ,0* PHHWLQJV XQGHU WKH &KDLUPDQVKLSRI 6HFUHWDU\ 6WHHO DUH EHLQJ KHOG UHJXODUO\ WR VRUW RXW

LQIUDVWUXFWXUDO FRQVWUDLQWV RI VWHHO LQGXURDGV SRUWV ODQG HWF7KH DERYH PHDVXUHV ZRXOG KHOS UHVWULFW LPSRUWWKHUHE\ EHQHWLQJ WKH GRPHVWLF VWHHO LQGXVDQG HPSKDVLV RQ FRQVHUYDWLRQ ZLOO KHOS ,QGVXIFLHQF\ LQ ,URQ RUH

FUTURE OUTLOOK 7KH VWHHO LQGXVWU\ F\FOH KDG WXUQHG QHJDWLYH GXU

UHVXOWLQJ LQ PDUJLQ FRPSUHVVLRQ IRU DOO VWHHOUHGXFWLRQ LQ VDOHV YROXPH DQG UHDOL]DWLRQV ,QGKDYH KRZHYHU VKRZQ VLJQV RI UHFRYHU\

'RPHVWLF 'HPDQG *URZWK GHVSLWH VORZGRZQ DemandVORZGRZQ GXH WR WKH JOREDO OLTXLGLW\ FUXQFK KDGFRQVXPSWLRQ JURZWK IRU DQ LQWHULP SHULRG +RZHYHU

LQ H[FHVV RI LQ SUHYLRXV WZR \HDUV RQ WKH EDFN RI LJURZWK DQG VWURQJ GRPHVWLF GHPDQG ,QGLD LV H[SHFWHFRQVXPSWLRQ JURZWK a &$*5 LQ WKH FRPLQJ YH \HDUVH[SHFWHG WKDW FRQVWUXFWLRQ DQG DXWRPRELOH VHFWGHPDQG GULYHUV IRU WKH GRPHVWLF VWHHO LQGXVWU\

3HU FDSLWD VWHHO FRQVXPSWLRQ H[SHFWHG WR LPSURYH,QGLD SFDSLWD VWHHO FRQVXPSWLRQ LV NJ DW SUHVHQW ,W UDDOO GHYHORSLQJ QDWLRQV ZLWK UXUDO SHU FDSLWD VWDV NJ ,QGLD FRPSDUHV SRRUO\ ZLWK ZRUOG DYHUDJH SHFRQVXPSWLRQ RI NJ DQG RWKHU GHYHORSLQJ FRXQWULHVNJ DQG %UD]LO NJ

&KDUW ,QGLFDWLQJ 3HU &DSLWD 6WHHO &RQVXPSWLRQ &RPSDLQ NJ

:LWK KXJH LQIUDVWUXFWXUH VSHQGLQJ FRPPLWWHG E\ WWKH 7ZHOIWK 3ODQ DQG VWHHO XVH EHLQJ SURPRWHG

GHPDQG LV H[SHFWHG WR SLFN XS DIWHU WKH UHFHQW VOUREXVW JRLQJ IRUZDUG 7KLV VKRXOG KHOS ,QGLD LPSURVWHHO FRQVXPSWLRQ

COMPANYS PROSPECTS7KH FRPSDQ\ LV RQ VWHHO JURZWK WUDMHFWRU\ OHG EJURZWK DQG EDFNZDUG LQWHJUDWLRQ

7KH FRPSDQ\ FRPPHQFHG WKH LPSOHPHQWDWLRQ RI LWVWHHO SODQW DW 0HUDPDQGDOL 2ULVVD LQ -DQXDU\LQWHJUDWLRQ WR SURGXFH +5 &RLOV LQ SKDVHG PDQQHUWKH SURMHFW KDV EHHQ LQVWDOOHG ZLWK WKH SURGXF&RLO 0LOO 0WSD %LOOHWV 73$ 3RZHU 3ODQW 0::LWK WKH VWDUW XS RI +5 SODQW RI 073$ DW 2ULVVD W


48/120


GHSHQGHQFH RQ RWKHUV WR VXSSO\ SULPDU\ VWHHO HQGHG XS UHVXOWLQJ LQIXOO FRQWURO RI PDUJLQV

7KH &RPSDQ\V %URZQHOG SURMHFW 3KDVH ,,, DW 2ULVVD LV VFKHGXOHGIRU FRPSOHWLRQ LQ )< ZKLFK LV HQYLVDJLQJ VHWWLQJ XS RI DGGLWLRQDO

073$ +5& &DSDFLW\ LQ DGGLWLRQ WR 3KDVH ,, FDSDFLW\ WR HQVXUHRSWLPXP XWLOL]DWLRQ RI LQIUDVWUXFWXUH DQG UHVRXUFHV DW WKH H[LVWLQJ SODQWWR XWLOL]H WKH IXOO FDSDFLW\ RI +RW 5ROOLQJ +5 PLOO EHLQJ LPSOHPHQWHG7KH WRWDO +5& RI WKH FRPSDQ\ VKDOO EH 073$ RQFH WKH

Documents

Bhushan Steel Ar