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24th Annual Report
2005-06
Create a bold path,Conquer the future
Rashtriya Ispat Nigam LimiteVisakhapatnam Steel Plant
(A Govt. of India Undertaking)
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Glimpses of Hon'ble Prime Minister Dr. Manmohan Singhs visit to RINL on 20th May, 2006.
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Annual Report 2005-06
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Rashtriya Ispat Nigam Ltd.
VISIONTo be a continuously growing world class company,
We shall
m harness our growth potential and sustain profitable growth
m deliver high quality and cost competitive products and be the first choice of customers
m create an inspiring work environment to unleash the creative energy of people
m achieve excellence in enterprise management
m be a respected corporate citizen, ensure clean and green environment and develop vibrant communities
around us.
MISSION
To attain 16 million tonne (Mt) liquid steel capacity through
technological up-gradation, operational efficiency and expansion; toproduce steel at international standards of cost and quality; and to
meet the aspirations of the stakeholders.
OBJECTIVESm Expand plant capacity to 6.3 Mt by 2008-09 with the mission to expand further in subsequent phases
as per the Corporate Plan.
m Sustain gross margin to turnover ratio> 25%.
m Be amongst top five lowest cost liquid steel producers in the world by 2009-10.
m Achieve higher levels of customer satisfaction than competitors.
m Instill right attitude amongst employees and facilitate them to excel in their professional, personal and
social life.
m Be recognized as an excellent business organisation by 2008-09.
m Be proactive in conserving environment, maintaining high levels of safety and addressing social
concerns.
CORE VALUESWith a view to running the business in a transparent manner meeting the needs and expectation of the
stakeholders, it was felt desirable to give utmost importance to the value System in the company. Accordingly,
RINL has finalized its Core Values, which are brought out below.
m Commitment
m Customer satisfaction
m Continuous improvement
m Concern for environment
m Creativity & innovation.
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P.K. BISHNOIDirector (Finance)
K.A. NAIDUDirector (Personnel)
H.S. CHHATWALDirector (Commercial)
P.K. MISRADirector (Operations)
A.K. RATHAS & FA, Min. of Steel & Director
G. ELIASJt. Secy, Min. of Steel & Director
R.S.S.L.N. BHASKARUDUDirector
Dr. V.K. BHALLADirector
J.S. MATHURDirector
Y. SIVA SAGAR RAOChairman cum Managing Director
P. MOHAN RAOCompany Secretary
(As at the 24th Annual General Meeting held on 25th September, 2006)
BOARD OF DIRECTORS
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Rashtriya Ispat Nigam Ltd.
BOARD OF DIRECTORS
Chairman-cum-Managing Director Y. Siva Sagar Rao
Director (Finance) P.K. Bishnoi
Director (Personnel) K.A. Naidu
Director (Commercial) H.S. Chhatwal
Director (Operations) K.K. Rao (upto 31.07.2006)
P.K. Misra (from 01.08.2006 onwards)
Directors A.K. Rath
J.P. Singh (upto 23.01.2006)
Dr. S.N. Dash (upto 06.04.2006)
G. Elias (from 13.04.2006 onwards)
R.S.S.L.N. Bhaskarudu (from 26.04.2006 onwards)
Dr. V.K. Bhalla (from 29.06.2006 onwards)
J.S. Mathur (from 11.07.2006 onwards)
Company Secretary P. Mohan Rao
Registered Office Administrative Building, Visakhapatnam Steel Plant
Visakhapatnam 530 031 (Andhra Pradesh)
website : www.vizagsteel.com
BANKERS
State Bank of IndiaBank of Baroda
Canara Bank
UCO Bank
Andhra Bank
State Bank of Hyderabad
Allahabad Bank
Indian Overseas Bank
HSBC Bank Ltd.
IDBI Bank Ltd.
Indian Bank
Auditors
M/s Rao & Kumar
Chartered Accountants
Visakhapatnam
CONTENTS
Chairmans Statement 9
Directors Report 13
Highlights 38
Audited Accounts 43
Auditors Report 70
Comments of C&AG 76
Review of Accounts by C&AG 78
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Foundation Stone Laying Ceremony for Expansion of RINL
from 3MT to 6.3MT p.a. of Liquid Steel
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Glimpses of Honble Minister of State (Steel) Dr. Akhilesh Dass visit to Vizag Steel
India Steel Summit
(L to R) Sri Ram Vilas Paswan, Honble Union Minister for Steel,
Sri R.S. Pandey, Secretary (Steel) & Sri Y. Siva Sagar Rao, CMD, RINL.
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Awards Galore
National Energy Conservation Award
Best Industrial Productivity Award
Best CEO Award
Golden Peacock Award for
Environmental Management
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CHAIRMANS STATEMENT
It gives me great pleasure to
welcome you to this very special
24th Annual General Meeting of
your company, the first after its
declaration as a Mini Ratna
Company by the Honble Minister
for Steel, Chemicals and
Fertilizers, Government of India
on 20th May 2006.
Your company has moved ahead
with a strong performance and
well conceived strategies for
Expansion, Improved capacity
utilization and Corporate
transformation. The sustained performance of the company particularly during the last four years with its
relentless pursuit towards excellence enthuse over all confidence among all the stake holders. I feel proud
to quote the Honble Prime Minister on the momentous occasion of the Foundation stone laying ceremony
on the 20th May 2006 for the expansion of the plant from its present capacity of 3 Mt to 6.3 Mt liquid steel.
The turnaround of this steel plant is a land mark achievement. It shows that with hard work andcommitment, PSUs can perform well against competition. RINL has shown other PSUs the way forward.
I congratulate everyone associated with the remarkable turnaround. We rejoice in your success.
2005-06 : The record breaking year :
Our continued excellence and relentless endeavours backed by our sound work culture and dedicated work
force helped in registering the best ever sales turnover of Rs.8482 crs in the year 2005-06, the best since
inception. This is really noteworthy particularly given the steel market scenario in 2005-06 that witnessed
softening of the steel prices and hardening of the raw material inputs.
The Global Scenario :
The global steel scenario has stabilized by the end of 2005-06 and it is expected to grow steadily with
increased demand for steel from China and USA followed by India due to increase in infrastructural and
manufacturing activities. Apart from this, renewed business confidence from Europe and Asia has made
the economic scenario appear quite positive.
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Indian Scenario :
The Indian economic scenario is robust at present backed by sustained manufacturing activity and focus
on Infrastructure development by the government. The GDP growth was around 8.4% (estimated) in 2005-
06 against 7.5% in 2004-05. Growth prospects of the economy and business opportunities exude confidence
and there is over all optimism in all sectors paving way for investments by foreign institutional investors.
This will definitely help in augmenting the infrastructure sector which will enable handsome steel growth.
Indian Steel Sector :
The Indian Steel Sector has shown an accelerated growth rate of over 9% in the last five years and is all
set to grow further backed by strong economic growth. A National Steel Policy under the able stewardship
of the Honble Minister for Steel, Chemicals and Fertilizers has been evolved to facilitate smooth growth
of the steel industry. The long term goal of the National Steel Policy is to develop India as a modern and
efficient steel producer and achieve global competitiveness not only in terms of cost, quality and product
mix but also in terms of efficiency in productivity.
RINL - Bright Years ahead:
RINL, the emerging giant, has evolved both short term and long term strategies in line with the National
Steel Policy to convert the challenges into opportunities and propel the company to become a world class
integrated steel plant. The current expansion to double the capacity by 2008-09 is another step in its vision
to emerge as a world class company. The Corporate Plan 2020 is being worked out to capitalize on the
current opportunities and leverage the inherent strength, which will provide a blue print for growth of your
great company.
Strategic Initiatives :
Raw material security has become the prime concern and various strategies have been drawn to acquire
captive mines both within the country as well as abroad through joint ventures and acquisitions. An
exclusive group is working in this direction and joint ventures with NMDC and MOIL are the results of
such efforts. Our continued efforts for captive mines has resulted in the allocation of Mahal Coking Coal
Block with an estimated reserve of 258 Million Tonnes.
