DIRECTORS
The Members,
We have pleasure in presenting this Directors’ Report of the company for the 15
months period ended 30 th June, 2012. The Management Discussion and Analysis also forms
part of this report.
Financial Results
During the year, the Board decided to change the Accounting year of the company from
"period ending March" to "period ending June". Consequently, the
accounting year for 2011-12 is of 15 months (from April 11 to June 12). Brief summary of
the Company`s financial performance is as under:
|
|
Rs. in Crore |
| Particulars |
2011-12 (15 Months) |
2010-11 |
| Revenue from operation |
5898.12 |
3453.53 |
| Profit Before Depreciation, Interest and Taxes |
1808.54 |
1009.93 |
| Profit before Tax |
687.75 |
110.35 |
| Tax Expense |
69.25 |
(99.35) |
| Profit after Tax |
618.50 |
209.70 |
| Balance of Profit & Loss brought forward from previous year |
1139.09 |
1136.15 |
| Profit available for appropriation |
1757.59 |
1345.85 |
| Appropriations: |
|
|
| Interim Dividend |
41.81 |
20.90 |
| Proposed Final Dividend |
27.87 |
27.87 |
| Dividend Distribution Tax |
|
|
| - Interim Dividend |
6.78 |
3.47 |
| - Proposed Final Dividend |
4.52 |
4.52 |
| Transferred to Debenture Redemption Reserve |
300.00 |
125.00 |
| Transferred to General Reserve |
285.00 |
25.00 |
| Surplus carried to Balance Sheet |
1091.61 |
1139.09 |
Dividend
The Directors are pleased to recommend a final dividend @ Rs. 8 per share. Together
with two interim dividends of Rs. 6/-per share each, total dividend for 2011-12 (15 months
period ended 30 th June, 12) would be Rs. 20 per share as against Rs.14 per share paid for
the year 2010-11 (12 months). The total outgo on dividend payment for the 2011-12 amounts
to Rs. 80.98 Crore including dividend distribution tax of Rs. 11.30 Crore as against Rs.
56.76 Crore including dividend distribution tax of Rs. 7.99 Crore of 2010-11.
Economic Scenario and Outlook
India`s growth faced a three-year low with the GDP growing at just 6.5 per cent in
2011-12 (April 11- March 12), as compared to 8.4 per cent in the previous two years. With
services continuing to perform well, the economic slowdown can be attributed mainly to
weakening industrial growth and to some extent to agriculture. The Index of Industrial
Production (IIP) grew at 3.4 per cent for the period April 11 - March 12 as against 7.2
per cent during 2010-11. During April - May 2012, IIP growth further plummeted to 0.8 per
cent which is not a good sign for industrial growth. Within industry, the manufacturing
sector grew by 2.5 per cent during April 11 - March 12 compared to 7.6 per cent recorded
in 2010-11. The weak performance of industrial sector is partly attributed to declining
investment rates, high inflation and interest rates.
Inflation was high at around 9 per cent during April 11 - March 12. Though, during
quarter ended June 12, inflation softened a little, to around 7.50 per cent, it still
remained higher than comfort level of Reserve Bank of India. Food inflation has been
particularly of concern. In order to curb inflationary pressures, RBI has kept the policy
rates high which kept the interest rates high and slowed down the growth especially of
industrial sector of the country. The inflationary conditions and resulting high interest
cost are still continuing. The monsoon has been poor this year so far, which will add
further pressure on food inflation. Accordingly, the year 2012-13 is also likely to end
with low economic growth. This does not augur well both for cement industry as well as the
power sector.
Cement Industry Developments and Outlook
During first six months of 2011-12 (April 11- June 12), the general economic slowdown,
high interest rates, less government spending coupled with good monsoon impacted real
estate, infrastructure and other construction projects resulting in moderation in cement
demand growth to around 3 per cent. Construction activity however picked up subsequently
resulting in cement demand recording healthy growth. Overall the cement industry clocked a
growth of around 7.5 per cent during 2011-12 (15 months) which is better than 4.8 per cent
recorded in the previous year.
Costs especially power & fuel and freight have increased during 2011-12. This was
mainly driven by international fuel prices which remained high during most of 2011-12
although showing some moderation towards end of the year. Sharp depreciation of rupee at
the same time has added to the cost of imported fuel. The general inflation and high
interest cost have caused rise in costs of other inputs and overheads also.
In order to give much needed impetus to the slackening infrastructure space, the
Planning Commission has projected an investment of over Rs 45 lakh crore (about US $ 1
trillion) during the Twelfth Plan (2012-17). Infrastructure projects such as the dedicated
freight corridors, upgraded and new airports and ports, large number of highway projects
are expected to enhance the scale of economic activity, leading to increase in cement
demand. Based on Report of a Working Group on Rural Housing formed by the Planning
Commission for Twelfth Plan, a shortage of 40 million dwelling units has been estimated in
rural areas. A similar report of a Working Group formed for Financing Urban Infrastructure
has estimated shortage of 29 million units for affordable housing in urban area during
Twelfth Plan. These shortages are expected to drive housing demand both in rural and urban
areas which, in turn, will help in driving cement demand.
The cement industry is thus likely to grow in tandem with the national economic growth
in the medium to long term. This is corroborated by the recommendations of the Working
Group on Cement Industry constituted by the Planning Commission for the Twelfth Plan.
Power Sector Development and Outlook
India continued to face high deficit both in terms of peak as well as base energy. The
peak and base energy deficit were at 11.1 per cent and 8.5 per cent for 2011-12 (April 11
- March 12) vis a vis 9.8 per cent and 8.5 per cent respectively for the same period last
year. During quarter ended June 12, the peak deficit moderated to 8.6 per cent and base
energy deficit dropped a little to 8.1 per cent.
Greater participation from private sector accelerated new capacity addition, but the
issue of fuel availability and transmission bottleneck continued. There are many gas based
power projects which are operating at much lower capacity than rated as gas availability
has deteriorated. Similarly many coal based power projects are forced to operate on costly
imported coal as domestic linkage coal supply is not adequate, leading to high cost of
generation. Southern India is facing acute power shortages. Although other regions have
surplus power, the same can’t be fully transferred due to transmission constraints
resulting in significant mismatch in merchant power prices. Further, because of
un-remunerative tariffs, the State Electricity Distribution Companies (Discoms), which are
the main buyers of power in India are facing acute financial crisis. They prefer to apply
power cuts rather than buy expensive power for which there is very little cost recovery.
