Directors' Report for the year 2013-14
Your Directors are pleased to present the 56th Annual Report on the performance of your Company, together with the Audit Report and Audited Accounts, for the year ended 31st March 2014 and the Report thereon by the Comptroller and Auditor General of India.
1.0 PERFORMANCE HIGHLIGHTS
During the year under review, the Company has recorded turnover of Rs.12,058 crores, achieved Profit Before Tax (PBT) of Rs.9,759 crores (including discontinued operations) and achieved Profit after Tax (PAT) of Rs.6,420 crores.
The major performance highlights are summarized as under:
• The Company has registered highest iron ore production and sales since inception - Crossed the 300 lakh tonnes milestone in production and sales parameter for the first time in the FY 2013-14:
a) Achieved Iron Ore Production of 300.25 LT, highest since inception.
b) Achieved Iron Ore Sales of 305.00 LT, highest since inception.
c) Production of Diamonds also registered a remarkable growth of 18% at 37,082 carats over previous year.
• Turnover for the year under review was Rs.12,058 crores compared to Rs. 10,704 crores in the previous financial year 2012-13 recording an increase of 13%.
• Profit before tax (PBT) from continuing operations was Rs.9,761 crores compared to Rs.9,462 crores in the previous financial year 2012-13 recording an increase of 3%.
• Profit after tax (PAT) was Rs.6,420 crores compared to Rs.6,342 crores in the previous financial year 2012-13 recording an increase of 1%.
• Net worth increased to Rs.29,983 crores as on 31.03.2014, 9% higher than Rs.27,505 crores in the previous financial year 2012-13.
• The Company has declared Dividend of Rs.8.50 per share for FY 2013-14 which is highest since its inception.
• Supply of Iron Ore to domestic industries recorded 282.03 lakh tonnes as against the previous year supply of 246.72 lakh tonnes, recording an increase of 14%. Total exports of Iron Ore during the year was 22.97 lakh tonnes against 16.02 lakh tonnes in the previous financial year 2012-13 recording an increase of 43%.
• Sponge Iron production during the year under review was 29,734 tonnes as against previous year 36,289 tonnes.
• Diamond production for the year under review was 37,082 carats as against previous year 31,533 carats.
• Capital expenditure of Rs.2,518 crore has been incurred which is once again the highest since inception.
• Major packages for the 3.0 MTPA Steel Plant being set up at Nagarnar have been awarded and construction activity is going on in full swing.
1.2 Profit & Dividend
During the year under review, your Company has earned profit before tax from continuing operations of Rs.9,761 crores on a turnover of Rs.12,058 crores in comparison with those of previous year's achievement of Rs.9,462 crores and Rs.10,704 crores respectively.The Company has declared first Interim Dividend for FY 2013-14 @ Rs.3/- per share involving an outgo of Rs.1,189.41 crores.Second Interim Dividend for the financial year 2013-14 was declared @ Rs.5.50 per share involving an outgo of Rs.2,180.60 crores. Considering that Rs.8.50 per share has already been declared as interim dividend, no final dividend was recommended by the Board. The total dividend for the current year is Rs.3,370 crores. Share of Government is Rs.2,696 crores.
The Company has not accepted any fixed deposits during the year under review.
1.4 Hon'ble Supreme Court Verdict on mining in Karnataka
As stated in the Directors' Report for the year 2011-12 & 2012-13, the case on mining issues in Karnataka went on before the Green Bench of the Hon'ble Supreme Court, and it pronounced the judgement on 18.04.2013 after taking into account the interim orders it had passed in the matter, the survey report of the Joint Committee, the Final Report and the Modified Report of the Central Empowered Committee, and the submissions made by all the Parties concerned. In short, the judgement has approved and accepted (a) the findings of the survey conducted by the Joint Team; (b) the categorization of the mines into 'A', 'B', and 'C'; (c) the CEC's recommendations, including that of the role of the Monitoring Committee; and (d) the grant of fresh mining leases and consideration of pending applications to be dealt with in accordance with law and the judgement.
Accordingly, the Donimalai and Kumaraswamy mines situated in Karnataka have been placed in Category-A. Further, the Monitoring Committee, appointed by the Hon'ble Supreme Court is continuing the sales of Donimalai and Kumaraswamy products through e-auction.
2. NEW PROJECTS & BUSINESS DIVERSIFICATIONS
2.1 Projects under construction
2.2 Bailadila deposit-11/B
As part of plan to enhance production, the construction of Deposit 11B mine at an expanded capacity of 7.0 Million Tons of ROM per annum has been taken up. The estimated capital expenditure towards this is Rs.607 Crores. Out of this Rs.320 Crores is for Plant and Rs.188 Crores is for mining machineries. Naxal activities have seriously hindered the progress of the project work. In Mar'2014 naxals have burnt the Downhill conveyor of11 B over a length of 500 mts, which was scheduled to take trial run in May'2014. Trial runs of Secondary Crusher, EOT Crane in Secondary Crusher house, Scalping screen & some of the conveyor is completed. Substations are charged. Balance works are expected to be complete during FY 2014-15.
2.3 Kumaraswamy Iron Ore Project
As an addition to present Donimalai Iron Ore Mine and augmenting production capacity towards achieving the target of 50 MTPA in NMDC and 12 MTPA in Karnataka, the construction of Kumaraswamy Iron Ore Mine with capacity of 7.0 MTPA was taken up with an estimated capital outlay of Rs. 898.55 Crs. MECON is appointed as EPCM consultant. The entire project is being executed through six packages. Orders are placed for Crushing Plant Package, Downhill conveyor Package, Electrics and Substation package and Service Centre facilities packages and the works are in progress. Civil works are completed for Primary & Secondary Crusher house, Dumper platform, Mine office Building. Erection & trial runs of Primary & Secondary Crusher is completed. Civil & Structural works of Downhill conveyor system are under progress. The project is expected to be complete during the FY 2014-15.
2.4 MTPA Pellet Plant at Donimalai
One of the main objectives of this project is to prolong the life of Tailing Dam at Donimalai by using the slimes for making pellets. M N Dastur & Co. is appointed as EPCM consultant. Execution of Project is divided into Six Packages. The estimated capital expenditure is Rs.572 Crores. All the packages are ordered. Major civil works completed. Major Technological equipment erection is completed and some of the equipment trial runs taken. Project is scheduled to be completed in FY 2014-15.