To strengthen our brand leadership in the market and improve process optimization, concerted efforts are
being put to provide more value to the customers at a price that is competitive and attractive. Therefore,
an exclusive R&D Department has been formed to focus on value advantage and cost optimization.
To further enhance the operational efficiencies, Enterprise Resource Planning is given due priority and
a cross functional team has been set up to ensure its implementation at the earliest.
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On the energy front, in line with the vision of our Honble President Dr Abdul Kalam ji, renewable energy
and generation of bio-diesel has been given due attention and action plans have been drawn to substitute
5% of the energy requirement through renewable energy. A Renewable Energy Policy has been drawn
committing our efforts towards augmenting Renewable Energy.
Human Resources Development :
Today RINL stands tall among its competitors with an unmatched quality leadership. This is phenomenal,
given the high levels of capacity utilization of about 125%. The Labour Productivity of 282 t/man year
is the best in the steel industry of the country. This would not have been possible but for the committed
and dedicated team of our employees and their passion to excel. Their excellence is best exemplified by
your company winning almost one fifth of the Vishwakarma Rashtriya Puraskars at the National level. The
company therefore puts concerted efforts to sharpen the innovative and creative skills of the employees
for building upon the existing competencies and also for creating new areas of excellence. The HRM
practices are directed to motivate them and ensure their readiness to face the emerging challenges and
the upswing in the companys business.
Corporate Social Responsibility (CSR) :
As a responsible corporate citizen your company has initiated voluntary measures addressing the social
and environmental concerns of the stake holders. A comprehensive CSR Policy has been evolved. CSR is
viewed as a key business process to ensure peripheral development and for promoting the cultural
efflorescence of the society around. A number of welfare and development projects have been taken up and
a lot more have been planned to promote all round development of the society.
Continued Excellence :
The first quarter of the second fiscal has started on a bright note with the sales registering a growth of
30%. The Expansion programme has been given continued fillip and all efforts are being put for completing
the expansion by 2008-09 as promised to the government. A High Power Steering Committee is formed
to monitor the progress periodically. The task is quite daunting and therefore the need for speedy
implementation has been given specific focus through empowerment and refinement of processes and
systems. I am confident with the resources and competencies available, the RINL collective will leave no
stone unturned in accomplishing its objective.
Laurels :
The performance of your company has been well recognized and has been bestowed with a number of
accolades in various spheres of our activities. Some of them are :
- The National Energy Conservation Award for the sixth time in succession
- The ICWAI Award for Excellence in Cost Management
- Commendation Certificate for Strong Commitment in HR Excellence from CII
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- The INSAAN Award for Organisational Excellence
- The QCFI Award for the best QC implementation
- Golden Peacock Award for Environment Management
- The CII Award for Excellence in Water Management- The Viswakarma Rashtriya Puraskars (6 out of 28 awards at the National Level)
The Future :
With the kick starting of the second phase of RINL, your company has now embarked in chalking out the
growth path for future. As mentioned earlier, the Corporate Plan 2020 is under preparation to leverage
the inherent strengths and create more value to the stake holders. As the steel industry becomes more and
more technology driven, the need for intensifying the R&D activities has become more imperative and due
care is taken to strengthen this area further. The integration of the existing assets with the emerging
technologies and diversification of activities in line with the market needs are the broad areas of focus
in the Corporate Plan to be released shortly.
Acknowledgements :
The journey of RINL as a Mini Ratna Company has just started and with a committed and competent
team, your company is poised to create more wealth and greater value for the shareholders. During the
current fiscal year, as the Company enters into its Silver Jubilee year, I am sure it will take on its stride
the challenges to convert them into profitable avenues to place it on a higher orbit of growth and
excellence to acquire the NAVRATNA status in the coming years.
The sustained excellence of your company could be achieved with the commitment and contribution fromthe entire RINL collective and support from various other corners, the Valued Customers, Suppliers, the
Statutory Auditors, C&AG, Financial Institutions, Banks, Officers Association and the Unions. I take this
opportunity to thank the Honble Minister of Steel, Chemicals & Fertilizers, the Honble Minister of State
for Steel, the Secretary and officials of the Ministry of Steel, Government of India for their unstinted
support. I would also like to acknowledge the support extended by the Honble Chief Minister of Andhra
Pradesh and officials of the State Government. I am thankful to the assistance rendered by other Ministries/
Departments of the Government of India and the Government of Andhra Pradesh. I am grateful to the
entire Board of Directors for their guidance and support. I thank each and every employee of the Company
for their dedicated efforts and hard work in keeping the Companys flag flying high at all times.
( Y Siva Sagar Rao )
Place : Visakhapatnam Date : 25th September, 2006
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To
The Members,
Rashtriya Ispat Nigam Ltd, Visakhapatnam.
On behalf of the Board of Directors of the Company,
I have great pleasure in presenting the 24th Annual
Report of the Company together with the Audited
Accounts for the year ended 31st March, 2006.
It is a matter of immense satisfaction for me and the
entire VSP collective that as your Company enters the
Silver Jubilee year of its existence, it has posted a
sterling performance encompassing all facets ofcorporate excellence. For the past twenty four years,
your company has focused on its core competencies
without any diversions. It has put in all out efforts for
excellence in almost all fields of its functioning and in
spite of various adverse factors and situations over
the last twenty four years, the Company ultimately
emerged as a profit making company wiping out all its
accumulated losses and setting industry standards in
many technical parameters benchmarking with the best
in the world of Steel industry.
2005-06 : AN YEAR OF SUSTAINED GROWTH
The year 2005-06 has been a significant one for the
Steel industry in general with the world steel production
DIRECTORS REPORT
registering a 6% growth. On the domestic front, the
industry has grown by over 16%, a remarkable
achievement indeed. This only supports the growth
anticipated in the National Steel Policy symbolizing
robust economic growth. During the year, RINL on its
part achieved a capacity utilization of 120% of its rated
capacity and registered a 2% growth in Saleable Steel
production. The total sales turnover has improved by
3.68%. Majority of the Units have achieved a rare
distinction of highest ever production since inception.
The turnover touched an all time high since inception.
The year shall also be reckoned as a landmark and
memorable one for RINL, because it could securethe final approval /clearance of the Government of
India in a record time of 10 months for its Expansion
Project from 3Mt to 6.3 Mt of Liquid Steel i.e. almost
doubling its rated capacities thus paving way for a
sustainable growth path in coming years as well.
FINANCIAL REVIEW
The Financial year 2005-06 was an eventful year for
RINL. It has created Record Turnover of over Rs.8,482
crores. For the fifth consecutive year it earned Net
Profit and for the year it is Rs.1,252 crores after
taxes. This is apart from payment of (a) Income Tax
of Rs.500 crores towards Corporate Tax, (b) over
Rs.1000 crores towards Excise Duty and (c) over
24th AGM held at Vizag on 25th September, 2006.
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Rs.250 crores by way of Sales Tax to different State
Governments. With the current year's net profit, all the
accumulated losses of the company since its inception
have been fully wiped out. With this, RINL became a
real profit making company and it has, therefore, been
classified as a MINIRATNA CATEGORY-I PSE by Govt.
of India vide Ministry of Steel's letter No.1(9)2004-VSP
dated 25th May, 2006. It is indeed a great journey
from a time when the company has reported to BIFR
its erosion of Net Worth and now conferred with
MINIRATNA status.
The Company was conferred National Award for
Excellency in Cost Reduction instituted by the Institute
of Cost and Works Accountants of India (ICWAI) for
the year 2005 in recognition of its efforts for effective
implementation of Cost and Management Accounting
tools, quality of cost accounting records, optimum
utilization of resources, waste management, etc. by
the Ministry of Company Affairs, Government of India.
This is one more feather in the cap of RINL. The
Finance and Accounts Department of the Company
secured the ISO 9001 Certificate, which is unique in
Public Sector Steel Plants in the Country.