All the above factors have led to a situation where, while power can be generated (i.e.
supply is available), the power plants are required to operate at a low load (as either
fuel is not available or Discoms refrain from buying). In fact low plant load factor of
power plants has become a norm. As a result of low power purchase by the Distribution
Companies, the merchant tariff during the year remained low in the range of Rs. 3.50 -
4.00 per unit.
The silver lining is that the RBI and power ministry are forcing Discoms into reforms
by regulating bank funding. There are reports that the Ministry of Power is finalizing a
loan restructuring programme spread over three-seven years under which the State
Governments of the respective Discoms will issue bonds for part of their losses and there
will be deferment on some part of the principle repayment obligation. Also filing of
Annual Revenue Requirement and consequently tariff increases has become mandatory for all
Discoms. Already many of the Discoms have gone in for tariff increases / have proposed
increase in their tariffs to Regulatory Agencies. All these measures should lead to much
needed increase in tariffs thereby increasing revenues of the Discoms. With improvement in
financial position, the Discoms are expected to enhance their power purchases leading to
up-tick in power demand.
Performance Highlights
The Company`s operating and financial performance during 2011-12 vis-a-vis 2010-11 was
as hereunder:
| Particulars |
Unit |
2011-12 |
2010-11 |
+/-% |
|
|
(15 Months) |
|
(Annualized) |
| Cement Sale |
Lac Tons |
142.06 |
93.38 |
21.7 |
| Clinker Sale |
Lac Tons |
6.64 |
9.26 |
(42.6) |
| Cement & Clinker Sale |
Lac Tons |
148.69 |
102.65 |
15.9 |
| Power Generation |
Million Units |
2342 |
1240 |
51.1 |
| Power Sale |
Million Units |
1322 |
524 |
101.8 |
| Revenue from operation |
Rs. Crore |
5898.12 |
3453.53 |
36.6 |
| Operating Profit (EBIDTA) |
Rs. Crore |
1808.54 |
1009.93 |
43.3 |
| EBIDTA Margin to Revenue |
% |
30.7 |
29.2 |
- |
| Net Profit |
Rs. Crore |
618.50 |
209.70 |
136.0 |
Cement
On the back of a good momentum in cement demand in the later part of the Year, the
performance of cement business of the Company improved during 2011-12. Company’s
cement sales volume grew by 21.7 per cent (annualized) during the year to 142.06 lac tons
as against overall industry growth of approx. 7.5 per cent. Increased brand visibility and
faster delivery practices amongst many other customer focused initiatives helped the
Company in achieving this healthy growth. This apart, strong demand helped the Company in
improving its overall price realizations. The cement realization improved by about 12 per
cent during 2011-12. With higher than industry growth, Company improved its market share
on all India basis from approx. 4.5 per cent in 2010-11 to approx. 5.0 per cent during
2011-12.
On the cost front, there was increase across all input costs driven by general
inflation as well as other specific factors. Fly Ash and Gypsum, both are key bought out
raw materials in cement production. Fly Ash cost went up on account of high transportation
cost and sourcing from longer distances. Gypsum cost also rose on account of increase in
its prices as well as higher incidence of royalty. During 2011-12, the imported fuel
prices were up on account of depreciation of the Indian rupee and increase in fuel prices
in international markets. As a result, the cost of Power and Fuel which constitute major
part of cost of production were up during the year. This impact could be neutralized to
some extent by greater efficiency in use of power and fuel in operations. Power
Consumption per ton of cement was brought down to 76.86 units from 79.26 units in the
previous year. Fuel Consumption was also got reduced from 834 Kcal per kg of Clinker to
794 Kcal in 2011-12.
There was increase observed in freight cost also. The Railway freight cost was up by
about 14%. The road freight also went up on account of increase in diesel prices as well
as overall inflationary pressures.
Power
During 2011-12, Company commissioned its 300 MW (2 x 150 MW) capacity Thermal Power
Plant at Beawar, Rajasthan. Company also takes pride in sharing the World record breaking
accomplishment attained by it by completing the first unit of this plant in 21 months and
20 days as against normal commissioning period of 32 months and best achieved time of 28
months for power plants of such size. This unique feat was achieved through meticulous
planning, careful monitoring of project execution against time and budget schedules, and
innovative management practices. Team work and high motivation levels of the project
execution people as also unstinting support received from vendors and contractors also
played a key role. This distinct achievement will serve as a new benchmark for other
projects in the power sector.
With commissioning of the above 300 MW power plants, Company has been able to ramp up
its power generation and sales volumes. The net power generation during the year increased
to 2342 Million Units (15 months) vis-a-vis 1240 Million Units in previous year. The power
sale also went up from 524 Million Units in 2010-11 to 1322 Million Units in 2011-12 (15
Months) showing an annualized increase of 102 per cent. The power sale was affected
because of financial constraints faced by Discoms resulting in lower power procurement by
them. Company is making efforts to enter into advance sales arrangements to increase its
sales volume during 2012-13. Company has taken several steps to optimize the operations of
the 300 MW Power Plant. Already it has achieved one of the lowest auxiliary consumption of
6.26 per cent in a month from this plant against the industry standard of around 9 per
cent.
Power Trading
The power trading activities undertaken by the Company showed all round growth during
the year. Company executed several power trading deals for sale and purchase as well as
banking of power for third parties. The power trading volume carried out for third parties
including banking transactions during the year increased from 418 Million Units to 1283
Million Units during the year. The commission and other income generated from power
trading activities rose to Rs.6.26 Crore during 2011-12 (15 months) vis-a-vis Rs.2.14
Crore during the previous year. Through its regular update on market trends and happenings
and timely interactions with the utilities, the Power Trading activities also helped
Company in raising its sales volumes from its own power plants.
New / Expansion Projects
Keeping in view the expected growth in cement demand as also for further improving its
market share in North India, Company has decided to increase its cement capacity further.
Considering that sufficient land is available at its existing plant sites at Beawar, Ras
and grinding units as well as looking to the intricate and time-consuming process involved
in allotment of land, registration, conversions, clearances from various authorities etc,
it has been decided to set up clinker plants at Ras and cement grinding plants at existing
and new places. As a first step in this direction, Company has decided to set up two
clinker manufacturing units (IX & X) of 2 Million Ton Per Annum (MTPA) each at Ras in
Rajasthan. Company has got sufficient limestone reserves to meet its present as well as
future needs at Ras. The locations for cement grinding capacity is under finalization
based on the demand potential in the relevant markets, logistics optimization, better
servicing, cost of production and other factors.