3 MTPA Integrated Steel Plant in Chhattisgarh
As you are aware, your Company is setting up a 3.0 MTPA Integrated Steel Plant at Nagarnar near Jagdalpur, District Bastar, Chhattisgarh at an estimated cost of Rs.15,525 Crores where the Company is in possession of about 2120 acres of land for the steel plant, township and for other facilities.
Necessary statutory clearances including Environmental Clearance from Ministry of Environment and Forests (MOEF) and the Government of Chhattisgarh have been obtained. Rail Transport Clearance was received and the Final Detailed Project Report of Railway siding is also approved by East Coast Railway.
Government of Chhattisgarh has sanctioned water and power for construction as well as for operation of the plant. For providing power for operation of the steel plant, Chhattisgarh State Power Transmission Company Limited (CSPTCL) has awarded work order for the construction of 400 KV transmission line from Raipur to Jagdalpur (about 320 Kms.), 400/220 KV substation at Jagdalpur and 220 KV transmission line from 400/220 KV Substation to NISP Nagarnar and the work is progressing at site. The cost of construction of 400 KV transmission line from Raipur to Jagdalpur and substation at Jagdalpur will be equally shared by NMDC & CSPTCL. For the 220 KV power from Jagdalpur to Nagarnar the entire cost will be borne by NMDC. Stage-I Forest clearances Transmission line and 400/220 KV substation for 400 KV have been obtained Engineering Consultancy and Project Monitoring Services contracts have been awarded to M/s MECON Ltd.
For expeditious execution and commissioning of the steel plant the nine Major Technological package in respect of various production units viz. Sinter Plant, Blast Furnace Complex, Raw Material Handling System,Coke Oven Plant, By Product Plant, Steel Melting Shop, Thin Slab Caster & Hot Strip Mill, Lime & Dolo Plant and Oxygen Plant have been awarded on turnkey basis. Civil & Structural and Equipment erection works for most of the aforesaid major technological packages are in progress. Most of the auxiliary packages have also been awarded and the works are in progress.
Tender enquiry is issued for two infra packages namely Storm water drainage & Central Plant store building. Remaining 14 packages are at different stages of tender document finalisation. Till date, NMDC has already invested Rs.4,300 Crores in Steel Plant.
3.1 Ore Beneficiation and Slurry Pipeline Transportation system from Bailadila to Vizag
The Slurry Pipeline Transportation System is intended for transportation of Pellet Feed Concentrate from Bailadila to Vizag via Jagdalpur along National / State Highways with a provision of partial off-take at Nagarnar for making Pellets required for feeding to NMDC's proposed Steel Plant at Nagarnar. For part of this Project, investment proposal involving 2 MTPA Ore Processing Plant at Bacheli, 15 MTPA Slurry Pipeline system from Bacheli to Nagarnar and 2 MTPA Pellet Plant at Nagarnar has been approved by NMDC Board.
Other pre project activities viz., Detailed Route Survey, Environmental clearance, Forest clearance, crossing permission from Railways & National Highway Authorities, MoU with Chhattisgarh State Government for sanction of utilities (Water and Electrical power) are also taken up and are in progress. Notification under the Act has been made for RoW and RoU.
3.2 BHJ (Banded Haematite Jasper) Beneficiation Plant at Donimalai
The intent of BHJ Beneficiation Plant at Donimalai is for processing low grade iron ore (of about 42%Fe) to produce Pellet Feed Concentrate (PFC of about 65% Fe). The PFC can either be used as a feed material in the upcoming Pellet Plant at Donimalai or can itself be sold as a product. Approved cost of this Project is Rs. 134.41 Crores. The implementation of this Project will be taken up after receipt of Forest Clearance for 'Change of land use pattern' from MoEF.
Panthal Magnesite ProjectJ&K Mineral Development Corporation Ltd (J&KMDC), a subsidiary of NMDC has decided to set up a 30,000 TPA Dead Burnt Magnesite plant at Panthal, Jammu.
M/s. Dasturco is EPCM consultant for this project. The Project is planned to be executed in four major packages. Soil investigation work is completed. Work order is placed for "Balance Civil Works" package and order for main technological package is expected to be placed in August 2014.
3.3 Screening Plant III at Kirandul Complex
To augment the production capacity of Kirandul Complex the construction of 12.0 MTPA Screening Plant with loading facilities is envisaged. This plant caters both Dep. 11-B & Dep. 14 of Kirandul Complex. The estimated capital expenditure is Rs.951 Crores. TATA Consulting Engineers (TCE) is appointed as EPCM consultant. The entire project has been planned to be executed in seven packages. MoEF has accorded 1st stage clearance in Jan'2012. Environmental clearances received on 05.11.2013.
Doubling of Railway Line between Kirandul and Jagdalpur
• NMDC has entered into an MoU with Indian Railways on 21.12.2012 for the above work of 150 km length at an estimated cost of Rs.826.57 Crores at 2010-11 price level for which an amount of Rs.75 Crores has been deposited by NMDC during May 2013.
•The works between Jagdalpur-Shilakjhori Section of 45.50 Kms works of formation, minor and major bridges, staff quarter at Jagdalpur, collection of stone ballast, transportation of P-Way materials and linking works, S&T service buildings, goomties, rest rooms, traction substation, PWI office and modification of station buildings and foot over bridge between Jagdalpur-Silakjhori Section (45.50 km) is progressing.
• For remaining portion between Silakjhori-Gidam (52.73 km) and Gidam-Kirandul (52.228 km), the detailed estimate has also been sanctioned by Railway Board for which approval of Major & Minor bridge drawings and preparation of tender schedules are under progress.
3.4 Steel Plant at Bellary
In pursuance of the MoU signed between the Government of Karnataka and your Company, action for setting up of 3 MTPA Integrated Steel Plant at Bellary, in the State of Karnataka has been initiated by the Company. Acquisition of about 3000 acres of land for the proposed steel plant through Karnataka Industrial Areas Development Board (KIADB) was under progress subsequent to publication of statutory preliminary notifications in the gazette of Karnataka in this respect.
As the next step, Govt. of Karnataka to issue final notification under 28(4) of KIAD Act 1966. The Company has deposited Rs.158.68 Crores with KIADB, being the tentative cost of the land plus service charges payable to KIADB in terms of the agreement executed between your Company and KIADB. Government of Karnataka also accorded approval towards allotment of water and power for operation of the proposed steel plant. M/s MECON has been engaged as consultant for preparation of Techno Economic Feasibility Report (TEFR).