The summary of Financial performance is as follows:
Rs. In Crores
Description 2005-06 2004-05
Turnover (Gross) 8482.44 8181.34
Total Income 7761.59 7646.15
Total expenditure 5392.54 4375.16
Gross margin 2369.04 3270.99
Interest charges 31.24 11.11
Cash Profit 2337.80 3259.88
Depreciation 448.29 447.25
Profit before exceptional items 1889.51 2812.63
Depreciation of earlier years - 558.87
Profit before tax 1889.51 2253.76
Provision for tax
Current Tax 474.97 87.18
Fringe benefit Tax 3.94 -
Deferred Tax 158.23 158.49
Net Profit 1252.37 2008.09
Accumulated loss (-) / profit (+) (+) 346.38 (-) 905.99
Board Meeting held at Vizag on 31st August, 2006.
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SALES AND MARKETING REVIEW
Marketing Performance during April 2005 - March
2006
As against the MOU target of Rs. 8793 Crs. for theyear 2005-06, VSP achieved a sales realisation of
Rs. 8482 Crs., thus registering a fulfilment of 96%
and a growth of 4% over the sales turnover of
Rs. 8181 Crs. in 2004-05. The Sales turn over of
Rs.8482 Crs. of 2005-06 were the best ever since
inception. And this could be possible against the
backdrop of sluggish market conditions right throughout
the year which has brought price line under tremendous
pressure for any year. Domestic sales turnover of Rs.
8040 Crs. in 2005-06 was also the best ever till date.
Sales performance w.r.t. MOU Target 2005-06 :
The revenue generation increased with higher sales
realization value as well as the increased sale of value
added products. Sale of value added products grew
by 5 % in 2005-06 as compared to 2004-05.
Total sales in Steel volume during 2005-06 registered
record sales of 3.3 million tons (since inception) with
a 6% growth over previous year. Domestic steel
volume of 3.10 million tons recording a growth of 1%
over 2004-05 (3.06 million tons).
To further strengthen the Exports, 2.02 lakh tonnes of
steel was exported during the year to the countries
viz. Bangladesh, Myanmar, Nepal, Sri Lanka, Thailand
and USA being our strategic markets, compared to
0.56 lakh tons last year.
Sales of By-Products during the year was Rs 150 Crs.
registering a growth of 5% over 2004-05 (Rs.142
Crs.). This includes exports of 6.95 lakh tons of Blast
furnace slag to Bangladesh, Malaysia and USA.
Pig iron recorded sales of 3.07 lakh tons in Domestic
market during 2005-06 with a growth of 156% over
2004-05 (1.20 lakh tons).
The focus during the year was on the development of
actual user base in domestic market. Around 60% of
the steel was supplied to the actual user segment in2005-06.
As a step towards increasing customer satisfaction
levels, settlement of customer quality complaints
through e-system has been developed and
implemented on VSP's intranet. This will eliminate
Volume in '000 t
Target Actual Ful-mnt
Domestic
Pig Iron 383 307 80% 120 155%
Steel 3078 3105 101% 3064 1%
Export
Pig Iron 33 104 315% 110 -5%
Steel 47 202 429% 56 263%
Total
Pig Iron 416 411 99% 230 79%
Steel 3125 3307 106% 3119 6%
Va lue in Rs.Crs.
Domestic * 8643 8039.9 93% 7932.5 1%
Export 150 442.6 295% 248.8 78%
Total 8793 8482 96% 8181 4%* Domestic includes Iron, Steel & By Products
ITEM2005-06
2004-05 Growth
VSP Products - Wire RodsWire Rod Coils in process
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delay in processing of quality complaints and provide
an efficient mechanism for settlement of quality
complaints.
SALES TURNOVER DURING THE LAST3 YEARS:
MATERIALS MANAGEMENT REVIEW
During the year 2005-06, the required materials were
made available in time with no disruption of
Production.
Long Term Agreements were entered into for Hard
Coking Coal, Soft Coking Coal, Coke, Iron Ore Lumps
and Fines and MOUs were signed for MCC, Boiler
Coal, Aluminium Coils & Ingots and Steel Items, in
order to curtail price fluctuations in a highly volatile
market and to control the scarcity of material.
Coking Coal block at Mahal, Dhanbad (Dist), Jaria
Coal Field has been allotted to RINL and further studies
are underway. A High Level Delegation visited Canada,
Columbia, USA & Australia to explore the possibility of
acquiring Coking Coal Mines and submitted it's report.MOU was entered with NMDC for a Joint Venture for
Iron Ore Pellet/Sponge Iron Plant in Chattisgarh.
3 Year Contracts were entered into for Special
Refractory Items. Also Rate Contracts were entered/
continued for various spares and consumables.
Coke Oven Battery Coke Ovens - By Product Plant
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5S was implemented in almost all areas of Stores for
better house keeping and service. A 20 T Gantry
crane, lying idle for almost two decades, was made
operative through in-house efforts.
The inventory of Stores and Spares at cost as on
31.03.2006 was Rs. 294.72 crores (provisional) and
was Rs. 290.83 crores as on 31.3.2005. While adding
In-transit/under inspection items and reducing
obsolescence and non-moving items, the level of
Inventory was brought down from Rs.279.26 crores in
2004-05 to Rs.273.54 crores in 2005-06. During the
period under consideration, project inventory of Coke
Oven Battery IV has gone up from Rs.16.12 crores to
Rs.32.81 crores
The Internal procurement Leadtime stood at 84 days
and the Total Leadtime at 206 days. Initiatives like Six
Sigma, simplification of Purchase Procedures, Total
Logistics Management etc., were taken to reduce the
Procurement Leadtime.
The total earnings during the year 2005-06 stood at
Rs.10258.57 lakhs with earnings from Disposal -
Rs. 947.76 lakhs; Cenvat - Rs. 8217.46 lakhs; Early
despatch of vessels- Rs.1082.83 lakhs; Charter agency
- Rs. 65.74 lakhs; Customs agency- Rs.6.82 lakhs.
Savings through negotiations was Rs. 8.51 Crores.
In order to improve the existing online MIS system
and to make it more effective, a Committee was formed
on Data Ware Housing. The recommendations of the
Committee were approved and modules are being
tested. MIS System for port operations and Major Raw
material order placement were made online.
PRODUCTION REVIEW AND TECHNO
ECONOMIC FACTORS
Rated capacity of the Plant has been surpassed for
the fifth consecutive year. VSP continued to honour
the commitments made in the MOU for the year 05-06
entered into with the Government of India in almost all
shops by registering more than 100% fulfillment in Oven
Pushing (104%), Bars Mill products (108%), Wire Rods
(113%), MMSM products (116%), Billets (103%),
Saleable Steel (104%), Liquid Steel (103%), Hotmetal
(104%) and Sinter (104%).
Highlights on Production front are briefly stated below:
Production of 2.973 Mt Finished Steel with 3%
growth over last year.
Value added production of 8,89,112 t is the highest
with 1% growth over 04-05.
Highest no. of Iron and Steel rakes (859 rakes in
a year, 102 rakes in a month) dispatched since
inception.
Highest no. of Road vehicles dispatched in a month
(10776 in March 06)
Labour productivity of 282 t/man-yr [6% growth
over last year (265t/man-yr)] is the best so far.
Converter Continuous Casting
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Gross Water consumption of 2.56 cum/t LS (8%
reduction over last year) is the best so far.
Gross Power consumption of 457 Kwh/t LS is the
lowest so far.
Lowest Semis of 8.13% in Saleable Steel so far.
Highest BF Productivity (w.r.t. Working Volume)
2.07 t/day
COST REDUCTION MEASURES
a) Maximizing the utilization of waste products like:
i) LD Slag used in SP, BF and SMS to replace
limestone to the extent of 78,523 t.
ii) Scrap to the extent of 6,769t was reclaimed
from maintenance activities and used in SMS.
b) Separate Calcining of lime and dolomite and using
the flux separately in the converters has reduced
the consumption of flux per tonne of Liquid Steel
drastically from 52.7 kg to 45 kg.
