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"Cf' ~ it ~ R=IPt=ts NMDC Limited ("ITTn ~ cti1 '3'Ull) (A GOVT. OF INDIA ENTERPRISE) ~ CJ>1t1iw~: ·~ 11'Fl', 10-3-311/'C!, ~ ~. ~ ~. ~......,c;~-<~1~=1c: - sooo2s . Regd. Office: 'Khanij Bhavan' 10-3-311/A, Castle Hills, Masab Tank, Hyderabad - 500 028. NMDC ~~~I Corporate Identity Number: L 13100TG1958 GOI 001674 No. 18( 1)/2020- Sectt 51h September 2020 1) The BSE Limited 2) National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Mumbai- 400001 Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 3) The Calcutta Stock Exchange Limited, 7, Lyons Range, Kolkata - 700001 Dear Sir I Madam, Sub: 62nd Annual Report of NMDC Limited for the F.Y. 2019-20 along with Notice of Annual General Meeting Ref: Regulation 34(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; Security ID: NMDC Please find attached the 62nd Annual Report of NMDC Limited for the F.Y. 2019-20 along with Notice of 62nd Annual General Meeting (AGM) of the Company scheduled to be held on Tuesday the 29 1h September 2020 at 1130 hours IST through video conferencing ("VC") ;Other Audio Visual Means ("OAVM"). The 62nd Annual Report 2019-20 along with the notice is being sent through electronic mode to those Members whose email addresses are registered with the CompanyI Depositories I RT A. The 62nd Annual Report 2019-20 along with the notice has been uploaded on the website of the Company: www.nmdc.co.in. Thanking you Yours faithfully, n~imlted A S Pardha Saradhi Company Secretary Encl: A/a ~I Phones: 040-23538713-21 (9 Lines), 23538723, 23538767 ~I Fax: +91-40-23538711 't-~ I E-mail : [email protected] ~I Website : www.nmdc.co.in NMDC received “Rajbhasha Kirti Award” second prize amongst CPSEs in “C” region. Review meeting chaired by Shri Dharmendra Pradhan, Hon’ble Union Minister of Petroleum & Natural Gas and Steel, Govt. of India at NMDC Head Office on 21.09.2019 TABLE OF CONTENTS Strategic 6 Capitals of NMDC 2 CORPORATE INFORMATION Report Chairman's Message 4 Statutory Auditors Performance Highlights 7 M/s. Sagar & Associates Hyderabad, Telangana FY20 Highlights 8 About us 10 Branch Auditors Vision / Mission and Objectives 12 M/s. Agasti & Associates Durg, Chhattisgarh How We Create Value 14 M/s.Yoganandh & Ram LLP Reinforcing Future with Steel 16 Bengaluru, Karnataka M/s. Amit OM & Co. Financial Highlights 17 Civil Line, Allahabad, UP Board of Directors 18 Senior Management 19 Secretarial Auditors D.Hanumanta Raju & Co. Corporate Social Responsibility 21 Hyderabad, Telangana Statutory Directors’ Report 28 Cost Auditors M/s. Tanmaya S. Pradhan & Co. Reports Management Discussion & Analysis 62 Sambalpur, Odisha Report on Corporate Governance 77 Main Banker Business Responsibility Report 119 State Bank of India Financial Standalone Statements Regd. Office: NMDC Limited Statements Independent Auditor’s Report 166 “Khanij Bhavan”, Balance Sheet 183 10-3-311/A, Castle Hills Masab Tank, Hyderabad - 500 028 Statement of Profit and Loss 184 Telangana State Notes 188 CIN : L13100TG1958GOI001674 Consolidated Statements Website : www.nmdc.co.in Independent Auditor’s Report 241 Share Transfer Agent Balance Sheet 248 M/s Aarthi Consultants Pvt Ltd Statement of Profit and Loss 249 D.No. 1-2-285, Domalguda Hyderabad - 500 029. Notes 253 Telangana State Phone Nos. 040-27638111/27634445 Fax No. 040-27632184 Notice 305 Email: [email protected] Annual Report 2019-20 1 6 CAPITALS OF NMDC Financial Capital Manufacturing Capital Intellectual Capital Financial capital includes This encompasses physical This accounts for the funds obtained through infrastructure or technology intangibles associated with financing or generated by pertaining to mines, brand and reputation, in means of productivity. equipments and products. addition to patents, copyrights, organizational systems and related procedures. Profit Making PSU Strong Balance 3 Iron Ore Mine and 1 Diamond Mine. Corporate Brand Equity as the Sheet. largest and responsible iron ore NMDC produces various iron ore mining company in India and one of Prudent financial management with products which can be used as raw- the largest in the world – owned by focus on increasing cost efficiency materials to produce pellets, sponge Govt of India. and profit. iron and variety of semi-finished and finished steel products. State of the art R&D with capabilities in ore beneficiation and mineral Expanding Mining foot prints. processing. Implementation of ERP across all mining projects and steel plant is in final stage of completion. IT/Digital Backbone. Turnover (FY20) Iron Ore Production (FY20) `11,699crores 31.49MT Net worth (FY20) Capex (FY20) `27,534crores `2,491crores 2 NMDC LIMITED People Capital Environment Capital Relationship Capital The skills and know- This includes resources such This encompasses the how of an organization’s as water, fossil fuels, solar relationships – and attendant personnel, in addition to their energy, crops