3.5 Other initiatives
3.6 Rail Link between Dalli-Rajhara-Raoghat-Jagdalpur Railway Line Project
MOU was signed between Ministry of Railways, Govt. Of Chattisgarh, SAIL & NMDC in 1998 which was again revised in December'2007. The objective of the MOU is to provide a Broad Guage (BG) rail link from Dalli Rajhara to Rowghat and Bailadila Iron Ore Mines.
The project will be commissioned by the Indian Railways in two phases. The 1st phase will connect Dalli Rajhara with Rowghat (95 kms). In the 2nd Phase, the remaining portion between Rowghat-Kondagoan-Jagdalpur (140 Kms) will be commissioned. The total time period of construction will be 5 years for the 1st Phase. The commencement of the work on the 2nd Phase will be taken up simultaneously along with the 1st Phase. The effective date of commencement of the period of 5 years will be the date of execution of this MOU.
NMDC will contribute a proportionate amount of Rs. 70.70 Crores (2004-05 price level) and any escalations therein, towards the construction of Rowghat-Kondagoan-Jagdalpur (140 Kms) line. Because of MOU, Railways will assign traffic transportation assignment of SAIL & NMDC on this route for 37 years.
Work of laying of Railway line from 0 to 17 km from Dalli-Rajhara towards Raoghat is in progress. Work of next phase i.e. from 18km to 42 km is yet to start on getting tree felling permission from Forest Department and after addressing issues related to jobs to land loosers.
3.7 NMDC Global
Kopano-NMDC Minerals (Pty) Ltd.
Kopana NMDC Minerals (Pty) Limited - NMDC and Kopano logistics services (Proprietary) Ltd (BEE partner) had established a 50:50 joint venture company to undertake exploration and development of the mineral properties in the Republic of South Africa
NMDC being the technical partner in this initiative had reviewed several coal and manganese projects with Kopano at South Africa and conducted an external review by appointing consultants for one coal prospect. The Company is actively pursuing operating coal assets for acquisition.The Board Meeting of the Kopano NMDC Minerals (Pty) Limited was held at NMDC, Hyderabad on 12th March'2014.
MOU with Mosi OA Tunya Development Company (MOTDC), Zimbabwe.
Your Company had signed an MoU for conducting due diligence and joint development of mineral resources with Mosi OA Tunya Development Company, Zimbabwe, the designated organization proposed by Ministry of Tourism, Government of Zimbabwe. The Company has shortlisted two gold and one diamond prospect for detailed due diligence and development through Joint Venture.
3.8 Foreign Venture
3.8.1 Gold in Tanzania
In Tanzania, your Company has been granted 4 Mining Licenses for Gold over an area of 38.83 sq. kms. for a period of 10 years w.e.f. 13.02.2012. Your Company has been granted Retention License at Siga Hill area and PL renewal of Masabi East area. NMDC Board has decided that Gold Mining Project at Bulyang'Ombe will be developed by NMDC. Necessary steps are being taken to start the mining activities in the Bulyang'Ombe ML areas and to put up a Pilot Plant for recovery of gold concentrate. The Pilot Plant will be commissioned in 2015-16.
Legacy Iron Ore, Perth, Australia
Legacy Iron Ore Ltd, an ASX listed entity based in Perth, Australia in which NMDC has 48.82% equity holds prospective iron ore tenements in both the Central Yilgarn and Pilbara areas of Western Australia. All project areas are located close to established infrastructure. Legacy's major gold focus lies in the South Laverton region, where the Company holds some 560 square kilometers of prospective ground. Legacy has 60% interest in Mt Bevan Iron Ore Project from Hawthorn Resources Ltd in Western Australia.
Leases for minerals
4. Iron Ore
4.1 In respect of Bailadila-1 & 3
Your Company has filed Writ Petition before the Hon'ble High Court of Delhi against allotment of PL of Deposit-1 in favor of Tata Steel & PL of Deposit-3 in favor of ESSAR Steels. The Writ Petitions are being heard before the Hon'ble High Court of New Delhi.
4.2 The PLs being pursued in Chhattisgarh
Your Company has applied 7 PL's in Dantewada District and is pursuing the PLs with Chhattisgarh Govt.
4.5 In Jharkhand
A JV Company (NMDC 60% & JSMDC 40%), Jharkhand National Mineral Development Corporation Limited (JNMDC) has been incorporated on 06.08.2012, with its registered office at Ranchi. DMG, Govt. of Jharkhand has granted PL for iron ore & Manganese in Sasangada NE area in favor of JNMDC Limited for a period of 3 years. DFO Chaibasa has granted permission for carrying out Topographical Survey and Geological Mapping for a period of six months (again extended for six months) i.e. upto 04.09.2014. Topographical Survey and Geological Mapping is in progress in the area.
MoU with DMG, Jharkhand:
Your Company has signed MoU with Dept. of Mines & Geology (DMG), Jharkhand for exploration of Iron ore and other minerals in the State of Jharkhand. Under the MoU signed, your Company is executing exploration for iron ore in Silpunji - Kantoria area in West Singhbhum Dist. Geological mapping and topographical survey on 1:4000 scale has been completed.
Other PL Applications:
Your Company has applied for 3 PL's (March 2011) in West Singhbhum District.
4.6 In Karnataka
Your Company is pursuing for ML for Ramandurg and Kumarswamy Deposit (contiguous to ML No.1111). Ramandurg iron ore deposit is subjudice, pending in the Hon'ble Supreme Court of India. The Hon'ble High Court of Karnataka vide order dated 02.01.2014 has disposed of the case of Kumarswamy iron ore deposit providing relief to NMDC. Your Company has applied for 7 ML application (Aug 2007) in Chitradurga, Bellary, Tumkur and Bagalkote Districts.
In addition, your Company has also applied for another 6 PL applications (June 2010) in Tumkur, Bellary and Chitradurga Districts. Your Company has applied 7 ML applications in Karnataka (4 against Govt Notification & 3 in Donimalai Range (Dec 2010).
4.7 In Odisha
Your Company is pursuing for ML for Mankadnacha iron ore
4.8.1 In Jharkahand
Your Company is pursuing for ML / PL for Pahardia - Rungikocha (West Singhbhum District) and Parasi-Kutachauli-Khotadih (Ranchi District).
