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0-636391784192050000-Annualreport.Pdf Vision To strive to be a leading metal mining company and maximize total shareholder return by sustainably finding, developing, and mining copper ore and such other geologically associated minerals. Mission To achieve sustainable growth in business through optimum & efficient use of existing resources and assets. To achieve rapid expansion of mining capacity through expansion of existing mines, re-opening of closed mines and green field projects. Detailed exploration of existing mines and new mining leases to expand mining capacity. To enhance the value of the Company by focusing on performance improvement. To assimilate state-of-the art technology in exploration, mining and beneficiation of ores for competitive advantage. To strive for continuous improvement in productivity and energy to bring at par with the best interna- tionally. To continue innovation through research & development. 1 HINDUSTAN COPPER LIMITED (A Government of India Enterprise) Auditors Contents Page No. M/s. A. Kayes & Co., Kolkata 1. Board of Directors 2 M/s. SRI Associates, Kolkata 2. Notice to the Members 3 Bankers State Bank of India 3. Report of the Board of Directors 13 State Bank of Bikaner and Jaipur 4. Comments of the Comptroller & Auditor United Bank of India Indian Overseas Bank General of India 37 Punjab National Bank State Bank of Hyderabad 5. Ten years at a glance 38 Registrar and Transfer Agent 6. Independent Auditors’ Report 39 M/s. C B Management Services (P) Ltd. 7. Balance Sheet 46 P-22 Bondel Road, Kolkata - 700 019 Tel No. : (033) 2280 6692, 4011 6700/18/23/28 8. Profit & Loss Account 47 Fax No. : (033) 4011 6739 E-mail : [email protected] 9. Cash Flow Statement 48 Registered Office 10. Significant Accounting Policies 50 “Tamara Bhavan” 1 Ashutosh Chowdhury Avenue 11. Schedule forming part of the Kolkata - 700 019, India Balance Sheet 55 Tel No. : (033) 2283 2226, 2283 2529 Fax No. : (033) 2283 2478, 2283 2640 12. Schedule forming part of the E-mail : [email protected] Profit & Loss Account 69 CIN : L27201WB1967GOI028825 Website : www.hindustancopper.com 13. Notes on Accounts 74 Important Communication to Members Members ae requested to convert their shares into electronic mode and register e-mail and Bank account details for better servicing.Please refer notes to AGM notice at page 4 & 5 Forty Seventh Annual General Meeting on Friday, September 19, 2014 at 11.00 a.m. The Annual Report can be accessed at www.hindustancopper.com 1 As on date of printing 2 HINDUSTAN COPPER LIMITED (CIN: L27201WB1967GOI028825) Regd. Office: 'Tamra Bhavan', 1, Ashutosh Chowdhury Avenue, Kolkata - 700 019 Phone: (033) 2283-2226, Fax:(033) 2283-2676, E-mail: [email protected] Website: www.hindustancopper.com NOTICE TO THE MEMBERS Notice is hereby given that 47th Annual General Meeting of the members of Hindustan Copper Limited will be held on Friday, the 19th September, 2014 at 11 am at the registered office of the Company at ‘Tamra Bhavan’ 1 Ashutosh Chowdhury Avenue, Kolkata-700 019 to transact the following business :- Ordinary Business 1) To receive, consider and adopt the audited Profit and Loss Account for the year ended 31st March, 2014, the Balance Sheet as on that date together with the Directors’ Report, Auditors’ Report and C&AG’s comments thereon. 2) To declare dividend on equity shares. 3) To appoint a director in place of Shri Kailash Dhar Diwan (DIN 01829545), who retires by rotation and is eligible for reappointment. 4) To appoint a director in place of Shri Anupam Anand (DIN 02752767) who retires by rotation and is eligible for reappointment. 5) To fix the remuneration of the Auditors. Special Business 6) To consider and, if thought fit, to pass with or without modifications, the following resolution as Ordinary Resolution: “RESOLVED THAT pursuant to Section 152 and all other applicable provisions of the Companies Act, 2013 and the rules made there under (including any statutory modification(s) or re-enactment thereof for the time being in force), appointment of Dr. Upendra Dutta Choubey (DIN 00153988) as Director on the Board of the Company with effect from 22.10.2013 in terms of Ministry of Mines’ order No.10/4/2003-Met.III dated 22.10.2013 be and is hereby approved.” 7) To consider and, if thought fit, to pass with or without modifications, the following resolution as Ordinary Resolution: “RESOLVED THAT pursuant to Section 152 and all other applicable provisions of the Companies Act, 2013 and the rules made there under (including any statutory modification(s) or re-enactment thereof for the time being in force), appointment of Shri Virendra Kumar Srivastava (DIN 00611678) as Director on the Board of the Company with effect from 22.10.2013 in terms of Ministry of Mines’ order No.10/4/2003-Met.III dated 22.10.2013 be and is hereby approved.” 