CENTRAL COALFIELDS Limited Annual Report & Accounts

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CENTRAL COALFIELDS Limited Annual Report & Accounts ANNUAL REPORT 2016-17 _________________________________________________________ ANNUAL REPORT & ACCOUNTS 2016-17 417 CENTRAL COALFIELDS LIMITED A Miniratna Company ____________________________________________________CENTRAL COALFIELDS LIMITED CONTENTS Sl. No. Page No. 1. Management 1 2. Bankers & Auditors 3 3. Notice – AGM 4 4. Operational Statistics 9 5. Financial Position 10 6. Director’s Report 18 7. Profile of Directors 103 8. Secretarial Audit Report 109 9. Comments of the Comptroller and Auditor General of India under Section 143(6)(b) of the Companies Act, 2013 115 10. Management Discussions & Analysis Report 139 11. Standalone Financial Results 145 12. Standalone Balance Sheet as at 31st March, 2017 149 13. Standalone Profit & Loss Account for the Year Ended 31st March, 2017 150 14. Standalone Cash Flow Statement for 2016–17 153 15. Notes to the Standalone Financial Statement (Note 1 to 37) 155 16. Additional Notes to the Standalone Financial Statement (Note 38) 231 17. Auditor’s Report & Management Reply (including Appendix 1) 271 on Standalone Financial Statement 18. Consolidated Financial Results 287 19. Consolidated Balance Sheet as at 31st March, 2017 289 20. Consolidated Profit & Loss Account for the Year Ended 31st March, 2017 291 21. Consolidated Cash Flow Statement for 2016–17 293 22. Notes to the Consolidated Financial Statement (Note 1 to 37) 296 23. Additional Notes to the Consolidated Financial Statement (Note 38) 368 24. Auditor’s Report & Management Reply (including Appendix 1) 405 on Consolidated Financial Statement 25. Annexure VII to Clause 41 416 1 Board of Directors (As on 21st July, 2017) Shri Gopal Singh Chairman-cum-Managing Director DIRectoRS Shri D. K. Ghosh Shri Subir Chandra Shri R. S. Mahapatro Shri A. K. Mishra Director (Finance) Director (Tech./Oprn.) Director (Personnel) Director (Tech./P&P) GOVERNMENT NOMINEES Shri R. P. Gupta, IAS Jt. Secretary,MoC NON-OFFICIAL PART TIME DIRECTORS Shri Bharat Bhushan Goyal Shri Ashok Gupta Ex-Additional Chief Adviser (Cost) Chartered Accountant PERMANENT INVITEES Shri Salil Kr. Jha Shri S. K. Barnwal COM, EC Rly., Hajipur Secretary (Mines & geology), GoJ Shri Ravi Prakash Company Secretary Annual Report & Accounts 2016-17 CENTRAL COALFIELDS LIMITED A Miniratna Company (A Subsidiary of Coal India Limited) (CIN: U10200JH1956GOI000581) Regd. Office : Darbhanga House, Ranchi - 834 029 ____________________________________________________CENTRAL COALFIELDS LIMITED PRESENT MANAGEMENT As on 21st July, 2017 (i.e. on the date of the Sixty First Annual General Meeting) CHAIRMAN-CUM-MANAGING DIRECTOR Shri Gopal Singh FUNCTIONAL DIRECTORS Shri D.K. Ghosh : Director (Finance) Shri Subir Chandra : Director (Tech./P&P) Shri R.S. Mahapatro : Director (Personnel) Shri Awadh Kishor Mishra : Director (Tech./P&P) PART TIME DIRECTORS Shri R. P. Gupta, IAS : Jt. Secretary, Ministry of Coal, Govt. of India, New Delhi NON-OFFICIAL PART TIME DIRECTORS Shri Bharat Bhushan Goyal : Ex-Additional Chief Adviser (Cost), D/o Expenditure Shri Ashok Gupta : Chartered Accountant PERMANENT INVITEES Shri Salil Kumar Jha : Chief Operation Manager, EC Railway Shri S. K. Barnwal : Secretary (Mines & Geology) Govt. of Jharkhand COMPANY SECRETARY