4.10 In Andhra Pradesh
Your Company is pursuing forest permission for exploration in 3 PLs falling in the Forest area (Renewal application submitted) in Kalyandurg area, Anantapur District. Forest permission & renewal is expected shortly. Your Company has submitted one more PL application for Diamond in Anantapur district on 25.09.2012.
4.11 In Madhya Pradesh
Your Company has carried out exploration work in granted 2 PLs (Baghain & Sarang). Report is under preparation. Your Company has also been granted the PL of Rampura Motwa for a period of two years. Your Company has applied for one more PL in Panna District of MP. Exploration works in granted PL areas is under progress.
Your Company is pursuing for 3 PLs viz., Karmatia, Lakshmipur & Pali for early grant in favour of NMDC. Your Company has applied for RP for Diamond in Chhatarpur & Panna Districts.
Your Company was granted Reconnaissance Permit (RP) on 30.09.2009 in the Tikamgarh District of M.P. Exploration work has been completed under RP and the Exploration cum Relinquishment Report has been submitted. Your Company has applied 5 PLs in Tikamgarh after completion of the RP works.
4.12 Platinum Group of Clements
4.13 In Uttar Pradesh
Your Company is pursuing for PLs for Tsganan area, Dangli and Dangli RF in Lalitpur District.
Shahpur East and Shahpur West Coal Blocks
The Company was allocated two coal blocksi.e. Shahpur East (Area 693 Ha) and Shahpur West (587.5 Ha) Coal Blocks in M.P. by Ministry of Coal, Govt. of India, on 25.07.2007 under Government Dispensation Route for Commercial Mining. Both blocks were regionally explored by GSI. Later NMDC conducted exploration through MECL, Nagpur and obtained Geological Reports for both the coal blocks. Mining Plans and Mine Closure Plans for Shahpur East and Shahpur West Coal Blocks have been approved by MoC.
Prior approval was granted by MOC for grant of ML of Shahpur West Coal Block. Matter is being pursued for getting prior approval for ML of Shahpur East Coal Block.
Environment Clearance Public Hearing successfully completed in Shahdol & Umaria districts and EAC, MOEF recommended project for Environment Clearance. Forest Clearance Proposals are under consideration with Forest Deptts.
Detailed Project Report (DPR) for both the blocks is under finalization by Consultant M/s SCCL
4.16 In Jharkahand
Your Company is pursuing for PL / ML for Mahaudih village, Kujam village, Utani, Akasi and Putrang villages, Kotih village, Kujam and Chirodih villages in Gumla District.
4.18 In Chhattisgarh
Your Company is pursuing ML application for Sadartera Dolomite Block in Bastar District.
5.0 SUBSIDIARY / JOINT VENTURE / ASSOCIATE COMPANIES MONITORING FRAMEWORK
NMDC has five subsidiaries, one Joint Venture and stake in five Associate Companies. The names of these Companies and percentage of NMDC stake in these companies are as follows
Based on the legal opinion, during the year M/s. Legacy Iron Ore Limited, Perth has been classified as Associate Company against classifying on Subsidiary Company in the previous year.
The subsidiaries of NMDC are Board managed with the primary interest to manage such Companies in the best interest of the shareholders. The framework for Subsidiary / Joint Venture are as under:
i) All investments in these Companies are approved by the Board of Directors.
ii) The Company nominates its representatives on the Board of these Companies.
iii) The minutes of the meeting of the Board of Directors of Subsidiary Companies are reviewed by the Board of NMDC.
5.1 J&K Mineral Development Corporation Ltd (JKMDC)
The Annual Report of the subsidiary Company is annexed.
5.2 NMDC-CMDC Ltd (NCL)
The Annual Report of the subsidiary Company is annexed.
5.3 NMDC Power Ltd. (NPL)
The Annual Report of the subsidiary Company is annexed.
5.4 Jharkhand National Mineral Development Corporation Limited
The Annual Report of the subsidiary Company is annexed.
5 5 NMDC SARL, Madagasca
The Annual Report of the subsidiary Company is annexed. The wholly owned subsidiary Company is under closure.
6.0 ENVIRONMENT MANAGEMENT:
The Company has been accredited with ISO:14001 Environmental Management System certification in respect of NMDC's four major production projects, i.e., Bailadila Deposit-14/11C, Deposit-5,10/11A, Donimalai and Diamond Mining Project, Panna. The Certification is valid up to November'2014. Regarding clearances, the company has obtained E.C on 5/11/2013 for construction of 12.0 MTPA Capacity Screening Plant-III and associated facilities at Kirandul from MoEF, GoI. The Company has successfully completed EIA/EMP process in r/o Shahpur U/G Coal Mining Projects at EAC, MoEF on 13/12/2013 and receipt of E.C is awaited. The Company has submitted applications for obtaining Environmental Clearances for (i) construction of 10 MTPA Screening Plant-II at Donimalai (ii) 4.0 MTPA Beneficiation plant at Bacheli along with slurry pipeline from Bacheli to Nagarnar and (iii) 2.0 MTPA Pellet plant at NISP, Nagarnar. The Company has also obtained approval for wildlife conservation plan for entire Dantewada forest division. The Company has also obtained Forest permission for undertaking P.L. works in Rampura, Motwa, Baghain and Sarang Diamond PLs in M.P. The company in process of completing the required formalities at C.G. State Forest Department for forwarding of the Forest clearance proposals to Government of C.G / MOEF for obtaining forest clearance for renewal of Mining Lease of Bailadila Deposit-14, 14 NMZ, Kirandul Complex and Deposit-5 and Deposit 10, Bacheli Complex. Your Company is organizing environmental monitoring studies at all the production projects by engaging the MOEF recognized laboratories. The studies indicate that PM10, PM2.5, SO2, NOx and CO levels at all the production projects are well within the prescribed limits as per MoEF / CPCB and State Pollution Control Board Standards.
Sustainable Development Performance
In compliance with GoI, Department of Public Enterprises, New Delhi guidelines on Sustainable Development (S.D) for Central Public Sector Enterprises (CPSE's) for the purpose of performance evaluation under MoU system, the Company has chosen S.D. Projects / activities such as Carbon Management, Water Management and Training on S.D for employees for the year 2013-14. The status of each project is given below:
(i) Training programme on S.D.