The Company has also undertaken setting up a cement grinding unit in the State of
Bihar. Company also plans to set up a clinker cum grinding unit (integrated unit) in the
State of Chhattisgarh for which necessary pre-project activities are being undertaken. As
soon as these activities are completed, the Company shall undertake the project
implementation activities. The clinker requirement for Bihar Grinding Unit will also be
met through this integrated unit.
Internal Controls
Your Company remains committed to ensuring an effective and comprehensive internal
control system. Company has an Internal Audit department and has also engaged the services
of a professional firm to carry out internal audit spanning all production units and
functions. All business processes are covered in the audit process and controls are
continually reviewed and strengthened. Business as well as process risks, if any, are
dealt with immediately and adequately addressed. The control systems are regularly
reviewed by the functional heads who are required to certify the effectiveness and
adequacy of the systems.
All audit observations and follow-up actions thereon are reported to the Audit
Committee which reviews the adequacy and effectiveness of the internal control environment
and monitors implementation of audit recommendations.
Sustainability - Triple Bottom-line approach
A. World`s New Sustainability Champion:
Sustainability is at the core of Company`s business - i.e from running efficient and
profitable operations - to continual improvement in its environment footprint - to live up
to its social commitment by using its capabilities to enhance the lives of its employees
and society at large and - to collaborating with others to create sustainable solutions.
As part of this approach, it has integrated sustainability into all its operations. It
places lot of thrust on innovation and creativity. In recognition of its innovative
business practices and solutions deployed with sustainable development objective, Company
has been identified as World`s New Sustainability Champion by the World Economic Forum
(WEF). WEF is an independent international organization working in the field of
sustainability; engaging business, political, academic and other leaders from society to
share global agenda. WEF worked globally to identify Companies working on sustainable
development objective. As part of this identification process, initially over 11 million
projects / companies were examined from emerging economies. Out of these, 1000 Companies
were selected through a screening process. Finally, after thorough study and interaction
with Company management, 16 companies were identified as New Sustainability Champions. The
study was shared at Summer Davos Summit held in Dalian, China in September-2011.
B. Green Power Plants
The 46 MW Waste Heat Recovery based power plants or `Green Power Plants` (GPPs) (which
is the largest such capacity in World Cement Industry, excluding China) have enabled
Company to improve energy efficiency, eliminate GHG emissions and reduce fuel cost. During
the year, GPP operations have saved 3.6 lac tons of fuel and in turn saved 4.3 lac tons of
CO2 which otherwise would have been emitted in the atmosphere due to use of fossil fuel.
Driven by the success of GPPs, Company has increased its GPP capacity further by
installing GPP boilers in its Clinkerisation (U-VIII) and plans to do the same in its
upcoming clinker units.
C. Use of Alternative Fuel and Raw Materials
Company`s R&D team continued its endeavor to experiment with use of alternative
fuels and raw materials which offer a wide range of advantages such as helping in cost
reduction, reduced emission levels, natural resource conservation and imparting an image
of environmentally responsible corporate. On a broader level, it also helps in addressing
disposal problem of hazardous wastes of other industry. During the year, Company carried
out surveys and mapping of around 500 km radius surrounding its Plants at Beawar and Ras.
Samples of more than 30 companies were collected and out of which 9 type of wastes from
different industries were found to be suitable for use as alternative fuel or alternative
raw materials. Liquid fuel (organic residue) was found most suitable as alternative fuel
due to its high calorific value. Though its use was very challenging due to its very high
viscosity, Company`s R&D team addressed this issue with the help of other cross
functional teams and was able to find a workable solution for use in kiln. Company is also
exploring use of two other alternative fuels.
D. Formulation of Low Carbon Strategy
The cement manufacturing and thermal power generation both are carbon intensive
operations. The Company thus places high importance on adopting measures and practices
which lead to low-carbon emissions from its operations. Already, several initiatives have
been undertaken in the past towards achieving this objective. The Company is fast
expanding its business. In order to keep itself ready for meeting future challenges
regarding green house gas emissions, it has undertaken a voluntary assessment of its
green-house gas emission foot print and evaluated options to minimize the same. This
initiative shall benefit Company in number of ways including preparing it to address
future climate change regulations, re-enforcing its image as an
environmentally-responsible and proactive company and helping identify opportunities to
generate revenues from environmental market based mechanisms.
Company has also engaged itself with Cement Sustainability Initiative (CSI) in India
and acted as its Co-Chair in the development of low carbon technology roadmap for the
Indian Cement Industry. The International Energy Agency (IEA) in France is modeling data
collected on the industry`s energy performance and emission. An assessment of this, and
the technologies which can contribute to emissions reductions, will help the cement
industry and its stakeholders understand the potential CO2 reductions from Indian cement
manufacturers by 2050. As part of the above low carbon technology roadmap of CSI in India,
Company has recently signed an agreement with International Finance Corporation,
Washington to conduct emission reduction technology roadmap studies at its plant.
E. Corporate Social Responsibility
Company is sensitive to the needs of the local community and the impact of its
operations on them. Through formal and informal interactions, Company identifies their
concerns and addresses them through focused CSR programs. The Company has undertaken
several initiatives which include:
• Provision of 24x7 medical services and regular visits by Company doctors in
nearby communities as well as conducting regular health care programs such as, polio
vaccination camps, eye camps, weekly health camps etc
• "Mamta" project which deals with addressing the maternal and child
mortality issues in nearby areas
• Education related initiatives such as "Shree ki Pathshala" under which
education centres have been developed for drop out or non-school going children
• Infrastructure development of nearby areas by construction of roads, rooms at
Govt hospital, renovation of buildings of gram panchayats, construction of water huts,
water supply through tankers, plantations etc.
• Celebration of annual Sankatmochan Hanuman Temple function as cultural
extravaganza
`Village Development Committees` have been formed for engaging in dialogue with the
community whilst assessing their needs and for planning, monitoring and coordinating CSR
activities accordingly. Company also engages with external agencies like NGOs and
government bodies on the basis of the need and their ability to assist in its CSR
programs.
Company`s CSR programs also focus on building value for the communities by engaging
with them to enable them enhance their means of livelihood. One such initiative is
conducting workshops for farmers for imparting knowledge and training about latest
techniques and methods in agriculture thereby helping them in their farming activities.
