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MMTC Annual Report-2017-18-Eng for Website.Cdr th 55 ANNUAL REPORT 2017-18 Trading World-wide Enriching Lives. Sustaining Excellence While Journeying Towards Global Heights As a leading trading company of India, MMTC takes pride in the growth avenues it has carved for itself and the country on the global front in its designated role of a international trading company, MMTC acts as a bridge for the Nation; sourcing what has been in short supply for India’s industry while exporting its surplus to fulfill other countries growing needs. With its global reach and resources, the Company has thus paved a path for itself as an international exporter and importer engaged in the pursuit of growth and excellence. MMTCs Annual Report 2017-18 is aptly based on its endeavours towards Sustaining Excellence while journeying towards global heights. Corporate Mission 2 Corporate Objectives 3 Chairman’s Statement 5 Board of Directors 8 Director’s Report 10 Management Discussion & Analysis Report 21 Report on CSR Activities 27 Report on Corporate Governance 31 Business Responsibility Report 41 Secretarial Audit Report & Management's 69 Reply thereon Comments of C&AG of India 72 Decade at a Glance 77 Statutory Auditor's Report & Management's 99 Reply thereon Financial Statements of MMTC Limited 103 Financial Statements of MMTC 159 Transnational Pte. Ltd. Consolidated Financial Statements 179 MMTC Auditors 244 MMTC Bankers 245 MMTC Offices 246 1 Corporate Mission As the largest trading company of India and a major trading company of Asia, MMTC aims at improving its position further by achieving sustainable and viable growth rate through excellence in all its activities, generating optimum prots through total satisfaction of shareholders, customers, suppliers, employees and society. 2 Corporate Objectives • To be a leading International Trading House in India operating in the competitive global trading environment, with focus on “bulk” as core competency and to improve returns on capital employed. • To retain the position of single largest trader in the country for product lines like minerals, metals and precious metals. • To promote development of trade-related infrastructure. • To provide support services to the medium and small scale sectors. • To render high quality of service to all categories of customers with professionalism and efciency. • To streamline system within the company for settlement of commercial disputes. • To upgrade employee skills for achieving higher productivity. 3 (` in crore) For the nancial year ending 31st March, 2018 2018 2017 2016 Total Sales 15757 11593 12460 which includes :- Exports 1795 1580 673 Imports 11878 8480 10296 Domestic 2084 1533 1492 Trading Prot 333 220 130 Income from Other Sources 64 149 218 Prot After Tax 49 57 55 At Year End Total Assets 5418 6078 3800 Net Worth 1449 1434 1378 Per Share (Rupees) Earnings 0.49 0.57 0.55 Dividend 0.30 0.30 0.30 Net Worth to Share Capital (times) 14.49 14.34 13.78 Prot after Tax to Capital Employed (%) 5.78 8.36 7.42 Prot after Tax to Net Worth (%) 3.38 3.97 3.98 Sales per Employee (Rs. Million) 14.11 9.46 9.34 4 CHAIRMAN’S STATEMENT Dear Shareholders, essential to continuously refine and sharpen our I welcome you all at the 55th Annual General capabilities. Meeting of your Company. As you all would PERFORMANCE OF THE COMPANY DURING know, the global macroeconomic landscape 2017-18 remains volatile. While global growth is showing Now, I would like to present the salient features of some signs of a recovery, there is still a long way your Company's performance during the FY to go. Even in these uncertain circumstances, 2017-18. Your Company achieved a trade India's growth story has largely remained turnover of Rs.15,757 crore during 2017-18, an positive, and the country has registered a steady increase of almost 36% over the previous year. pace of economic growth at around 6.7 percent This increase in turnover is despite various in FY 2017-18. The country's economic constraints like fall in average price of urea; non- fundamentals are sound and the Government is import of steam coal for Government Power determined to remove impediments to economic Plants due to increased domestic supplies by development and social empowerment. With the Coal India; restrictions on iron ore mining and effective implementation of the Goods and ban on export of iron ore from Karnataka etc. Services Tax, I am convinced that India is poised have the resultant lower exports. The Company for greater investment and economic growth in has earned gross profit of Rs. 333.45 crores from the future. With the overall International climate operations and a Net Profit of Rs.48.84 crores undergoing rapid changes, it has become during the year. However, outgo has increased 5 this year on account of pay revision and dividend of 30% for the said fiscal. enhancement in gratuity limit. • The 15 MW capacity Windmill project The company has also issued Bonus Shares commissioned way back in 2007 at during the current financial year. The allotment Gajendragad in Karnataka is running th was made on 7 May 2018 by the Board successfully and the power generated by authorized committee of Directors thus these wind farms is being sold to Karnataka increasing the paid up capital of the company State Electricity Board. The turnover of the from Rs.100 crores to Rs.150 crores. Your Company has recommended a dividend of 30% project during FY 2017-18 was Rs. 6.90 on the paid up capital of the company as on crores with a profit of Rs. 5.18 crores. 