The Company has engaged M/s. P.E. Sustainability Solutions Pvt Ltd., Bhilai for imparting the S.D training programme covering a total of 5 training sessions amounting to 22 days and 400 employees at all projects of the Company.
(ii) Energy Management
The Energy Conservation Options as recommended by the COPES are implemented at all projects of the Company for becoming more energy efficient.
(iii) Carbon Management
The Company has undertaken Carbon foot print studies at all Iron ore projects through M/s. First Climate India Pvt Ltd., Kolkata for the year 12-13 & 13-14. The Company has achieved 2.5 percent reduction in carbon footprint over the previous years. The expenditure incurred
(iv) Water Management
Work awarded to M/s. Dee Tech Projects Pvt Ltd., Chennai for construction of STP based on SBR Technology at Bacheli at a total cost of Rs.6.61 Crores. The work is under progress. The treated water shall be recycled.
(v) Soil & Water Conservation
The Company has executed soil & water conservations works in and around Kirandul Complex through State Forest Department at a cost of Rs.2.20 Crores.
Mine Safety - Activities
NMDC has its training centers in all its projects. They are equipped with infrastructure as required under Mines Vocational Training Rules. These centers cater to the needs of basic training, refresher training and training for skilled workers and also for those injured on duty.
In each mining project of NMDC sufficient number of workmen inspectors are nominated/appointed for mining operations, mechanical and electrical installations as per statutory requirements.
Mine Level Tripartite Safety Committee Meetings have been conducted in each of the operating mines. This meeting is conducted once in a year at project level with senior officials, Union Representatives and DGMS Officials in which Safety Performance and its appraisal are made and the recommendations are implemented.
Corporate Level Tripartite Safety Committee Meetings are being held regularly once in a year at Head Office. 25th Corporate Level Tripartite Safety Committee Meeting of Donimalai Iron Ore Mine and Bailadila Iron Ore Mines/Diamond Mining Project are to be conducted in the month of May 2014. Safety Committees have been constituted in every operating mine and pit safety meetings are held every month discussing the safety matters and corrective actions related to work atmosphere. Man days lost per 1000 man days worked for the year 2012-13 is 0.33 and 0.52 for the year 2013-14.
8. ISO CERTIFICATION
ISO 9001:2008 Certification:
NMDC Projects - BIOM, Kirandul Complex; BIOM, Bacheli Complex; Donimalai Iron Ore Mine and R & D Center are accredited with ISO 9001:2008 Certification. I Surveillance Audit was conducted successfully at Donimalai Iron Ore Mine; BIOM, Bacheli Complex and BIOM, Kirandul Complex in the month of October/November 2013. Recertification Audit was conducted successfully at R&D Center in the month of October 2013.
OHSAS 18001:2007 Certification:
NMDC Projects - BIOM, Kirandul Complex; BIOM, Bacheli Complex; Donimalai Iron Ore Mine and Diamond Mining Project, Panna are accredited with OHSAS 18001:2007 Certification. I Surveillance Audit was conducted at BIOM, Kirandul Complex; BIOM, Bacheli Complex and Donimalai Iron Ore Mine in the month of November/December 2013. II Surveillance Audit of Diamond Mining Project, Panna was conducted in the month of September 2013.
Occupational Health Services have been provided with adequate manpower and infrastructure and are functioning in full-fledged manner at all the projects, headed by Qualified Doctors trained in OHS at Central Labour Institute, Mumbai. Periodical Medical Examination under statute is carried out regularly in all the projects, with a planned programme.
Safety Management System:
Safety Management System has been implemented in all our mines.
9. IMPLEMENTATION OF INTEGRITY PACT:
1. With a view to maintain transparency in all dealings with contractors and vendors and keeping with international practices, NMDC & Transparency International India (TII) developed an Integrity Pact Programme.
2. All the tenders for the contracts and civil works above threshold value
of Rs.20.00 Crores and procurements above threshold value of Rs.10.00 Crores are the subject matters of Integrity Pact.
3. Shri A.K.Jain, IAS (Retd) and Shri Ramesh Chandra Panda, IAS (Retd) have been appointed as Independent External Monitors (IEMs) for overseeing the Integrity Pact programme.
4. Till March 2014 a total of 75 tenders with an indented value of Rs.20131.65 crore were covered under the Integrity Pact.
10 . NMDC's R&D Centre at Hyderabad
NMDC has an R&D Centre at Hyderabad which has been bestowed with "Centre of Excellence" by UNIDO. The centre has capabilities for undertaking studies on mineralogy, batch ore dressing, mineral beneficiation pilot plant, agglomeration, pyro and hydro metallurgy, bulk solids flowability with facilities for chemical analysis, electronic data processing and development of new products.
11 Global Exploration Centre, Raipur.
NMDC's Global Exploration Centre at Raipur is continuously doing exploration in the mines of NMDC and adding new reserves every year. NMDC has offered to State Governments to undertake free exploration to quantify mineral resources in the State.
12.IMPLEMENTATION OF OFFICIAL LANGUAGE POLICY
During the year under review, NMDC Limited made all efforts for the implementation of the official language policy and for the use of Official language in all its Projects, Units and Head Office.
Hindi Workshops were conducted for employees to make them efficient to use official Language in their day-to-day official work. During Hindi Workshops all employees were imparted Micro Soft Indic Computer Training on Phonetic Hindi Keyboard.
To bring awareness among the employees and their family members of NMDC various competitions like Hindi Noting, Drafting and Technical Terms, Hindi Anuvad, Unicode hindi typing on computer, Quiz, Hindi Sshabdahgyan Competition and creativity competition for house wives, (The procedure of item was Written in Hindi) etc were also conducted and prizes were awarded to winners during Rajbhasha Pakhwara.
To encourage the employees to implement official Language Hindi in the technical field 56 Rajbhasha Technical seminars were organized till now and Technical Seminar patrika "Takneeki Sopan, Takneeki kshitiz" and Rajbhasha Souvenirs" Sarjana, Kaanan Kusum" were also published.
NMDC was also awarded Rajbhasha Shield as 1st prize for the year 2012-2013 by the Town Official Language Implementation Committee (undertakings) Hyderabad-Secunderabad, for excellent implementation of the Official Language Policy.