In addition to the techno-economic parameters being
focused and monitored by Works Division, the other
functional areas like Finance, Materials Management
and Marketing have also adopted various measures in
order to achieve cost reduction in freight, transportation
and handling charges in respect of both inward and
outward movement of materials including export as
well as reduction in interest expenses.
RAW MATERIALS / CAPTIVE MINES
The performance of Jaggayyapeta Limestone Mine for
the year 2005-06 was excellent with all time production
record of 4,10,325 tonnes and dispatch record of
4,03,611 tonnes of limestone. The % growth in respect
of JLM production was 7.74% and dispatch was
12.31% as compared to 2004-05.
The performance of Madharam Dolomite Mine for the
year 2005-06 was also excellent with all time production
record of 6,80,293 tonnes and dispatch record of
6,48,185 tonnes of dolomite. The % growth in respect
of MDM production was 9.65% and dispatch was 6.65%
as compared to 2004-05.
The production of manganese at Garbham ManganeseMine was 13,467 tons and dispatch was 12,989 tons.
Production achieved was 70.14% of the budget. The
usage of sand was reduced and achieved 46.00% of
sand from Nellimarla Sand Mine and Sarepalli Sand
Mine, which was opened on 16.12.2004.
The Karajada Sand Mine at Vamshadhara river in
Srikakulam district will be operated during 2006-07. It
is proposed to operate a Quartz Mine during this
financial year 2006-07 at Kintada Village, K Kotapadu
Mandal, Visakhapatnam district to maintain uniformityin quality of quartz and reduce usage of sand.
The Company has submitted 5 mining lease
applications for iron ore deposit in the State of Orissa
(4415.8807 ha.), two applications in the state of
Blast Furnace
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Chhattisgarh (4606.34 ha.) and two applications in the
State of Andhra Pradesh (1384.27 ha). These
applications are pending with respective State
Governments and the same is being followed up with
Ministry of Mines through Ministry of Steel.
ACQUISITION OF COAL MINES IN INDIA AND
ABROAD
Government of India allotted "Mahal Block" (Medium
Coking Coal) to RINL/VSP. Work Order is issued for
"Pre-Feasibility Study" to Central Mining Plan and
Design Institute Ltd (CMPDIL), Ranchi. RINL/VSP
applied for Tenughat Jhirkhi Coking Coal Block to the
Ministry of Coal and also applied for three Non-coking
coal blocks in Khammam District to the Ministry ofCoal. Ministry of Coal forwarded it to the Ministry of
Steel for their comments.
"Expression of interest for acquisition of Hard Coking
Coal Mines abroad" was placed in VSP's website.
Responses from Australia, USA and Canada have been
received and the Evaluation Process is continuing for
selecting suitable mine for Joint Venture. Consultant is
proposed to be appointed by the Company for further
evaluation of the proposals.
SMS LIMESTONE JOINT VENTURES
RINL received proposals and samples from different
agencies of Oman, Malaysia, Thailand and Philippines.
So far no agency is finalized for Joint Venture withRINL/VSP due to non-matching of required
specification. The processing is continuing for selecting
suitable Mine for Joint Venture.
SAFETY, ENVIRONMENT & HEALTH CARE :
Safety
Visakhapatnam Steel Plant is the first integrated steel
plant to be certified for "Occupational Health & Safety
Management System" as per British Standards Institute
specification in the year 2002 and re-certified again in
the year 2005. Two Surveillance Audits wereconducted in the year 2005-06. Continuous efforts in
implementation of safety standards, monitoring of
hazards in the activities had helped in achieving a
10.67% reduction of reportable accidents.
HIGHLIGHTS AND ACHIEVEMENTS :
"Zero Accident" was achieved in 17 departments
viz. ACVS, CED, CSD, Canteens, EnMD, ETL,
L&H, OHSRC, PPM, PEM, PD, RMD, StED,
Systems, TELECOM, TS, and T&DC.
RINL signs MOU with MOIL Safety at workplace
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10.67% reduction of Reportable accidents was
achieved during the year 2005-06.
First and Second Surveillance Audits of OHSAS-
18001 were successfully completed and well
appreciated by the external auditors.
Internal Safety Audits were conducted in respect
of 16 departments.
Two plant level Mock Drills were conducted to
check the emergency preparedness and response
of various agencies.
National Safety Day was celebrated on 4th March,
2006 and in that connection various competitions
such as Quiz, Essay, Debate, Poster etc. were
conducted. Safety Playlet and First Aid
Competitions were also held.
Inter-departmental Safety Performance and House
Keeping Competitions were conducted.
VSP won the Leadership and Excellence Award for
the efforts in Safety, Health and Environment in the
competition organized by CII, Southern Region.
OTHER IMPORTANT ACTIVITIES
VSP imparted refresher Safety Training to about
5000 regular employees and Safety Induction
training and Job Specific Training was given to all
contractor employees.
Control Measures for Hazard Identification and Risk
Assessment were implemented and monitored.
Measurable targets were set in respect of Safety
and Occupational Health for each department and
corresponding management programs had been
prepared and monitored for achieving the
objectives.
On site emergency plan and Safety Report were
updated.
One training Program was organized for the Central
Safety Committee members, including a plant visit
to NTPC Simhadri. Departmental Safety Committee
meetings were held in every month in various
departments.
ENVIRONMENT MANAGEMENT REVIEW
The commitment of VSP management for preservation
of the environment as an integral part of its products
and services has always remained a guiding principle
of its business strategy. Being an ISO-14001 certified
company since May 2001, VSP has expressly included
social and environmental responsibility in its corporate
objective which is regularly reviewed and improved.
MAJOR ENVIRONMENTAL PROJECTS UNDER
IMPLEMENTATION
All statutory requirements are fulfilled and over a dozenprojects to improve the environmental standards further
in VSP are under implementation at an estimated cost
of over Rs.263 Crores. This is an enough evidence on
the part of VSP that it giving priority to people before
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profits. The major projects under implementation
include the following :
VSP CERTIFIED TO ISO 14001 : 2004
VSP was first certified to ISO 14001 : 1996 in May
2001 and recertified on 15.12.2004. However, the
standard was upgraded to ISO 14001 : 2004 and VSP
took rapid strides to comply with the new standard.
VSP was audited for its EMS from 6th to 8th February
2006 and having complied with all the new
requirements, VSP has been certified by M/s BVQI for
certification to ISO 14001 : 2004.
Sl. Projects under Estimated Target
No. implementation Cost date(Rs crore)
1 Pulverised coal dust 181.00 31st December
injection in BF - 1 , 2 2008
2 High temperature membrane 7.16 31st December
bag filters in CRMP : 2006
FK - 1, 2, 3, 4
3 Replace compressors 1.50 31st December
working on 'ODS' with 2006
non-ODS
(R - 22 / R - 134a) :
a) 2 chillers of CWP - 4
b) 4 chillers of CWP-3 4.87 31st December
2006
4 Dry fly ash handling, storage 2.49 31st July 2006
and delivery system
5 a) Continuous on-line stack 2.05 31st August
monitoring systems 2006
(10 nos.)
b) Continuous on-line stack 2.49 31st December
monitoring stations 2006
(10 nos.)
HEALTH CARE
Computerization of Visakha Steel General Hospital
services was completed successfully and brought into
usage for all Out-Patient activities starting fromRegistration, Consultation, Clinical Laboratory,
Radiological Investigations, Retrieval of Investigation
Reports and Dispensing of Drugs from the Dispensary
through Online (Computerized Operational Activities)
from 21st January, 2006.
The Second Phase of Computerization is under
process and efforts have been initiated for obtaining
ISO Certification for VSGH.
Implementation of "5-S" initially in Medical Stores,
Admn. Office, Operation Theatre was taken up and
presently they are in "2-S" & "3-S" stage.
The total no. of in-Patients treated was 4,407 and total
no. of out-Patients treated was 4,72,436.