F. Occupational Health and Safety
Your Company has embedded Occupational Health and Safety as an inherent part of its
business processes. The Company has health and safety policies which help it in creating
awareness towards health and safety hazards and preventive measures thereby making it a
safe place to work. All its plants have appropriate medical facilities. All major sites
have qualified doctors. Safety training is provided to all employees prior to engaging
them. Company regularly arranges training session for employees to create awareness about
safe working practices, usage of appropriate safety equipments etc. Under the leadership
of Executive Director, a mandatory safety meeting is conducted on every 1st day of the
month with participation from all employees. Measures related to health, hygiene, safety
and improvement of the working environment are reviewed in this meeting.
During the year, a meeting of the Cement Sustainability Initiative (CSI) Health and
Safety Task Force was organized by Company for the first time in India. CSI works on
climate change, environment, health & safety, alternative fuels & raw materials
and their reporting to all stakeholders. Shree was the first Cement Company in India to
join CSI in 2002. The meeting was attended by 14 International Health and Safety experts
from countries like Belgium, Mexico, France, Germany, Brazil, Italy, Japan and Switzerland
together with 11 Indian experts. They represented various reputed cement plants of the
world such as Holcim, Lafarge, Cemex, Heidelberg, Italcementi, Taheiyo Cement, Votorantim
and Ultra Tech Cement. The meeting offered them an opportunity to share knowledge and
discuss the best practices to ensure utmost safety in all business operations.
G. Human Resources
Company recognizes that its people are its core strength and its biggest performance
catalyst. Company has created a work culture which strives to attract the best talent and
provide a conducive environment for their personal and professional growth. Training is
one of the means for providing enhanced capabilities and skills and preparing the talent
for taking on greater responsibilities. During the year, total 89713 man hours of training
was imparted which works out to 24.61 man hours per employee. A total of 19560 people were
provided with multi skills training programmes to help them acquire cross functional
expertise and use it through job enrichment and increased responsibilities. One of the
knowledge sharing initiatives, `imparting training by executives / senior leaders`,
enabled senior executives to impart training thereby sharing their expertise with their
young counter parts and at the same time updating their own knowledge and skills. This
initiative also gave young ones to share their thoughts / ideas with the executives of the
Company at an open platform and synchronize their view with vision of the senior
executives. To capture the effectiveness of such training programs and for further
improvement, online feedback system has also been put in place for faster feedback and
improvement.
H. Happy and Engaged Employees
Company makes every endeavor to generate happiness at work for its employees and ensure
that its policies and culture keep them engaged at work by enjoying what they do. A
Happiness & Wellness Centre has been created to help people freshen their minds and
bodies and ultimately be happy at work.
In order to engage the human capital more happily and efficiently, Company has
undertaken a project `People First` and is availing the services of a leading global
advisory firm to assist it in achieving the same. The project aims at studying entire
range of people management processes with an objective of improvement in systems and
procedures, competency modeling, defining career options and evaluation of engagement
levels of the employees. The ultimate aim of the Company by this study is to ensure that
its people work as a happy and motivated team. The improvement measures based on the
outcome of the study shall be implemented during 2012-13.
Young talent tend to be more savvy with new technology, new knowledge and bring a fresh
perspective to the work environment and are more open to developing new ways of doing
things. With this objective, Company has placed thrust on attracting young people and is
reckoned as a young organization. The average age of employee is 35.95 years.
People at Shree have recognized the high level of importance that they are given. In
turn, they always ensure to put in more than their best efforts, every day at work.
Total number of employees as on 30 th June 12 was 3778.
I. Corporate Sustainability Report
Company issued its 7 th Corporate Sustainability Report, independently assured by KPMG
India, for the year 2011 highlighting the work it has done across the three dimensions of
the triple bottom line. Your Company has achieved the highest level `A+` as per Global
Reporting Initiative for reporting the `triple bottom line` performance.
Risks / Concerns and Opportunities
Company has incorporated a Risk Management Framework to facilitate identification and
effective addressal of all its business risks. As part of this framework, board members
are regularly apprised of the risk assessment and mitigation procedures. Company, in fact
views its risk management process more as opportunity identification and management
process. The Key Risks identified by company are as below:
A. Supply Overhang due to New Capacity Additions:
During last 3-4 years, there has been rapid capacity addition in the cement industry
which has made it challenging for the Company to maintain its market share. Although the
pace of capacity addition has now slowed down, the risk of supply overhang still
continues. Company has been able to weather this risk by enhancing its thrust on branding
and advertising, improved consumer focussed practices and expanding its market reach.
B. Volatility in Power Sale Prices
As merchant power market has high price volatility, Company is exposed to volatile
power price movements. Company actively manages this risk by keeping a close eye on market
movements. Company has its own trading division which helps it track market movements and
sell power with different parties.
C. Rise in Cost of Inputs
With increasing demand for fuel in India and internationally, cost of fuel for cement
production as well as for power generation has been increasing. Cost of raw materials such
as Gypsum and Fly Ash has also been increasing. Transportation cost has also risen in line
with diesel prices and general inflation. The Company has taken several steps to meet
these challenges through utilization of alternate raw material and fuel sources, increased
energy efficiency and better logistics management.
D. Currency Risk
The exchange rates of Indian currency vis a vis foreign currencies are volatile which
exposes the Company to forex risk on its foreign currency borrowings and Letter of Credits
(L/Cs) for imports. Company, as a policy, hedges all its foreign currency borrowings
through appropriate forward covers and swap instruments. All imports under letter of
credit (barring some short duration or small amount L/Cs) are also hedged through
appropriate forward cover.
E. Regulatory Risk
Competition Commission of India (CCI) has recently issued an order alleging existence
of a cartel in the Cement Industry and imposed penalty on the Cement Companies including
the Company. Though, the Company denies any such allegation as it is not at all indulged
in any cartel or anti-competitive Agreement and shall appeal against the order of CCI,
there may be false allegation of participating in cartel like activities. Consequently,
there may be penal consequences and adverse publicity against the Company. The Company has
consistently shown its ability to expand output, keep high rates of capacity utilization
and work on marginal cost principles rather than any restrictive or monopolistic behavior.
It believes through its practice to demonstrate its ability to competitively serve the
nation in its quest for high growth through infrastructure expansion befitting a great
modern economy.