13. Details required to be furnished in terms of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED).
NMDC supports and encourages the participation of local and small vendors in procurement of goods and services. NMDC is taking steps to improve the capacity and capability of local and small vendors. A special drive for registering Micro and Small Enterprises was initiated in FY 2012-13.During FY 2013-14, we have participated in National level vendor development
programme, State level vendor development programme and other programmes conducted by Ministry of MSME, Hyderabad in the nearby areas we have participated in Translational Shear Tester at R&D Centre, Hyderabad National level vendor development programme, State level vendor development programme and other programmes conducted by Ministry of MSME, Hyderabad in the nearby areas. We have also attended vendor development programme conducted by Ministry of MSME at Visakhapatnam, Raipur and Mysore wherein prospective MSEs were explained of our requirement and invited applications for vendor empanelment from the interested MSEs.
14. Offer and allotment of equity shares to Eligible Employees of NMDC by Government of India as per CCEA approval.
Department of Disinvestment, Government of India has offered upto 1,98,23,580 equity shares of face value of Re.1/- each to the eligible employees of NMDC at a discounted price of Rs.141.10 per equity share. In response to the said offer, 280 shares was transferred from President of India to the eligible employee who participated in the offer.
15.1 Employee-Employer relations
The overall industrial relations situation was peaceful and cordial during the year. There was no strike / lockout against the Company's policies affecting production and productivity. During the year a tripartite settlement revising the wages of workmen was signed.
15.2 Scheduled Castes & Scheduled Tribes 24 candidates belonging to Scheduled Caste and 23 persons belonging to Scheduled Tribes were appointed in the year 2013 against 153 posts filled by direct recruitment.
15.5 Staff Welfare activities
Adequate facilities for education, health, accommodation and recreation were in place. Various bipartite fora have been functioning satisfactorily.
15.6 Promotion of Sports
Inter Project Tournaments, both indoor and outdoor, for employees and games & sports for the wards were held in different Projects during the year apart from promoting sports events under CSR.
16. HUMAN RESOURCES DEVELOPMENT
Training Coverage to all employees was 70% against the target of 30%. Training Index of average employees in Training Mandays as percentage of Working Mandays was 3.93 against a target of 3.0. Employee Development Services are delivered through In-Company, External and Foreign training modes.
In-Company Programmes: 278 Executives participated in 08 programmes.
External Training Programmes: 126 programmes were attended by 386 NMDC participants. This includes Executives, JO's and Workmen.
Foreign Programmes: 09 Foreign training visits involved 31 participants.
Formal Risk Management Programmes: 09 persons at Senior Management were trained on "ISO 31000-Enterprise Risk Management" to have a practical knowledge in understanding various steps, benefits in Risk Management Culture in the Organization.
Executive Trainees: 62 Executive Trainees [47-ET's & 15-AM(Fin)] received the training during 2013-14.
1. A three day HR Conclave "Aaroh" has been organized by external expert at Kovalam during 24-26 Feb, 2014 for all the Trade Union Leaders for better appreciation of their roles and also for Senior Management & Top Management to jointly work out a plan for Organizational Development to make NMDC a Healthy Vibrant Organization.
2. Sustainable Development Programme as per MoU parameter held at each location of our Projects / Units. We have covered 450 persons in this programme.
Creating Sustainable Quality Circles is one of the focus areas of the Company. Total 27 Quality Circles presented their case studies in CCQC-2013 held in the month of Sep-2013 at Hyderabad and Bangalore. Our teams in the CCQC-2013 were adjudged 22 as 'Gold' and 5 as 'Silver' out of 109 Quality Circles. 10 Quality Circles participated in NCQC in which 06 as Par Excellence and 04 QC's as Excellence achieved. NMDC received the Best Organization Award for consistently supporting QC activities.
NMDC Vigilance Department had taken several initiatives during the year. Various programmes were conducted for awareness on vigilance matters for the employees of the Corporation. Emphasis was laid on adequate checks and balances in the form of well defined systems and procedures. The vigilance functionaries at the projects have conducted regular training classes for the employees on the vigilance matters. Executives of Vigilance Department were sent for training / workshops being organized in India as well as abroad (Kathmandu) by various organizations like Delhi Productivity Council, New Delhi on the "Role and Functions of Vigilance and Disciplinary Proceedings" during Dec, 2013.
As per the Action Plan, surprise and regular checks were conducted besides study of files. Irregularities and omissions under the provisions of the rules are identified and improvements in the systems are suggested. Based on the observations of Vigilance, recoveries were made from the contractors bills for not conforming to the contractual terms. During the year, 72 surprise checks, 72 regular inspections and 24 CTE type inspections were conducted.Complaints received were taken up for investigation and necessary disciplinary action wherever required was recommended.
A Training Programme for the new incumbents has been conducted at the CBI Academy Ghaziabad so that they acquaint themselves with the processes & procedures to help them in discharging their duties as Vigilance Officers.
As part of implementation of "Leveraging of Release of inaugural issue of quarterly Vigilance Technology for transparency" in all the magazine "Spoorthy" by Shri S.Thiagarajan, Dir(Fin); transactions, information about limited tender in presence of Shri S.Bose, Dir(Prod.); enquiries above Rs. 30 lakhs, details of Shri Dir(C°mml) and contracts concluded above Rs.10 lakhs, works Smt. Usha Chandrashekar, O/CX awarded on nomination basis, single tender basis above Rs.1 lakh, information regarding bill payments to the contractors etc., are provided on the Company's website. Efforts to encourage e-procurement, e-tender, e-auction are being made continuously. E-procurement cell in the Engineering Department has been set-up recently in November 2013.
NMDC has adopted implementation of Integrity Pact since November, 2007. The threshold limit of Rs.20 crores in case of civil works and contracts and Rs.10 crores in case of procurement is being followed. Till date, the Integrity Pact has been entered into 75 contracts with a value of Rs.20131.65 crores. As such, more than 90% of the total value of the contracts are covered under Integrity Pact. In addition, implementation of e-procurement and e-auction have been taken up.
Vigilance Department in NMDC is certified under ISO 9001:2008 conforming to the Quality Management System. It has been certified as per ISO standards since October, 2006 by Integrated Quality Certification Private Limited, Bangalore. For re-certification of Quality Management System (QMS) of Vigilance Department, M/s. TQ Services conducted an external audit was conducted on 19.10.2013 and ISO certificate was extended upto 09.02.2016.
In-house quarterly magazine of the Vigilance department "Sphoorthy" from the year 2013 - 14 has been published being released in the Vigilance Awareness Week 2013.