While extending medical care round the clock in VSGH,
to have expert opinion and second opinion in certain
cases, and where specialists do no exist in particular
disciplines, visiting consultants are visiting VSGH from
Visakhapatnam City and extending their services on
weekly basis.
Awareness Programme on Health Care
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With the help of social service associations like Lions
Club, Rotary Club, free eye camps are being conducted
in the VSP's peripheral areas and also Steel Doctors
Trust is being conducting general cases.
In addition to all the above services, to create
enthusiasm and awareness among the VSP employees
and other Public in and around Ukkunagaram, number
of other programmes like :
Conducting statutory Health checkup to al l
Employees at OHSRC
Organizing First Aid Training to Executives and
Non-executives(9287 employees covered) at
OHSRC
Apart from Patient Care, conducting CMEs -
Internal and External for updating the knowledge
of doctors
Weekly once conducting the De-addiction clinic in
VSGH
Patients awareness programmes were also conducted
periodically.
An amount of Rs.22 Lakhs was realized by the
treatment of Non-Entitled Cases at VSGH.
HUMAN RESOURCE MANAGEMENT REVIEW
The Company has long drawn plans aimed at
individual and overall development of its Human
Resources. Towards achieving synergy and group
concept, the HRD focused on many skilled training
programmes for enhancement of managerial
competencies.
THROUGH HRD CENTRE :
TRAINING PROGRAMMES
MOU FULFILMENT
Executives Non-Execs. Total MOU
2005-06 3665 998 4663 2000
SNo Particulars Total
1.0 No. of Programmes
1.1.1 Inhouse Programmes 106
1.1.2 External Nominations 354
Grand Total 460
2.0 No. of Employees
2.1.0 Executives
2.1.1 Inhouse Programmes 2613
2.1.2 External Nominations 1052
Sub-Total 3665
2.2.0 Non-Executives
2.2.1 Inhouse Programmes 769
2.2.1 External Nominations 229
Sub-Total 998
Grand Total 4663
Employees were nominated to participate in
programmes at XLRI, Jamshedpur; ASCI, Hyderabad;NITIE, Mumbai; IIM Bangalore; CII-Godrej Insitute;
ESCI, Hyderabad etc. Besides these, a unique
programme titled "Improving Effectiveness of Stockyard
Sri KA Naidu, Director (Personnel) receiving
HR Excellence Award
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Operations" is organized for personnel under
directorate of Commercial who are connected with
stockyard operations. An expert faculty Shri J Charlu
from Bangalore who served as ED (Mktg) at SAIL and
JVSL in the past, facilitated the tailor-made
programmes during October '05 at Chennai and
December '05 at Mumbai. The programme design
includes visit to stockyard with senior management
members and drawing up individual action plans. The
feedback was quite encouraging.
ORGANISATION DEVELOPMENT
EMPLOYEES SATISFACTION SURVEY
Following the documented approach of taking external
consultant's help to conduct a survey after every twoyears, work order has been placed on M/s AcNielsen
ORGMARG, New Delhi, after assessing the capabilities
of leading agencies in the country. The results of
survey analysis pertaining to critical parameters like
work content, hygiene factors, welfare, motivation,
leadership etc., are expected to come by close of the
second quarter 06-07.
Organisation climate survey was conducted in the Plant
internally and analysis was made for submitting the
same for HR excellence award.
INTERNAL COMMUNICATION
Launched novel informal monthly interaction sessions
of our employees with our CMD starting with maiden
sessions of "Dil Ki Baat" for senior officers and
"Chairman Tho Mata" for non-executives. There was
encouraging feedback.
IMPLEMENTATION OF SIX SIGMA
As an ongoing process towards business excellence,
Six Sigma concept was introduced in VSP. During
February 2005, M/s Omnex Consultants, Chennai have
been entrusted with the job of implementing Six Sigma
concept to improve the performance. Specific projects
on Quality, performance, cost-reduction, waste
elimination would be taken up by the teams under
the supervision of M/s Omnex Consultants for
breakthrough improvement in the above areas. An
appreciation programme was held in March 05 for Top/
Senior management team by the consultants. 65projects have been identified in Works and Non-works
areas involving a potential savings of Rs.42 crores to
the Company. The projects are being continuously
monitored by the Champions. It is expected that this
initiative will move from its present nascent stage to
cover many more aspects of the processes once
training and competencies are built up.
THROUGH TRAINING & DEVELOPMENT
CENTRE:
EMPLOYEES DEVELOPMENT PROGRAMMES:
1. Training programmes conducted covering a total
number of 44,488 employees, which includes
employees covered by T&DC (29,892 numbers),
HRD, Safety Dept. and CISF Fire Wing thus
Launching of RINADS Inauguration of Jashuva park at Township by
CMD-RINL
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achieving 11.46 man days of training per employee
per year.
2. Thrust is given to departmental refresher
programmes covering over 10,000 employeeswhich is 100% growth over last year. On the Job
Training covered 7003 employees. 24 SOPs and
192 SMPs were translated into Telugu.
3. A Competency Mapping Model has been developed
and executed in Sinter Plant covering Chargeman
to E-4 level.
4. With regard to quality of training, in reaction level
feed back 87.12% participants rated>4 on a 5-
point scale, in learning level 84% participants
scored >60% marks in post training tests, inapplication level feed back, controlling officers rated
>3.5 for 81% participants on a 5-point scale.
5. 365 employees were trained on Critical Equipment
Training and 200 employees were trained on
Critical Activities training (to take care of the critical
contractual jobs).
6. Trade Tests were conducted for 1689 employees
for the Inter Cluster promotions in different Works
and Non-works Departments.
7. Training Week was celebrated from 20-3-2006 to
25-3-2006 and prizes were distributed during the
valedictory session.
8. "Ukku Parichayam", a book on Steel making in
Telugu has been reviewed, edited and printed and
was released during the Training Week Valedictory
Function.
9. The Training Portal was inaugurated during the
Training Week Valedictory Session.
10. Refurbishing of T&DC auditorium and Conference
Hall has been done. New class room furniture
procured. Three class rooms were air conditioned.
4 LCD projectors procured and fixed in the class
rooms. The ambience of Trainees Hostel and T&DC
canteen were improved.
11. Auditorium facilities and necessary help extended
in organizing and conducting 35 programmesincluding VRUDDHI summit, IREFCON-2006, WIPS
functions etc.
12. 186 QC Projects have been submitted to MS
Department against a target of 18 QCs during the
year.
13. 208 suggestions generated in T&DC against the
target of 130 during the year.
OTHER INITIATIVES :
i) FRESHERS TRAINING: 141 M.T(T)s, 10 M.Ts (Fin)and 2 Jr. Trainees were given Induction Training
and posted for on the job training.
Foundation Stone Laying for Expansion by Honble Prime Minister of India
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ii) COMPREHENSIVE MANAGERIAL COURSE FOR
JOs and JSOs: 34, 198 and 192 candidates have
attended Phase-I, Phase-II & Phase-III programmes
respectively (altogether 424 including outstation
candidates).
iii) APPRENTICESHIP TRAINING: For the first time,
VSP hosted the Centralised walk-in-interviews for
selection of various apprentices from different
organizations in liaison with the apprenticeship
authorities.
77 Trade Apprentices, 153 Graduate Apprentices
and 138 Technician Apprentices, 87 Technician
(Vocational) Apprentices were given training.
iv) VACATIONAL TRAINING, COLLABORATIVE
TRAINING AND GUIDED VISITS TO THE PLANT:
As part of social obligation, VSP has been
extending training/project work facilities to students
of educational institutions. 3021 students were
given training.
v) TRAINING FOR OTHER ORGANISATIONS: 24
officers from JSWL, Bellary and 07 officers from
JSPL, Raigarh were given training in Sinter Plant
and Blast Furnace respectively.
vi) FOREIGN TRAINING: 25 officers, 8 non-executives
and 01 from MOS were sent on Foreign training/
business visits to different countries.
vii) LIBRARY: 919 books, 3113 journals, 16 e-journals,
126 Indian and International Standards were
procured.