Awards & Accolades
Major awards and accolades received by Company during the year are as under:
a. Company`s thrust on cost control, cost management techniques and effective Cost
Management Systems & Practices were recognized and awarded at ICWAI National Award for
Excellence in Cost Management-2010 where it bagged first prize in corporate sector under
Private Manufacturing Units (Large) category. No other Company was selected under the said
category for this award.
b. Company also bagged the National Award for Excellence in Water Management 2011
instituted by CII in recognition of various initiatives undertaken towards water
conservation such as installation of Air Cooled Condensers in power plants, Waste Heat
Recovery Projects, construction of water harvesting structures for nearby communities etc.
c. Company also won the Best Environmental Excellence Award in Plant Operation for
2009-10 and Second Best Quality Excellence award 2009-10 & 2010-11 by National Council
for Cement and Building Materials (NCCBM), New Delhi.
d. Company was granted "Nirmata Rajya Mitra Award" by Department of Taxes,
Govt of Rajasthan for maximum tax payment for the year 2010-11 in "manufacturer"
category. The Award was presented by Shri Ashok Gehlot, Hon`ble Chief Minister of
Rajasthan.
e. Company has bagged Greentech HR Gold Award 2011-12 for adopting "best
strategy" in people management and processes.
f. Commendation Certificate was conferred by CII - ITC on Company for its achievements
on the journey towards Sustainable Development for the year 2011.
g. Company won the FE - EVI Green Business Leadership Award, 2011 which is instituted
jointly by the Financial Express and Emergent Ventures India (an integrated climate change
company). The award was given in recognition of its initiatives and practices towards
Climate Change & Environment, Natural Resource Management & Corporate Governance
and Stakeholder Engagement & Disclosure.
h. Company won the prestigious Jamnalal Bajaj Award 2010 for fair business practices in
the category of large manufacturing enterprises. This was in recognition of its
performance in the areas of Customer Satisfaction, Customer Communication, Employee
Motivation, Supply Chain Systems, Environment Protection, Corporate Social Responsibility
and Compliance with Laws.
Directors
Company deeply regrets the sad demise of Dr. Abid Hussain on 21 st June, 2012. Dr.
Hussain was a veteran economist and diplomat. He was known for his simplicity, depth,
forthrightness and eloquence. During his association as an independent director on the
Board of Shree Cement, since 2004, he made laudable contribution through his grander
vision, proficient advice and able guidance. The Board of Directors would like to place on
record its sincere gratitude to Dr. Hussain and appreciates the contribution made by him
during his association with the Company.
During 2011-12, Shri B.G. Bangur who is one of the founder Directors and promoters of
the Company expressed his desire to act as a Non-Executive Chairman and as such resigned
from the position of Executive Chairman of the Company w.e.f. 23 rd January 2012. Board
while accepting the resignation of Shri Bangur from the Executive Chairmanship of the
Company, re-appointed him as the Non-Executive
Chairman of the Company thereafter. The Board placed on record its appreciation for the
valuable contribution made by him during his tenure as Executive Chairman.
In accordance with the provisions of the Articles of Association of the Company, (i)
Shri O.P. Setia and (ii) Shri R.L. Gaggar, Directors of the Company, will retire by
rotation at the ensuing Annual General Meeting of the Company and being eligible, offer
them for re-appointment. The Board recommends their re-appointment.
Shri Mahendra Singhi was appointed as Executive Director for a period of five years
which term will expire on 31 st March, 2013. He is proposed to be re-appointed for another
term of three years from 1 st April, 2013. The Board recommends for his re-appintment.
Shri Prashant Bangur has been co-opted as Additional Director on the Board on 23 rd
August, 2012 and appointed as Whole-time Director for a period of five years from the same
date. The term of appointment of Shri Prashant Bangur as additional Director shall expire
at the ensuing annual general meeting in accordance with the provisions of the Companies
Act, 1956 and Articles of Association of the Company. He being eligible, offers himself
for re-appointment. The Board recommends for his re-appintment.
Further details about these Directors are given in the Notice of the ensuing Annual
General Meeting being sent to the shareholders along with the Annual Report.
Directors’ Responsibility Statement
Pursuant to the requirements of Section 217 (2AA) of the Companies Act, 1956, the
Directors, to the best of their knowledge and belief and according to the information and
explanations obtained by them, confirm that they have taken all reasonable steps, as are
required, to ensure that;
• The applicable accounting standards have been followed in the preparation of the
annual accounts for the year ended 30 th June, 2012 and in case of material departures,
proper explanation has been given in the Accounts and notes thereon
• Such accounting policies (as mentioned in the Notes forming part of financial
statements) have been selected and applied consistently, and that the judgments and
estimates made are reasonable and prudent so as to give a true and fair view of the state
of affairs of your Company as at 30 th June, 2012 and of the profit and cash flow of your
Company for the year ended on that date
• Proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 1956, for
safeguarding the assets of your Company and for preventing and detecting fraud and other
irregularities
• The annual accounts have been prepared on a going concern basis.
Auditors
The Statutory Auditors’ of your Company M/s. B.R. Maheswari & Company,
Chartered Accountants would retire at the ensuing Annual General Meeting. They have
confirmed their eligibility under section 224 of the Companies Act, 1956 and willingness
for re-appointment as Statutory Auditors of the Company.
The Board of Directors recommends the re-appointment of M/s. B.R. Maheswari
&Company as Statutory Auditors from conclusion of ensuing Annual General Meeting till
the conclusion of next Annual General Meeting.
The observations of the Auditors’ in their report are self explanatory and,
therefore, do not call for any further comments of the management on the observations of
auditors.
Cost Audit
Pursuant to the directives of Central Government, your Company has appointed M/s. K. G.
Goyal & Associates, Cost Accountants as Cost Auditors of the Company under section
233B of the Companies Act, 1956 for the year 2011-2012.
Transfer to Investor Education and Protection Fund
The Company has transferred a sum of Rs. 6.02 lacs during the year 2011-12 to the
Investor Education and Protection Fund established by the Central Government, in
compliance with Section 205C of the Companies Act, 1956. The said amount represents
unclaimed dividend pertaining to year 2003-04 which was lying with the Company for a
period of 7 years from its due date of payment. Prior to transferring the aforesaid sum,
the Company sent reminders to the shareholders for submitting their claims for unclaimed
dividend. The amount of unclaimed dividend for subsequent years is given in the Notice of
ensuing AGM.