The Vigilance Awareness Week was observed from 28.10.2013 to 02.11.2013 with the theme "Promoting Good Governance - Positive Contribution of Vigilance". A talk on "Good Governance" by Justice N. Santosh Hegde, Former Lok Ayukta, Karnataka was organized. During the week, a workshop on "Good Governance" for officers of NMDC from all across the units of NMDC was conducted by Shri M.N. Rao, Director, Centre for Good Governance, Hyderabad. On the concluding day, a lecture by Dr. Y.R.K. Reddy, Advisor and Professional Speaker in Corporate Governance Policy was organized.
A training program was also organized in March, 2014 by the Vigilance Department through M/s TQ Services of Tata Projects Ltd. on "Welding and Painting Inspection" at NISP, Nagarnar for the benefit of our officers in the field of supervising fabrication, quality, conducting inspections at the vendor sites, site inspections etc.
18. DIRECTORS' STATEMENT RESPONSIBILITY
Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed that:
i) In the preparation of the annual accounts for the financial year ended 31st March 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures;
i i ) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under report;
iii) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv) The Directors have prepared the annual accounts on a going concern basis.
Shri Narendra Kothari assumed charge as Chairman-cum-Managing Director of the Company in terms of Order No.4(3)/2013-RM-I (Vol-II) dated 17.04.2013 of Ministry of Steel, Government of India w.e.f. 21.04.2014.
The Board places on record its deep appreciation for the valuable contribution made by Shri R.N. Aga, Mrs. Parminder Hira Mathur, Shri D. Rath and C.S. Verma during their tenure on the Board of the Company.
Shri S.K. Das, Director (Commercial) shall be superannuating on 31.08.2014. Accordingly, Shri S.K. Das is not seeking re-appointment in the ensuing Annual General Meeting of the Company. Hence, the re-appointment of Shri S.K. Das is not included in the notice convening the 56th AGM.
a. Statutory Auditors
On the advice of the Comptroller and Auditor General of India, New Delhi, your Company appointed the following firms of Chartered Accountants as Statutory Auditors of the Company for the year 2013-14:
b. Cost Auditors M/s Prasad & Bharathula Associates Cost and Management Consultants House No.2-4-911, Road No.6,Samatapuri Colony, Post. Saroornagar, HYDERABAD - 500 035
c. Cost Audit:
Pursuant to Section 233B of the Companies Act, 1956, your Company carried out an audit of cost records relating to iron ore product, diamond and sponge iron product. The Company appointed M/s. Prasad & Bharathula Associates, Cost and Management Consultants as cost auditor with due approval of the Central Government to audit the cost accounts of the Company for the Financial Year ending 31st March, 2014. The cost audit report for the Financial Year 2012-13 was filed with Ministry and Corporate Affairs on 26.09.2013. The due date for filing the cost audit report for the Financial Year 2013-14 is September 27, 2014 and the report is yet to be filed.
21.CORPORATE SOCIAL RESPONSIBILITY (CSR)
It is a matter of pride that several CSR initiatives have been in place right from the inception of the Company and they have become an integral part of the business model of NMDC.
An amount of Rs.126.85 Cr. amounting to 2% of PAT of previous year i.e. 2012-13 has been allocated for CSR activities of 2013-14. Apart from this an amount of Rs.44.20 Cr. of unspent CSR fund of 2012-13 has been carried forward to 2013-14. Thus, the total annual CSR Budget for 2013-14 is Rs.171.05 Cr. Against this budget, an amount of Rs.152.85 Cr. has been spent on various CSR activities during the year 2013-14.
A Quick Retrospective of Major Initiatives in Vogue is as follows:
NMDC has introduced a focused initiative called "Balika Siksha Yojana" for the benefit of the tribal girl students of Bastar region. Under this Yojana, the girl students are being sponsored for various academic and professional courses in Engineering, Medicine, BDS, Management, Nursing, Diplomas etc. The entire expenditure is borne by NMDC.
In the first year, (i.e.2011-2012) 25 tribal girls from Bastar region have been admitted to Nursing courses in M/s Apollo Hospitals, Hyderabad. During the academic years 2012-13 & 2013-14 second batch & third batch of 40 girls each have been sponsored in GNM & B.Sc. nursing courses at Apollo Hospitals, Hyderabad.
Siksha Sahayog Yojana
NMDC Siksha Sahayog Yojana, a unique scheme granting scholarships to the poor Tribal and SC students of 5 (Five) districts of Bastar region, Chhattisgarh and Karnataka has been extended to about 11,000 students to continue academic pursuit beyond 8th class upto Graduation in Engineering/Medicine. Under this scheme, scholarship is granted from class IX onwards till they pursue their graduation and the amount is paid through their individual accounts in Pos/Banks.
A survey has brought out that this has been widely accepted and has started positively impacting the students and also their families. The eligibility criteria during 2012-13 were relaxed to 40% pass marks in the qualifying examination to cover the maximum number of students which has resulted in distribution of 18000 scholarships. During the year 2013-14, 16472 scholarships were distributed.
Education Improvement program
NMDC has taken up a 3 year education improvement program in 84 Govt. Primary schools in Dantewada block of South Bastar district aimed at reducing drop-out rate, improve education standards etc. through special initiatives. A total of 4200 students, mostly tribals, are benefitting from this program. Out of the identified 1077 out of school children, 328 have been mainstreamed to formal schooling.
Polytechnic College at Dantewada
An amount of 31.94 crore has been sanctioned for constructing a Polytechnic College at Dantewada. NMDC has requested Chhattisgarh Govt. to exempt tribal students of Bastar from central counseling in admissions to Polytechnic College. Considering NMDC's request Govt. of Chhattisgarh has granted administrative approval by delinking the tribal students of Bastar region from central counseling. Plans are being drawn to start new trades from the ensuing academic year of 2014-15.
2. Infrastructure Development
• Construction of SC/ST Girls Hostels at Ongole & Guntur with a contribution of Rs.31.50 lakh each in Partnership with Govt. of A.P. has been completed.
• Strengthening PHCs in Bellary in partnership with Govt. of Karnataka by upgrading them/equipping them with various necessary/desirable medical equipment at a cost of Rs.169.00 lakh. Additional fund of Rs.34.41 lakh required has been released.
• NMDC has partnered with State Govt. of Chhattisgarh for construction of Gaurav Path - 4 way lane at Dantewada at a cost of Rs.1300.00 lakh. Electrification related works in 67 villages of Bastar District at a cost of Rs.252.48 lakh.