31.3.2018 with a total outgo of Rs. 30 crores. • Your company has received a dividend of This reflects our improved confidence in the Rs. 31 per equity share of face value of Rs. 2 financial strength of your organization. each from BSE Limited, during the Financial MMTC'S PROMOTED PROJECT – year 2017-18 wherein your company holds NEELACHAL ISPAT NIGAM LIMITED 38,961 equity shares with a face value of The NINL steel plant jointly set up by your Rs. 2 each. company alongwith the Government of Odisha • Your company has already exercised “Exit” and others achieved a turnover of Rs. 882.58 option from the JV Company MMTC Gitanjali crores during the FY 2017-18 despite recession Ltd., whose business got interrupted midway in steel sector in the past few years and increase during the year 2017-18. in cost of imported raw materials. Also, blast furnace was shut down for few months for CORPORATE GOVERNANCE renovation of the same. The mines allocated by Corporate governance is about maximizing the Government of Odisha to the JV Company shareholder value legally, ethically and on a are planned to be commissioned for iron ore sustainable basis. At MMTC, the goal of production by March, 2019. NINL has also corporate governance is to ensure fairness for signed MOU with NALCO for setting up of Coal every stakeholder – our customers, investors, Tar Pitch Plant. With the stabilization of steel vendor-partners, the community, and the making facility and commencement of iron ore governments of the countries in which we mining by end of current financial year, operate. We believe that sound corporate NINL's performance is expected to improve governance is critical for enhancing and retaining considerably, as also there would be an increase the investor trust. It is a reflection of our culture, in production capacity due to renovation of blast our policies, our relationship with stakeholders furnace and commissioning of steel making and our commitment to values. Accordingly, we facility. always seek to ensure that our performance is driven by integrity. All efforts have been made to HIGHLIGHTS OF OTHER JOINT VENTURES/PROJECTS: ensure that all statutory Corporate Governance requirements have been complied in letter As you are aware, your company has promoted a and spirit. number of joint ventures under PPP Route to take advantage of new opportunities emerging in HUMAN RESOURCE the free market environment. A few highlights of Needless to emphasize that Human Resource is these are enumerated below:- the backbone of any organization. It is the best • MMTC PAMP India Pvt. Ltd., the JV resource an organization can have, nourish and established with PAMP Switzerland has motivate, which can make-up for all other achieved a turnover of Rs. 34,022 crores with resources which are in short supply. In MMTC the a profit after tax of Rs. 43.69 crores during focus is on building an enabling culture and 2017-18. This JV company has paid an interim ensure a flow of motivated people with required 6 skill sets. The focus is always on continuous by developing the opportunities embedded in our skill development and promoting core values existing trading operations which represent the which would inspire the employees to achieve most attractive options. We are also importing excellence in all endeavors and maximize pulses and fertilizers on behalf of Govt. of India stakeholder's value. As on 31st March, 2018, besides exploring new markets for existing the Company's manpower stood at 1127 product lines and identifying new thrust areas for including 481 officers and 579 staff cadre new products both domestically and globally. employees as against the total of 1225 as on ACKNOWLEDGEMENT 31st March, 2017. The company has prepared a succession plan to take care of gaps arising In this incredible journey of your Mini-ratna due to superannuation of senior level Company while we endeavor constantly to experienced executives. enhance returns on your investments, it has been equally an endearing and enriching CORPORATE SOCIAL RESPONSIBILITY expedition for me personally over the Your company continues to focus on CSR years.
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