Information of Unpaid Dividend on Shree Cement and Ministry of Corporate Affairs
Website
Ministry of Corporate Affairs vide notification dated 10 th May, 2012 has notified
`Investor Education and Protection Fund (Uploading of information regarding unpaid and
unclaimed amounts lying with companies) Rules, 2012`, which mandates every company to
submit information of unclaimed and unpaid dividend amounts as referred to in subsection
(2) of Section 205C of the Companies Act, 1956 and also upload investor-wise details of
unclaimed and unpaid dividend on website of the MCA as well of the Company.
For the year ended 31 st March, 2011, the said information was required to be uploaded
latest by 31 st July, 2012 (further extended till 31 st August, 2012). Company is duly
complying with the above requirement and is uploading the investor-wise details of
unclaimed dividend on IEPF portal of Ministry of Corporate Affairs (MCA) and website of
the Company.
Shareholders are advised to visit the website of the Company viz. www.shreecement.in
and check their unpaid / unclaimed dividend status and contact the Company for encashment
if the same is depicting unpaid.
Corporate Governance
A separate section on Corporate Governance together with a certificate from the
Auditors of the Company regarding full compliance of conditions of Corporate Governance as
stipulated under clause 49 of the Listing Agreement with the Stock Exchange(s) forms part
of Annual Report.
Particulars of Employees’
As required under the provisions of Section 217(2A) of the Companies Act, 1956, read
with the Companies (Particulars of Employees) Rules, 1975, as amended, the names and other
particulars of employees are set out in the Annexure I forming part of this report.
Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange
Earning / Outgo.
The information required under Section 217 (1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the report of the Board of Directors) Rules, 1988
is set out in Annexure II forming part of this report.
Cautionary Statement
Statements in the Directors` Report and the Management Discussion & Analysis
describing the Company`s objectives, expectations or predictions, may be forward looking
within the meaning of applicable securities laws and regulations. Actual results may
differ materially from those expressed in the statement. Important factors that could
influence the Company`s operations include: demand and supply conditions of products
Company deal with, affecting selling prices, new capacity additions, availability of
critical materials and their cost, changes in government policies and tax laws, economic
development of the country, and such other factors which are materials to the business
operations of the Company.
Acknowledgement
Your Directors take this opportunity to place on record the co-operation and support
received from various agencies of the Central Government and State Government(s), various
Government departments and agencies, financial institutions and banks. Your Directors
thank and express their gratitude to various stakeholders i.e. customers, dealers,
suppliers, transporters, advisors, local community etc. for their committed engagement
with the Company. Your Directors further appreciate the support and co-operation received
from the employees for their contribution to the growth and success of the Company. Your
Directors further express their deep sense of gratitude to the Shareholders for their
confidence, faith and trust in the Company.
Your Company`s consistent growth has been made possible only through the dedication and
support of all the above stakeholders and we expect this support and confidence to keep
growing.
|
For and on behalf of the Board |
| Place: Kolkata |
B. G. Bangur |
| rd |
|
| Date: 23 August, 2012 |
Chairman |
ANNEXURE TO THE DIRECTORS` REPORT
Annual Report 2011 - 2012
ANNEXURE-I
Statement of Particulars of Employees pursuant to the provisions of Section 217 (2A) of
the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 and
forming part of the Directors’ Report for the year ended 30 th June, 2012 (1 st
April, 2011 to 30 th June, 2012).
EMPLOYED THROUGHOUT THE FINANCIAL YEAR AND WERE IN RECEIPT OF REMUNERATION IN AGGREGATE
OF NOT LESS THAN RS. 60,00,000/- PER ANNUM (RS. 75,00,000 FOR 15 TH MONTHS PERIOD ENDED 30
JUNE,2012)
S. No, Name of the Employee, Designation / Nature of Duties, Remuneration (Rs.),
Qualification, Age (Years), Experience (Years), Date of Commencement of Employment, Last
Employment (Name of the Organisation, Position held)
1. Bangur H.M., Managing Director, 136601801, B.E. (Chemical), 60, 34, 01.01.1992,
Shree Digvijay Cement Company Ltd., Financial Advisor
2. Singhi Mahendra, Executive Director, 55732240 B.Sc., LLB., FCA, 60, 34, 17.01.1995,
Rajshree Cement - A unit of Indian Rayon & Industries Ltd., Sr. Vice President
(Commercial)
3. Bangur Prashant, Executive President, 17323300, B. Sc., MBA, 32, 08, 22.06.2004, -,
-
4. Bhandari Ashok, Chief Finance Officer, 14802310, B.Sc. (Hons.), FCA, 59, 34,
01.04.1990, PT Indo Rama Synthetics, Vice President (Finance)
5. Payal Diwakar, Jt. President (Marketing), 14669454, B. Tech., PGDM, 54, 30,
23.10.2001, GujratAmbuja Cements Ltd., Vice President (Marketing)
6. Chhangani P.N., Jt. President (Works), 9387886, B. Sc. (Chemical Engg), 52, 29,
03.04.2006, Holtec Consulting Pvt. Ltd., General Manager
7. Verma Kuldeep, Sr. Vice President (Marketing), 11210175, B.Com, M.B.A, 55, 31,
20.07.2009, ACC Ltd., Head Product Innovation & Large Buyer Business
8. Bhalla Arun, Chief Executive (Power Business), 9866278, PGD (Marketing & Sales
Management), 61, 37, 15.02.2010, PTC India Ltd., Executive Director
9. Savoor Shrinath, Sr. Vice President (Strategy), 8432120, F.C.A., M.M.S. (Finance),
54, 32, 01.12.2009, Holtec Consulting Pvt. Ltd., Chief General Manager
10. Mehta Sanjay, Sr. Vice President (Comml.), 8292703, B.Com, FCA, 47, 24, 11.11.1995,
Aditya Cement, Dy. Manager (Accounts)
11. Daga Gopal, Sr. Vice President (Project Management), 8160691, B. Com, 60, 42,
7.09.1994, Rilaxon (Division of Shree Digvijay Cement Company Ltd.), Vice President
(Project)
12. Gandhi K.C., Sr. Vice President (Material Management), 7921715, B. Sc., 56, 34,
01.07.1991, Shree Digvijay Cement Co., Purchase Officer
EMPLOYED FOR PART OF THE FINANCIAL YEAR AND WERE IN RECEIPT OF REMUNERATION IN
AGGREGATE OF NOT LESS THAN RS. 5,00,000/- PER MONTH
S. No, Name of the Employee, Designation / Nature of Duties, Remuneration (Rs.),
Qualification, Age (Years), Experience (Years), Date of Commencement of Employment, Last
Employment (Name of the Organisation, Position held)
1. Bangur B.G., Executive Chairman, 115398285, B.Com, 78, 59, 13.08.1992, Hasting Mill,
A division of Shree Digvijay Cement Company Ltd., Chief Executive (Production and
Development)
2. Sharma M.M., Sr. Vice President (Projects), 1548998, B. Sc. (Mech. Engineering), 62,
39, 15.06.1992, U. P. State Cement Corporation Limited, Manager (Maintenance)
3 Bhatnager Vikas Rai, Chief People & Wellness Officer, 385712, B.Sc., M.B.A., 47,
24, 11.06.2012, Minda Management Services (Minda Group), Group Chief Human Resource
Officer
Notes:
i) All appointments are contractual and terminable by applicable notice period as per
contractual terms.