and carbon resources – between an commitment and motivation sinks, which cannot be organization and all its — which affect their ability to replaced and are essential stakeholders, including fulfil their roles. to the functioning of the communities, governments, economy as a whole. suppliers and customers. Continues recruitment, training and Environment Friendly Mining. To improve the quality of life leadership development. Employees of people in general and socio welfare and engagements. Focus on reducing environment economic environment in and around footprints with focus on less the mines. pollution, save energy. To maintain high level of customer Roof top solar panel installed at satisfaction. various NMDC locations. World renowned steel companies are NMDC’s loyal customers. Number of Employees (FY20) Tree Saplings Planted (FY20) Customers (Steel Plants) 5739 130,000 20+ Annual Report 2019-20 3 CHAIRMAN'S MESSAGE Dear Shareholders, This is my first address to our shareholders since However it came with a unviable condition of payment accepting the role as Chairman and Managing Director of of 80% on the average sale price of Iron Ore published NMDC Ltd. I am honoured and humbled to be leading our by the IBM from time to time. We made representation great company with more than 60 years of rich legacy in to the state government against above conditions. Our responsible mining and a great team. consistent efforts to salvage the situation is detailed in Let me begin with saying that we had good discussions this report. We are hopeful of a favourable outcome and with both State and Centre on Donimalai Mine Lease are keenly looking ahead to resume mining at Donimalai. extension and the mine is going to start operation very A seamless uninterrupted iron ore supply is vital to soon. As most of you are aware that on 2.11.2018, the India’s efforts in achieving self-reliance in iron ore and Government of Karnataka had issued a letter in our steel production. This is also in line with the vision of company’s favour granting extension of mining lease "Atmanirbhar Bharat" of our Hon'ble Prime Minister. of Donimalai for 20 years from 4.11.2018 to 3.11.2038. 4 NMDC LIMITED Despite the adverse impact due to the developments at Donimalai, our Bailadila iron ore complexes are bringing the much-needed boost and succour for the company. On Iron Ore and Steel Sector In line with the Vision plan of We operate in a contextual back ground consisting of Iron augmenting its Production & ore production and demand from the steel industry. Evacuation capacity, technology India is the 4th largest Iron ore producer in the world. upgradation, diversification & India’s iron ore production is estimated to have risen by 15.7% in FY20, to reach 243MT, owing to the acceleration value-added products, NMDC in mine production for several non-captive mines has taken up many ambitious However, production in FY21 is expected to come down significantly owing to delays in operationalization of projects. Some of the projects auctioned mines in Odisha on account of the COVID-19. have been completed and Steel industry and its associated mining and metallurgy sectors have seen major investments and developments others are nearing completion. in the recent past. According to the data released by Department for Promotion of Industry and Internal Trade (DPIIT), the Indian metallurgical industries attracted operations was Rs.6,123 crores compared to Rs. 7,199 Foreign Direct Investment (FDI) to the tune of US$ 13.40 crores in the previous financial year 2018-2019 – a billion in the period April 2000–March 2020.The growth decrease of 14.95 %. Profit after tax (PAT) was Rs.3,610 in the Indian steel sector has been driven by domestic crores compared to Rs.4,642 crores in the previous availability of raw material such as iron ore and skilled financial year 2018-19 – a decrease of 22.23 %. Net labour. Consequently, the steel sector has been a major worth of the Company stood at Rs.27,534 crores as on contributor to India’s manufacturing output. Finished 31.03.2020 – 6.10 % higher than the previous financial steel production declined by 0.8% in FY20 to reach 101.3 year 2018-2019. MT, over FY19 when the production stood at 102.1 MT. While, the steel demand in the most developing Technology Upgradation economies is expected to fall in FY21, India is likely to In line with the Vision plan of augmenting its Production face a bigger decline in steel demand. & Evacuation capacity, technology upgradation, diversification & value-added products, NMDC has taken On FY2020 Performance up many ambitious projects. Some of the projects have FY2020 commenced with a spectacular Q1 performance been completed and others are nearing completion. with our Income going up to Rs 3386.56 crore an increase The ongoing projects are Screening Plant III at Kirandul of 33% over Rs 2547.13 crore during Q1 of FY19.
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