227 Management and Technical Articles, 3 Nos. ofLibrary bulletins were circulated to senior
executives and Directors.
Centralized Air Condition with false ceiling has been
done.
viii) REVENUE GENERATION :
a) Training charges received Rs. 5, 89, 220/-
from (JSWL, JSPL etc.)
b) Amount received for Rs. 29,36,050/-
utilization of facilities atT&DC and Hostel and
Vacational Training
Total Rs. 35,25,270/-
PERSONNEL DEPARTMENT
1. MANPOWER :
During the period from 01-04-2005 to 31-03-2006
there was a net decrease in the manpower by 39
i.e. from 16,613 as on 01-04-2005 to 16,574 as on
31-03-2006.
As on 31-03-2006, the number of Displaced
Persons on the rolls of VSP was 5,571.
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Rashtriya Ispat Nigam Ltd.
2. REPRESENTATION OF SCHEDULED
CASTES AND SCHEDULED TRIBES:
I. The group-wise representation of SCs and STs
in the Company as on 31-03-2006 is as follows:
GROUP TOTAL S C S C (%) S T S T (%)
STRENGTH
A 4637 766 16.52 211 4.55
B 1576 272 17.26 104 6.60
C 8666 1467 16.93 599 6.91
D 1653 231 13.97 117 7.08
D" 42 14 33.33 1 2.38
(Sweepers) 16574 2750 16.59 1032 6.23
II. POSTS FILLED BY RECRUITMENT :
Class of Total No. of vacancies No. of
posts no. of reserved candidates
vacancies for (out of appointed
filled Col.1)
SC ST SC ST
(1) (2) (3) (4) (5)
A 177 31 36 25 27B - - - - -
C 1 - - - -
D 1 - - - -
3. WELFARE ACTIVITIES
A) Welfare of SCs & STs:
a) Three parks in the Steel Township have been
named after Dr. B R Ambedkar, Babu Jagjeevan
Ram and Ekalavya and a separate Library-cum-
Reading Room was named after Dr B R Ambedkar.
b) Jayanthi Celebrations of Dr. Babu Jagjeevan Ram
and Bharat Ratna Dr. B R Ambedkar were
observed by garlanding functions followed by
commemoration meetings, which were organized
at Babu Jagjeevan Ram Children's Park, Sector-5
on 05.04.2005 and at Dr. Ambedkar Park,
Sector-6 on 14.04.2005 respectively.
c) A Sports and Cultural Festival was organized
during the month of April 2005 at CWC,
Ukkunagaram in connection with Bharat Ratna
Dr. B R Ambedkar Jayanthi Celebrations.
d) In connection with Vardhanthi Ceremony of Bharat
Ratna Dr. B R Ambedkar, Garlanding Function
was organized on 06.12.2005 at Dr. Ambedkar
Park, Sector-6.
e) RINL/VSP has increased the number of
Scholarships from 3 Nos. to 6 Nos. per year
exclusively for the children of SC/ST employees
from the academic year 2005-06. Under this
Scholarship Scheme, 2 Scholarships of Rs.1,500/
- (Rupees One Thousand and Five Hundred only)
per month and 2 Scholarships of Rs.750/- (Rupees
Peripheral Development
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seven hundred and (Fifty only) per month and 2
Scholarships of Rs.400/- (Rupees four hundred
only) per month will be awarded to the meritorious
students among SC/STs every year.
f) Besides, since the year 1991, coinciding with the
Birth Centenary Celebrations of Bharat Ratna Dr.
B R Ambedkar, Annual Merit Cash Awards for
students belonging to SC/ST communities were
introduced. Based on the pass results of the Xth/
SSC Examination held during March 2005, 10 nos.
of Cash Merit Awards of Rs.500/- (Rupees five
hundred only) each and 9 nos. of Rs.250/-
(Rupees two hundred and fifty only) each were
given to the 1st and 2nd rank students of SC/ST
communities respectively, from each of the schoolsof VSP.
B) General :
a) RINL/VSP has increased the number of
Scholarships from 11 Nos. to 30 Nos. and also
enhanced the scholarship amount for the children
of VSP employees from the academic year 2005-
06 under 3 categories of its Scholarship Schemes
i.e. General, SC/ST and Physically Handicapped.
b) RINL/VSP has introduced the new schemes forgrant of Dr.Sarvepalli Radhakrishnan Merit Cash
Awards @ Rs.5,000/- each (one time) for the
children of VSP employees who secure admission
and join IITs, IIMs and IISc or ISI courses. Also
Col.C K Nayudu Sports Cash Awards @
Rs. 5,000/- each (one time) for the children, who
have represented the country in any event or who
has won 1st place in the Nationals conducted by
respective Federations of India, or National School
Games and Sports conducted by School Games
Federation of India or Ranji or Inter-State Cricket
Matches conducted by BCCI. These Cash Award
schemes have been implemented from the
academic year 2005-06.
c) 435 cases have been covered upto 2005-06 under
Employees Family Benefit Scheme extending
Monthly Benefit to the dependents of the deceased
employees/Medically Unfit cases.
4 INDUSTRIAL RELATIONS :
The overall IR situation at RINL/VSP during the
year 2005-06 was peaceful and helped in
sustaining the targeted levels of production. Despite
of hectic activities on account of Union Elections,
the Employees' Unions demand on work related
issues, various agitational activities by Regular and
Contract Labour unions, normal and safe levels of
production could be maintained due to proactive &
preventive IR measures adopted by Personnel
Department and maintenance of harmonious
Industrial Relations.
I. SETTLEMENTS :
a) Night Shift Allowance :
Record Notes of discussion was signed on
20.09.2005 between the representatives of
Management and Visakha Steel Employees
Congress (INTUC)-Recognised Union on the
revision of 'Night Shift Allowance' to both
Executives & Non-Executives employees w.e.f.
01-01-2005.
b) MoU on Bonus/Ex-gratia
Following the persistent demand for payment
of Bonus/Exgratia by the Unions, a
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Memorandum of Understanding on payment of
Adhoc Advance to all eligible employees under
Annual Performance Linked Reward Scheme
(APLRS) was signed on 08.10.2005 with the
representatives of Regd. Trade Unions.
II. DEVELOPMENTAL PROGRAMME/AWARENESS
PROGRAMME FOR TRADE UNIONS :
a) A 3-day Developmental Programme for Trade
Union leaders was held at Centre for HRD on
23.03.2006 organized by HRD in coordination
with the Personnel-CER section.
b) An orientation programme was organized on
24.02.2006 by the Jt. Director of ESI
Corporation for the benefit of Union members,
Contractors, Contract labour, Personnel
Executives and HoDs regarding the benefits of
ESI Scheme and the need for compliance with
the provisions of the ESI Act.
c) A Presentation-cum-Interaction session on 5S
Programme was conducted on 25.02.2006 at
T&DC Auditorium with external faculty.
III. INTERACTION WITH UNIONS :
24 formal meetings were held with unions includingRecognised Union during year on work related
issues which inter-alia include:
* Meeting of Unions with Jt.Secretary (Steel) and
* Meeting with NPC team and Panel of Judges
for assessing VSP under PM's Trophy in
January, 2006.
IV. WORKERS' PARTICIPATION :
A number of initiatives and strategies were taken
to promote and sustain a conducive IR climate for
smooth operation of the Plant. The most important
initiative in this direction was strengthening of the
foundation of a sound and effective collective
bargaining system.
To uphold the spirit of participation in management
and nurture participative culture of the Company,
total of 81 Joint Committees at Corporate, Shop/
Department levels, Welfare Committees at
Department and Apex level have been constituted / reconstituted to discuss issues relating to
production, productivity, quality, safety, corporate
affairs and also other work related points like
incentives, job rotation, deployment and re-
deployment. Sporadic incidents, sudden work
stoppages and pressure tactics have diminished
to a satisfactory degree because of the availability
of Participative Fora as an institutional machinery
for ventilating grievances and resolving genuine
demands of the employees.