• Construction of 30 Community Centres in 30 villages of Bastar District at a cost of Rs.30.00 lakh each at a total cost of Rs.900.00 lakh.
• Farmer's development scheme at Dantewada was taken up in partnership with CG Govt. @ total expenditure of Rs.1500.00 lakh. The scheme includes providing fencing to farmers land, digging of borewells & installation of hand pumps. An amount of Rs.1200.00 lakh has been released till date.
NMDC runs three hospitals at Project sites, in collaboration with M/s Apollo and M/s Yashoda Hospitals offering free medical treatment not only to staff but to the local communities as well addressing the needs of an average 90000 out-patients & 9000 in-patients from local tribals every year
NMDC operates 'Hospital on Wheels' (HoW) service in Bailadila benefitting about 40000 tribal villagers in 45 villages by providing free medi-care facilities at their doorsteps.
4. Drinking water Facility
NMDC has partnered with State Govt of Karnataka for providing Drinking Water Facility in 7 villages of Bangalore Rural District, Karnataka at a cost of Rs.78.34 lakh.
5. Integrated Development of Villages
NMDC has identified 58 tribal villages around its Bailadila Projects in South Bastar (Dantewada) district and in the first phase, developmental activities in the areas of education, agriculture, healthcare and awareness, income generation through acquisition of income-earning skills, formation of SHGs, lift irrigation and modern tools & techniques of cultivation have been undertaken in 8 villages. Requisite tools and equipment are also provided to the beneficiaries. This has been extended to additional 10 villages around Kirandul Project, thereby bringing the total number of villages for integrated development to 18. Plans are on the anvil to include another 8-10 villages under the programme in the current financial year.
6. Skill Development
• Skill development training program in bamboo, bell metal & tumba art is being organized in Bastar District, CG to provide training to 460 unemployed tribal youth. An amount of Rs.31.60 lakh has been spent till date.
• Another skill development training program in installation of hand pumps & repairs of hand pumps for the development of 1260 youth of Bastar has been organized. An amount of Rs.59.92 lakh has been spent on training.
• NMDC has launched livelihood-linked skill development program leading to employment in various trades viz., welding, electrician, fitter, sales & marketing, data entry operator in partnership with IL&FS at Balrampur, Uttar Pradesh. Under this program, 1000 unemployed youth will be trained. The program guarantees placement to at least 75% of the successful trainees.
22. IMPLEMENTATION OF RIGHT TO INFORMATION ACT, 2005
All the provisions of the RTI Act 2005 are being complied with by the Company. In order to ensure timely disposal of RTI applications, PIOs have been appointed in each of NMDC's units.
A close monitoring of the RTI applications received is done to ensure that the replies are sent in time. During the year 2013-14, the Company received 201 applications out of which 13 were only rejected while providing the details for 188 applications.
23. R&D ACTIVITIES
Particulars required under the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 are at Annexure-I.
24. (a) CONSOLIDATED FINANCIAL STATEMENTS
In terms of Listing Agreement with Stock Exchanges, the duly audited Consolidated Financial Statements forms part of Annual Report.
(b) STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956
Statement pursuant to section 212 of the Companies Act, 1956 relating to the Subsidiary Companies is at Annexure-II.
25. CORPORATE GOVERNANCE
The Board of Directors at their 427th meeting have approved the Policy on Corporate Governance. A separate report on Corporate Governance is enclosed at Annexure-III.
26. REPORT ON MANAGEMENT DISCUSSIONS AND ANALYSIS
A Report on Management discussions and Analysis as required in terms of Clause 49(F) of the Listing Agreement is enclosed at Annexure-IV.
27. GLOBAL COMPACT -COMMUNICATION ON PROGRESS
Report on compliance with principles of Global Compact is enclosed at Annexure-V.
28. BUSINESS RESPONSIBILITY REPORT
In compliance with Clause 55 of the Listing Agreement, Business Responsibility Report (BRR) is enclosed at Annexure-VI.
29. AWARDS RECEIVED BY THE COMPANY
The details of awards received by the Company for the year under review are as follows: 1. On 28th May'2013, NMDC received 'Dun & Bradstreet Corporate Awards 2012' as Best Mining Company Under the sector Mining. Received top Indian Company under Mining Sector from Dun & Bradstreet Corporate Awards 2012. This award was presented by Sri Jayant Kumar Banthia, Chief Secretary, Govt. of Maharashtra.
2. On 29th Jun'2013, NMDC received 'CMSB Public Sector Enterprise / Government undertaking Excellence in CSR Award 2013' from Council for Media and Satellite Broadcasting, New Delhi.
3. On 24th Jul'2013 CMD, NMDC received PSU Award in "Human Resource Utilization' from Sri Praful Patel, Hon'ble Minister for Heavy Industries and Public Enterprises, Govt. of India, organized by Governance Now, News Magazine.
4. On 13th Sep'2013, NMDC received "Best Organization supporting Quality Circle Movement" Award from Sri Sarvey Satyanarayana, Hon'ble Minister of State for Road Transport and Highways, Govt. of India, organized by Quality Circle Forum of India, Hyderabad Chapter.
5. On 2nd Apr'2014 CMD, NMDC received 'Most Efficient Navratna Award' from Sri TKA Nair, Advisor to the Hon'ble Prime Minister of India organized by Dalal Street Investment Journal, New Delhi.
Your Directors gratefully acknowledge the support, cooperation and guidance received from the Ministry of Steel, Ministry of Mines and Ministry of Forests & Environment and other Departments of Government of India and the State Governments of Andhra Pradesh, Chhattisgarh, Karnataka, Madhya Pradesh and Jharkhand.
Your Directors acknowledge the support extended by the valued and esteemed international and domestic customers, shareholders stakeholders, MMTC, Chennai Port Trust, Visakhapatnam Port Trust, Railways and other Departments of the Central and State Governments. We believe that our long-term success is dependant on our domestic customer relationship and responsiveness. We will do everything possible to provide our customers better, timely and value added services.
The success of your Company is due to the commitment and dedicated efforts of the managers and employees at all levels. Your Directors place on record their appreciation and also acknowledge the support and co-operation of All India NMDC Workers' Federation and their members for the smooth functioning of the Company's operations.
Place : Hyderabad
Date : 30.05.2014