Shri Ravi Prakash 1 ANNUAL REPORT 2016-17 _________________________________________________________ MANAGEMENT DURING 2016-17 CHAIRMAN-CUM-MANAGING DIRECTOR Shri Gopal Singh FUNCTIONAL DIRECTORS Shri D. K. Ghosh : Director (Finance) Shri P. K. Tiwari : Director( Tech/ Oprn.) (Superannuated on 30.09.2016) Shri R.S. Mahapatro : Director (Personnel) Shri Subir Chandra : Director (Tech./Oprn.) Shri Awadh Kishor Mishra : Director (Tech./P&P) (w.e.f. 01.10.2016) PART TIME DIRECTORS Shri R. P. Gupta, IAS : Jt. Secretary, Ministry of Coal, Govt. Of India, New-Delhi. Shri R. Mohan Das : Director (P&IR), Coal India Limited, Kolkata (Terminated on 30.03.2017) NON-OFFICIAL PART TIME DIRECTORS Shri Bharat Bhushan Goyal : Ex-Additional Chief Adviser (Cost), D/o Expenditure Shri Ashok Gupta : Chartered Accountant PERMANENT INVITEES Shri U. P. Singh : Secy., Deptt. of Mines & Geology, GoJ (w.e.f. 04.04.2016 to May, 2016) Shri S. K. Barnwal : Secy., Deptt. of Mines & Geology, GoJ (w.e.f. 16.11.2016) Shri Basu Deo Roy : COM, EC Rlys. (w.e.f. 24.05.2016) company secretary : Shri C. V. N. Gangaram (Superannuated on 31.01.2017) 2 ____________________________________________________CENTRAL COALFIELDS LIMITED BANKERS Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Corporation Bank Dena Bank Indian Overseas Bank State Bank of India Oriental Bank of Commerce Punjab National Bank Syndicate Bank UCO Bank Union Bank of India United Bank of India STATUTORY AUDITORS M/s. V. Singhi & Associates Four Mangoe Lane Surendra Mohan Ghosh Sarani, Ground Floor Kolkata-700001, West Bengal BRANCH AUDITORS M/s. J. N. Agrawal & Co. M/s. L. K. Saraf & Co. Ranchi – 834001, Jharkhand Ranchi – 834001, Jharkhand M/s Kadmawala & Co. M/s Lodha Patel Wadhwa & Co. Ranchi – 834001, Jharkhand Ranchi – 834001, Jharkhand COST AUDITORS M/s SC Mohanty & Associates Plot No. 370/186/2157 Shakti Bhawan, Beside Toyota Showroom AT – Patia, PO – KIIT, Bhubaneswar – 751024 BRANCH COST AUDITORS M/s. MANI & CO. M/s. MUSIB & Co. Ashoka Building, No. 204, Gajraj Mansion, 111, Southern Avenue, 2nd Floor, Diagnol Road, Kolkata – 700029 Bistupur, Jamshedpur, Jharkhand M/s K. B. Saxena & Associates M/s K. G. Goyal & Associates 3rd Floor, Shagun Palace Sapru Marg, 4A, POCKET 2, Mix Housing, New Kondli, Hazratganj, Lucknow – 226001 Mayur Vihar – III, New Delhi – 110096 SECRETARIAL AUDITORS M/s Pratibha Khandelwal & Associates F – 2/14, LIC Flats, Sector – 2, Vidhyadhar Nagar, Jaipur – 302039 (Rajasthan) REGISTERED OFFICE Darbhanga House Ranchi 834 029 (Jharkhand) 3 ANNUAL REPORT 2016-17 _________________________________________________________ N O T I C E Secy. CS/3(4)/AGM–61/2017/ Dated: 19.07.2017 SIXTY FIRST ANNUAL GENERAL MEETING Notice is hereby given that the 61st Annual General Meeting of the members of Central Coalfields Limited will be held on Friday, the 21st day of July, 2017 at 11.00 A.M. at the registered office of the Company, Darbhanga House, Ranchi to transact the following business: A. ORDINARY BUSINESS: 1. To receive, consider and adopt the Audited Balance Sheet as at 31st March, 2017, Profit and Loss Account for the financial year ended 2016-17, Cash Flow Statement together with all Notes, Additional Notes on the Financial Statements and Significant Accounting Policy for the year 2016-17, the Reports of Statutory Auditor and Comptroller & Auditor General of India and Directors’ Report. 