IMPLEMENTATION OF OFFICIAL LANGUAGE :
1. With a view to promoting Hindi in the steel
Township, initiatives have been taken to organise
Hindi classes (Prathamica, Madyamica and Rashtra
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of Dakshin Bharath Hindi Prachar Sabha) for the
ladies (House wives of the employees).
Expenditure for Text books, note books, teaching
aids, accommodation, examination fee etc. is met
by the management and 205 ladies are trained
during 2005-06. Such initiative is first of its kind
in the Steel Industry in India.
From Oct '05, about 125 ladies (wives of employees
of VSP) are trained in Prathamica, Madhyama and
Rashtra of Dakshin Bharat Hindi Prachar Sabha at
Steel Township (Ukkunagaram).
2. "Hindi portal" is prepared and placed on the intranet
of Visakhapatnam Steel Plant during the current
financial year. Different Circular, formats and
policies of the Company obligations & targets of
Official Language are placed in the portal. Shusha
Font is placed in the Intranet so that it can be
made use of by the departments across the plant.
DISPOSAL OF STAFF/ PUBLIC GRIEVANCES
RINL/VSP has given priority to the redressal of
grievances-Staff as well as public grievances.
STAFF GRIEVANCES
With a view to providing Forums for redressal ofgrievances at Shop/Section/ Department/Plant/
Company level and settling the grievances of
employees expeditiously within stipulated time so
as to help obviating dissatisfaction, a
comprehensive grievance redressal system exists
for Executive as well as Non-Executive employees.
All Zonal Personnel Executives have been
entrusted with the job of disposal of staff grievance
expeditiously.
PUBLIC GRIEVANCES
In compliance with the directives of Ministry of Steel
from time to time, the following actions have been
taken to activate Public Grievance Redressal
System.
As regards the Public Grievances appearing in the
newspaper column, Corporate Communications
Department is entrusted with the job of scrutinizing
and forwarding the grievances to the concerned
Head of Department who, in turn would examine
the grievance and take prompt action for its
redressal.
A senior level executive in the rank of Dy. General
Manager is functioning as OSD (Public Grievances)
in order to monitor the redressal of Public
Grievances centrally and compile monthly status
reports on disposal of Public Grievances for
submission to the Ministry of Steel.
The status of receipt and disposal of Staff/Public
Grievances during the period 2005-06 is as under:
Peripheral Development in the nearby VillagesChildren of Balabadi celebrate Independence Day
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Description Number of Grievances
Received Disposed Off Pending
Staff Grievances 109 109 NIL
Public Grievances 03 03 NIL
TOWN ADMINISTRATION DEPARTMENT
The exchange deed in respect of transfer of 1400
Acres of VSP land to Govt. of Andhra Pradesh for
development of Port at Gangavaram was signed by
the representatives of Ministry of Steel, Union of India
and Govt of Andhra Pradesh and the same has been
registered at Sub-Registrar's Office, Gajuwaka.
60 nos. of quarters (30 nos. A Type and 30 Nos. B
Type) constructed by M/s HSCL on the land allotted
by VSP on licence basis has been taken over by VSP
on payment of reasonable compensation to be
assessed by VSP. The quarters have been utilized for
VSP's purposes.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
RINL has given special emphasis on CSR with the
following;
i) The Policy on Corporate Social Responsibility has
been formulated.
ii) RINL has filed its application for membership inUNO Global Compact and the same has been
admitted.
iii) CSR Calendar of Events for implementation during
the year 2005-06 has been prepared and the same
has been implemented.
iv) RINL Formation Day on 18.02.2006 was celebrated
with emphasis on Health, Community Development,
Environment Enrichment and CulturalEfflorescence.
The following programmes were organized on this
occasion:
a) RINL Health Run involving more than 2500
employees, people from various walks of life
b) Handing over specially designed bus to
Arunodaya Special School for mentally retarded
children
c) Launching of Agro-forestry, Plantation of bio-
diesel plant Jetropha to cover a total of 300
Hectares; out of this, 50 Hectares during 2006-
07.
d) Distribution of JN Awards, Echo Awards,
Shrujan Vikas Awards followed by a variety
Cultural programme. All CWCs in Rehabilitation
Centres and Mines also celebrated RINL
Formation Day.
v) RINL CSR Policy has adopted a four-fold strategyof RINL as a Promoter, as a Partner, as a Facilitator
and as a Consultant to promote CSR activities.
vi) Some of CSR activities taken up :
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a) Workshop "Towards Excellence" for teachers
of VSP Schools was conducted on 7th & 8th
September 2005 in association with Andhra
University, UGS - Academic Staff College.
b) "Students Counselling-Competency Develop-
ment Programme" for students (7th and 10th
class) appearing for Public Examination was
conducted on 10th Nov. 2005.
c) Workshop "Towards Excellence" for teachers
of VSP Schools was conducted on 11th & 12th
November 2005 in association with Andhra
University, UGS - Academic Staff College.
d) Adult literacy and female literacy drive through
UKKU AKSHARA JYOTHI programmes were
organized on 09.01.2006 in Aganampudi &
Vadlapudi Rehabilitation Colonies.
e) Personality Development for School children,
interactive session on "Prove Yourself and
Develop Your Personality" was organized on
18.01.2006 at De Paul School, Ukkunagaram.
f) With a view to sensitizing residents of five
Rehabilitation Colonies and Mines, the Multi-
Purpose Social Service Camps/Programmes
were organized at the following places during
this year under CSR Calendar of events. Theseprogrammes inter-alia includes workshop on
Mother & child Care, De-addiction, Life Style
Management, Self-employment & Self Help
Groups (SHGs), Clean & Green Environment,
etc. and a Play-let on AIDs awareness.
MANAGEMENT SERVICES
VSP bagged Six Government of India Vishwakarma
Rashtriya Puraskar (VRP) Awards at national level
out of total 28 awards announced by Ministry of
Labour. One fifth of the total awards are bagged
by VSP and 32 awardees from VSP are more than
1/3rd of the total at National level. VRP is one of
highest level of award presented to workman in
recognisition of their contribution by Govt of India.
VSP has bagged Gold Medal in Technical Paper
Contest and Silver Medal in Best Suggestors
Contest at 16th INSSAN National Convention heldat Mumbai in Jan'06.
4131 Quality circle projects implemented with an
employee involvement of 74%.
For the first time 14 QC teams represented at
Quality Circle National Convention at Ernakulum.
Four teams rated as par excellence, seven as
excellent and three as distinguished.
One QC team was awarded first prize at State
level by CII at Hyderabad and participation award
at Regional level, Chennai. For the first time 18 employees from 2 QC teams
sent abroad to participate in International
Conventions. One QC team presented at IEIQC-
Quality Circle Nite celebrations
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Rashtriya Ispat Nigam Ltd.
2005 (International Exposition and Innovation on
Quality Circles) at Singapore and the other at
ICQCC-2005 (International Quality Control Circles)
at South Korea. It was a great motivation as Non-
Executive employees presented at International
forums.
33201 suggest ions received and 8712
implemented. Suggestion campaigns on "Energy
Conservation", "Safety" and "Finance" conducted.
Received 3rd prize for "Organisational Excellence
Award in Suggestion Scheme" at INSSAN National
Convention, Mumbai.
The 5 S activities - Work Place Management have
been taken up in most of the departments.
PROJECT MANAGEMENT
Expansion of the Plant to 6.3Mt :
Keeping in view the upturn in global and domestic
steel demand, VSP has decided to increase its capacity
to 6.3 Mt of liquid steel per year in the beginning and
to increase the capacity upto 10 Mt per year in future
phases. M/s MN Dastur Co, the Consultants engaged
for preparation of Project Report for Expansion of VSP
submitted the Report for Expansion of Plant to 6.5 Mt
of hot metal and 6.3 Mtpa of liquid steel. The product
mix is long products such as wire rods in coils 5.5 mm
to 20 mm dia, special bars of size 16mm to 40 mm dia
in coil and straight length and light & structural to
meet the infrastructure needs which are very well
accepted in the market. In addition, Seamless Pipe
Mill of 300,000 tpa capacity to produce seamless pipes
of higher dia is planned which will be first of its kind
in India.