ii) Remuneration includes salary, allowances, bonus, commission, perquisites (including
medical, leave travel and leave encashment on payment basis and monetary value of taxable
perquisites) and Company`s Contribution to Provident and Superannuation Funds. In addition
to the said remuneration, employees are entitled to Gratuity in accordance with the
Company`s rules.
iii) Other terms and conditions are as per Company`s Rules.
iv) Shri H.M. Bangur is son of Shri B.G. Bangur and hence they are related to each
other. Shri Prashant Bangur, Executive President of the Company is son of Shri H.M.
Bangur, Managing Director and grand-son of Shri B.G. Bangur, Chairman. None of the other
employees are related to Directors of the Company.
v) Shri B.G. Bangur and Shri H.M. Bangur belong to promoters group. Shri Prashant
Bangur, Executive President also belongs to promoters group. Except them, no employee was
holding voting right of 2% or more of the company along with relatives during the year.
ANNEXURE-II
Disclosure of particulars with respect to conservation of energy, technology absorption
and foreign exchange earnings and outgo as required under Companies (Disclosures of
Particulars in the report of the Board of Directors) Rules, 1988 and forming part of
Directors` Report for the year ended 30 th June, 2012 (1 st April, 2011 to 30 th June,
2012).
A. Conservation of Energy
a) Measures taken for conservation of energy
1. Partial modification of kiln string down comer duct in Kiln to reduce pressure drop
2. Installed 37.5 kw motor in parallel with 110kw motor in GCT in Kiln
3. Installation of additional by-pass duct at V-separator (cement mill) to reduce
velocity of air flow towards V-separator and re- orientation of air flow through
V-separator inlet duct in Cement Mills
4. Replacement of classified liner by thin liner in Cement Mill thereby increasing mill
volume output and thereby reducing power consumption
5. Replacement of Dense Phase system by Mechanical conveying system consisting of Air
Slide & belt conveyor for flyash feeding in Cement mill
6. Reduction of Fan power by adjusting Primary Air and Secondary Air fan air flow in
Boiler
7. Reduction of Boiler feed pumps discharge pressure by opening Control valve full open
with speed regulation through Variable Frequency Drive (VFD)
8. Interconnection of Lime and Ash handling compressors air line to reduce the
unloading time of both compressors
9. Shut off of ESP Hoppers heaters considering the hopper temperature
10. Reduction in Boiler startup time by optimizing the resource utilization and system
use
11. Provision of Power cycle make up in Exhaust device in place of Condensate storage
tank
12. Installation of P-Cal Software System to monitor system losses online on DCS
b) Additional investments and proposals, if any, being implemented for reduction of
consumption of energy
1. Pre-heater and cooler up-gradation
2. Complete modification of PH- Kiln String down duct
3. K-Turbo blower for firing system
4. Installation of Variable Frequency Drives in some of small bag filter fans
5. Triplet cyclone in Kiln
6. Use of LED lights
7. Installation of Sonic Soot Blower in place of Steam Soot Blower
8. Replacement of Aux. cooling tower fan blades to FRP
9. Installation of Fin cleaning system inside of ACC tube bundles to clean them
properly thereby conserving the ACC Fan power
10. Installation of Continuous Blow Down (CBD) water heat exchanger to heat up make up
water
11. Installation of High capacity High efficiency Boiler feed pump
12. Installation of Plant Performance and optimization software to improve the power
plant efficiency
13. Installation of pilot flue gas heat exchanger
14. Installation of Acoustic steam gas leak detection system
c) Impact of measures taken at (a) and (b) above for reduction of energy consumption
and consequent impact on cost of production of goods
The measures stated in points (a) and (b) above, have resulted / will result in saving
of energy used, both thermal and electrical as well as improvement of quality of cement
and overall productivity.
d) Total energy consumption and energy consumption per unit of production
Information given in the prescribed form A annexed.
B. Technology Absorption
Information given in the prescribed form B annexed.
C. Foreign Exchange Earnings and Outgo
a) Activities relating to export, initiative taken to increase export, development of
new export market for products and services and export plans
There have been no exports during the year. Company is exploring new opportunities of
clinker and cement exports continuously.