2. To confirm payment of Four Interim Dividends paid on equity shares of the Company as Final Dividend for the Financial Year 2016-17. 3. To appoint a Director in place of Shri D.K Ghosh (DIN-06638291) Whole-time Director who retires by rotation in terms of Section 152(6) of the Companies Act 2014 and being eligible, offers himself for reappointment. 4. To appoint a Director in place of Shri R. S. Mahapatro (DIN-07248972), Whole-time Director who retires by rotation in terms of Section 152 (6) of the Companies Act 2013 and being eligible, offers himself for reappointment. B. SPECIAL BUSINESS : 5. Ratification of Appointment & Remuneration of Cost Auditor for the Financial Year 2016- 17 & 2017-18 under section 148 of Companies Act 2013 To consider & if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: RESOLVED THAT the remuneration approved by the Board in its 430th Board Meeting held on 28.09.2016 to M/s S.C. MOHANTY & ASSOCIATES, Bhubaneswar for the financial year 2016-17 & 2017-18 at Rs. 2,57,438/- per annum plus applicable tax and out of pocket expenses limited to 50% of the cost audit fee for conducting cost audit of CCL Head Quarter and respective areas of CCL be and is hereby ratified” RESOLVED THAT the remuneration approved by the Board in its 430th Board Meeting held on 28.09.2016 to M/s MANI & CO, Kolkata for the financial year 2016-17 & 2017-18 at Rs. 95,625/- per annum plus applicable tax and out of pocket expenses limited to 50% of the cost audit fee for conducting cost audit of respective areas of CCL be and is hereby ratified” RESOLVED THAT the remuneration approved by the Board in its 430th Board Meeting held on 28.09.2016 to M/s MUSIB & CO, Jamshedpur for the financial year 2016-17 & 2017-18 at Rs. 85,613/- per annum plus applicable tax and out of pocket expenses limited to 50% of the cost audit fee for conducting cost audit of respective areas of CCL be and is hereby ratified” 4 ____________________________________________________CENTRAL COALFIELDS LIMITED RESOLVED THAT the remuneration approved by the Board in its 430th Board Meeting held on 28.09.2016 to M/s K.B.SAXENA & ASSOCIATES, Lucknow for the financial year 2016-17 & 2017-18 at Rs. 75,875/- per annum plus applicable tax and out of pocket expenses limited to 50% of the cost audit fee for conducting cost audit of respective areas of CCL be and is hereby ratified” RESOLVED THAT the remuneration approved by the Board in its 430th Board Meeting held on 28.09.2016 to M/s KG GOYAL & ASSOCIATES, New Delhi for the financial year 2016-17 & 2017-18 at Rs. 75,875/- per annum plus applicable tax and out of pocket expenses limited to 50% of the cost audit fee for conducting cost audit of respective areas of CCL be and is hereby ratified” The Explanatory Statement pursuant to Section 102(1) of the Companies Act, 2013 in respect of the special business set out above is annexed hereto. By order of the Board of Directors Central Coalfields Limited Sd/- (Ravi Prakash) Company Secretary Registered Office : Darbhanga House Ranchi 834 029 (Jharkhand) CIN NUMBER : U10200JH1956GOI000581 Note : 1. The Shareholders are requested to give their consent in writing or by electronic mode for calling the Annual General Meeting at a Shorter Notice pursuant to the provisions of the Section 101(1) of the Companies Act, 2013.
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