8) To consider and, if thought fit, to pass with or without modifications, the following resolution as Ordinary Resolution: “RESOLVED THAT pursuant to Section 152 and all other applicable provisions of the Companies Act, 2013 and the rules made there under (including any statutory modification(s) or re-enactment thereof for the time being in force), appointment of Shri Ashok Kumar Singh (DIN 00907683) as Director on the Board of the Company with effect from 22.10.2013 in terms of Ministry of Mines’ order No.10/4/2003-Met.III dated 22.10.2013 be and is hereby approved.” 9) To consider and, if thought fit, to pass with or without modifications, the following resolution as Ordinary Resolution: “RESOLVED THAT pursuant to Section 152 and all other applicable provisions of the Companies Act, 2013 and the rules made there under (including any statutory modification(s) or re-enactment thereof for the time being in force), appointment of Shri V V Venugopal Rao (DIN 02950920) as Director (Finance) of the Company with effect from 10.9.2013 in terms of Ministry of Mines’ order No.10/2/2013-Met.III (Vol.II) dated 23. 8. 2013 and letter No 10/2/ 2013-Met.III (Vol.II) dated 3.1.2014 containing detailed terms and conditions of appointment be and is hereby approved.” 10) To consider and, if thought fit, to pass with or without modifications, the following resolution as Ordinary Resolution: “RESOLVED THAT pursuant to Section 148 of the companies Act, 2013 and Companies (Audit and Auditors) Rules, 2014(including any statutory modification(s) or re-enactment thereof for the time being in force), the remuneration of `50,000/- (Rupees Fifty Thousand Only)plus service tax as applicable and reimbursement of actual travel and out- of-pocket expenses as recommended by the Audit Committee and approved Board of Directors, to be paid to M/s. Chatterjee and Co appointed as Cost Auditor to conduct audit of cost records of the Company for the financial year 2014-15 be and is hereby ratified and confirmed.’ By order of the Board C S Singhi Date : 22nd August, 2014 GM & Co Secretary 3 NOTES: 1) A member of the Company entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote on a poll instead of himself / herself and the proxy need not be a member of the Company. Proxies, in order to be valid and effective, must be deposited at the registered office of the Company not less than 48 hours before the commencement of the meeting. A person can act as proxy on behalf of members not exceeding fifty and holding in the aggregate not more than ten percent of the total share capital of the Company carrying voting rights. A member holding more than ten percent of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person cannot act as a proxy for any other person or shareholder. 2) The Register of Members and Share Transfer Books of the Company will remain closed from 9th September, 2014 to 19th September, 2014 (both days inclusive). 3) Dividend on equity shares as recommended by the Board, if approved at the meeting will be paid within 30 days of declaration to those members whose names appear in the Company’s Register of Members and as per beneficial owners position received from NSDL & CDSL as at the close of working hours on 8th September, 2014. 4) Members are requested to notify immediately change in their address, if any, to the Depository Participants (DPs) in respect of their electronic shares, and to the Company at its registered office in respect of their physical shares, quoting the folio numbers. 5) Members desirous of getting any information about the accounts and operations of the Company or intending to raise any query at the Annual General Meeting (AGM) are requested to forward the same at least 10 days prior to the date of the meeting to the Company Secretary at the registered office of the Company so that the information required can be made readily available at the meeting. 6) Corporate members are requested to send a duly certified copy of the Board Resolution authorizing their representative to attend and vote on their behalf at the meeting. 7) In terms of Circular No.CIR/MRD/DP/10/2013 dated 21st March, 2013 issued by Securities and Exchange Board of India (SEBI), henceforth payment of dividend will be made through any Reserve Bank of India approved electronic mode of payment such as ECS / NECS / NEFT etc. only. Further, in order to enable usage of electronic payment instruments as per above SEBI Circular, the Company is required to maintain requisite bank account details of its investors.
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