b) Total Foreign Exchange used and earned
|
|
Rs. in Crore |
|
Current Year ended 30.6.2012 |
Previous Year ended 31.3.2011 |
|
(April, 11 - June, 12) |
(April, 10 - March,11) |
| Used |
814.31 |
535.27 |
| Earned |
- |
- |
ANNEXURE-II
Form - A (See Rule 2)
Form of Disclosure of Particulars with respect to Conservation of Energy
A Power and Fuel Consumption
| Particulars |
2011-12 |
2010-11 |
|
(April, 11 - June, 12) |
(April, 10 - March, 11) |
| 1. Electricity |
|
|
| a) Purchased |
|
|
| i. From grid |
|
|
| Unit (Kwh in lacs) |
991.56 |
653.32 |
| Total amount (Rs. in Crore) |
49.15 |
30.44 |
| Rate / unit (Rs.) |
4.96 |
4.66 |
| ii. From Energy Exchange |
|
|
| Unit (Kwh in lacs) |
281.51 |
669.90 |
| Total amount (Rs. in Crore) |
10.94 |
26.14 |
| Rate / unit (Rs.) |
3.89 |
3.90 |
| b) Own Generation |
|
|
| i. Through Diesel Generators |
|
|
| Units (Kwh in lacs) |
5.04 |
3.53 |
| Unit per Ltr. of Diesel |
3.21 |
2.78 |
| Cost / unit (Rs.) |
14.30 |
16.13 |
| ii. Through Steam Turbine / Generators* |
|
|
| Units (Kwh in lacs) |
10192.79 |
7160.26 |
| Unit per Kg. of Fuel |
2.96 |
2.45 |
| Cost / unit (Rs.) |
2.50 |
2.36 |
| 2. Coal and other fuels |
|
|
| a. Used in Kiln & Calciner |
|
|
| Quantity (in Lac MT) |
11.61 |
8.77 |
| Total cost (Rs. in Crore) |
796.81 |
577.71 |
| Average rate per MT (Rs.) |
6865 |
6589 |
| b. Used in Steam Turbine / Generators |
|
|
| Quantity (in Lac MT) |
3.45 |
2.92 |
| Total cost (Rs. in Crore) |
220.49 |
151.50 |
| Average rate per MT (Rs.) |
6395 |
5181 |
B Consumption per unit of production
| Particulars |
Standard (If any) |
2011-12 |
2010-11 |
|
|
(April, 11 - June, 12) |
(April, 10 - March, 11) |
| Product: Cement |
|
|
|
| Unit: MT |
|
|
|
| Electricity (Kwh / MT of Cement) |
75 - 90 |
76.86 |
79.26 |
| Coal and other fuel (% of Clinker) |
15 |
11.28 |
11.74 |
*a) Cost per unit of own generation (through steam turbines / generators) has been
worked out considering power generated from waste heat recovery plants also
*b) Total generation (net of auxillary) from Waste Heat Recovery Power Plants during
2011-12 was 3416 lac Units (2652 lac units for 2010-11). Out of the above generation by
Waste Heat Recovery Power Plants, 2542 lac units for 2011-12 (1703 lac units for 2010-11)
have been consumed for own consumption. The same is included in electricity consumed from
own generation (through Steam Turbines / Generators)
ANNEXURE-II
Form-B (See Rule 2)
Form for disclosure of particulars with respect to Research & Development and
Technology Absorption, adaptation and Innovation
A Research and Development (R&D)
1. Specific area in which R & D activities carried out by the Company
We have continued to increase focus on R&D. Few initiatives are given below:
a) Established Concrete Labs at various manufacturing locations of the Company for
customer support
b) Conducted trials of Alternative Fuels & Raw materials
c) For measuring and controlling the particle size distribution of Cement in order to
achieve the desired product performance and to optimize costs two more Particle Size
Analyzer installed at Ras & Khushkhera
d) Enhanced Cement mill production by air balancing in Separator system
2. Benefits as a result of above R & D
a) Productivity enhancement & improved product quality
b) Promote usage of alternative fuels like industrial wastes to reduce manufacturing
cost and thereby conserving conventional fuels
c) Value maximization for stakeholders
d) Conservation of resources, better environment and cost reduction
3. Future plan of action
a) Evaluation of fly ash from different sources with respect to their mineralogical
composition and reactivity to enhance its usage in PPC
b) Setting up Fuel Testing Lab
c) To increase the use of alternative fuel and raw materials to conserve the natural
resources & sustain the environment
d) Energy audits
e) Burnability studies
4. Expenditure on R&D
2011-12 (Fifteen months period ended 30 th June, 2012)
| Particulars |
Beawar |
Ras |
Khushkhera |
Suratgarh |
Laksar |
Jaipur |
Total |
| Capital Expenditure (Rs. in Crore) |
1.86 |
1.92 |
- |
- |
0.02 |
0.03 |
3.83 |
| Recurring Expenditure (Rs. in Crore) |
7.10 |
3.58 |
0.80 |
0.41 |
0.53 |
0.15 |
12.57 |
| Total Expenditure (Rs. in Crore) |
8.96 |
5.50 |
0.80 |
0.41 |
0.55 |
0.18 |
16.40 |
| Total R&D Expenditure as a percentage of turnover (In %) |
|
|
|
|
|
|
0.31 |
2010-11 (Twelve months ended 31 st March, 2011)
| Particulars |
Beawar |
Ras |
Khushkhera |
Suratgarh |
Laksar |
Jaipur |
Total |
| Capital Expenditure (Rs. in Crore) |
10.48 |
- |
- |
0.27 |
- |
0.35 |
11.10 |
| Recurring Expenditure (Rs. in Crore) |
5.16 |
1.57 |
0.69 |
0.63 |
0.25 |
0.01 |
8.31 |
| Total Expenditure (Rs. in Crore) |
15.64 |
1.57 |
0.69 |
0.90 |
0.25 |
0.36 |
19.41 |
| Total R&D Expenditure as a percentage of turnover (In %) |
|
|
|
|
|
|
0.30 |
B. Technology Absorption, Adaptation and Innovation
1. Efforts in brief, made towards technology absorption, adaptation and
innovation
The Company makes continuous efforts to improve, adapt and implement new technology,
equipments and innovation. Focus is on green technology, automation for energy efficiency
and improvement in quality, water conservation, improving life of refractory, pollution
control, resource sustainability, up-gradation and use of residual resources etc.
Various efficient cement and power plants of World are also visited by Company`s
executives and participated in different seminars and workshops like NCB, MBEE etc.
Company is a member of various global and domestic forums that are working on debating
climate change, few of them are Cement Sustainability Initiative of World Business Council
for Sustainable Development, Switzerland, TERI BCSD, Global Reporting Initiative,
Netherland. Company is also the leader of Cement Task Force set up by Bureau of Energy
Efficiency, Government of India. Company has made regular efforts towards conservation of
energy, which include installation of high energy efficiency fans, VFDs etc.
2. Benefits derived as a result of above efforts
a) Learning about energy conservation methodology, approach and technologies adopted by
the successful energy efficient units
b) Sharing of information by excellent energy efficient companies
c) Saving in thermal energy due to use of alternate fuels
d) Improvement in the quality of cement
e) Conservation of natural resources
f) Increase in capacity utilization, smooth operation & increasing productivity and
Improved life of refractory
g) Reduction in production cost
3. Information regarding technology imported during last 5 years
| a) Technology imported |
- |
| b) Year imported |
- |
| c) Has technology been fully absorbed? |
- |
| d) If not fully absorbed, areas where this has not taken place, reasons thereof and
future plan of action |
N.A. |
??? |