The salient features of the Expansion are as follows:
Capital cost : Rs.8692 crores (Base: II Quarter
2005)
Construction schedule : Stage-I - 36 months from "Date of
approval by GOI"
Stage-II - 48 months from "Date of
approval by GOI"
GOI approved the project on 28th October 2005 at an
estimated cost of Rs.8692 crores. Preparation of
specifications and tender documents are under
progress. Some preliminary works such as roads, boxculvert and lighting etc. have already been ordered
and work is under progress. An amount of Rs.6.69
crores has been spent upto 31.03.06.
COKE OVEN BATTERY - 4 (PHASE-I)
Government of India approved setting up of Battery
No.4 in December 2003 at a cost of Rs.303 crores to
meet the coke requirement. Construction of the battery
is in progress and the project is likely to be
commissioned by December 2006. An amount of
Rs.165.66 crores has been spent upto 31.03.06.
COKE OVEN BATTERY (PHASE-II)
Projects for construction of By Product Plant and
Additional facilities on coal side have been approved
by the Board of Directors in June, 2006 at an estimated
Construction work at Coke Oven Battery No. 4 Model of Main gate - Expansion
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Rashtriya Ispat Nigam Ltd.
10 Employee Training 9.9 11.1 Training Days
/ Employee
11 Lost Time Injury 6.6 1.6 Frequency / 1
Frequency Rate million HoursWorked
The return on capital employed of RINL is
significantly higher at 31.8% compared to the world
average of 22.3%. The value added is also higher
at 14% compared to 11.7% of world average.
However, it is seen that RINL's performance on
three parameters, i.e. Investment in New Processes
and Products, Energy Intensity and Greenhouse
Gas Emissions has been below the world average.
As VSP is an integrated steel plant, steel recyclingat lower percentage is not a cause for concern.
3. Knowledge Management
In order to motivate employees to participate in
this, a new reward and recognition scheme titled,
"Gnana Puraskar Yojana" has been launched since
April 2005 and till July 2006 about 200 awards
have been given.
In order to further augment the Knowledge
management initiative, another powerful tool -
Communities of Practice - has been launched in
the year 2005-06 in a bottom-up approach.
The COP provides an opportunity to have a
network of people and through them networking of
knowledge takes place by providing a common
context of interest to share their knowledge and
improve their individual competencies. The concept
has started becoming popular and so far 7 COPs
on the following themes have been formed and
are working very well: PLCs; Hoist Controls; Yard
Machines; HT Motors; Electrical Drives; Pumps;
Rolling Mills.
4. Chairman Online
"Chairman Online" an intranet based
communication forum, facilitating direct interaction
of employees with CMD to improve the
organizational performance, was launched in
January, 2005. Till March 2006, about 450 queries
submitted by employees on issues like systems
improvement, productivity improvements, current
challenges and possible solutions, employee
development and welfare, etc. have been mostly
replied within a few days of submission and on an
average the response time is less than a week .
The initiative has become very popular as seen
from the survey conducted in January 2006 wherein
90% of the employees have expressed complete
satisfaction and happiness with regard to its
working and rated its effectiveness as 7.9 on a 10
point scale.
5. Market Survey
Market survey was conducted by Market Research
Group of CSM Dept. to assess potential for opening
outlets in the states of Himachal Pradesh,
Chairman On-Line
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Jharkhand, Chattisgarh and Pondicherry. It was
brought out that adequate potential exists for open
new branches in Jamshedpur and Raipur. In other
places, where demand is not assessed to be
sufficient for opening Branch offices, Consignment
Sales Agents or Dealers have been suggested.
Actions have been initiated accordingly.
VIGILANCE ACTIVITIES
During the year:
(i) Vigilance Department conducted 390 system
checks including 20 quality checks and 93 rake/
road re-weighments. The Vigilance observations
were brought to the notice of the concerned for
taking corrective actions/improvement of the
existing procedures/systems, wherever required.
(ii) Vigilance Awareness Week was observed during
the week 7th November to 11th November 2005.
During the week, from 7th November to 11th
November 2005, presentations cum interaction
sessions were held, which were attended by lower
level and middle level Executives of the company,
Trade Union Leaders and Office bearers, Vendors,
Customers and Contractors. During these
sessions, relevant issues were discussed, doubtsclarified and practical inputs were imparted to the
participants.
(iii) On the preventive vigilance front, greater thrust
was laid on examination of tenders at the
processing stage with a view to modifying certain
restrictive tender clauses in line with CVC
guidelines on the issue so as to bring in greater
transparency and increased competition.
(iv) In order to provide yet another platform for anycitizen, necessary publicity has been given in the
newspapers and the website of VSP that any
complaint made to the CVO through Website would
also be entertained and processed further for
suitable action.
(v) Proactive Vigilance work was done in the areas of
estimation, award and execution of contracts
pertaining to operation, maintenance, procurement
and marketing and management exhibited positive
attitude towards the suggestions of the Vigilance.
(vi) The work related to obtaining ISO Certification for
Vigilance by June 2006 is progressing well. This
would further the efforts in streamlining procedures,
systems and accountability.
(vii)Close interaction was maintained with CBI.
Pending cases were reviewed periodically and full
co-operation was extended to them.
(viii)All the periodical statistical returns/reports were
submitted to MOS, CVC, CBI and DOPT in time.
AUDITORS
M/s. Rao & Kumar, Visakhapatnam have been
appointed as the Statutory Auditors of the company
for the year 05-06 by the Comptroller and Auditor
General of India.
Vigilance Awareness Programmes
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Rashtriya Ispat Nigam Ltd.
AUDITORS' REPORT
The Statutory Auditors' Report on the Accounts of the
Company for the financial year ended 31st March 2006
in terms of Section 217(3) of the Companies Act, 1956along with Management Replies thereon are enclosed
to the Directors' Report as Annexure-I.
C & A G REVIEW
The Comments of the Comptroller & Auditor General
of India (C&AG) alongwith Management Replies
thereon and also the Review on Accounts of the
Company are enclosed as Annexure-II.
REPORT ON CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION etc..
Information in accordance with the provisions of Section
217(1) (e) of the Companies Act, 1956, read with the
provisions of Companies ( Disclosure of particulars in
the Report of the Board of Directors) Rules, 1988,
regarding Conservation of Energy, Technology
absorption and Foreign Exchange earnings and outflow
are furnished in the Annexure - A to this report and
also in Form -A and Form -B annexed to this report.
Foreign Exchange earnings and outgo :
The Export performance of the Company has improved
significantly as compared to the previous year.
The Foreign Exchange earnings during the year 2005-
06 was Rs. 443.51 Crores as against Rs. 259.27
Crores during the previous year. The Foreign Exchange
outgo during the year 2005-06 was Rs.1867.30 Crores
as against Rs.1386.50 Crores during the previous year
PARTICULARS OF EMPLOYEES
There was no employee of the company who receivedremuneration in excess of the limits prescribed under
Section 217(2A) of the Companies Act 1956 read with
the Companies (particulars of employees) Rules , 1975.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of Companies Act, 1956,
your Directors state as follows :
(i) that in the preparation of the annual accounts, the
applicable accounting standards had been followed
along with proper explanation relating to materialdepartures;
(ii) that the directors had selected such accounting
policies and applied themconsistently and made
judgements and estimates that are 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 or loss of the
company for that period;
(iii) that the directors had taken proper and sufficient
care for the maintenance of adequate accountingrecords in accordance with the provisions of this
Act for safeguarding the assets of the company
and for preventing and detecting fraud and other
irregularities.
(iv) that the directors had prepared the annual accounts
on a going concern basis.
CORPORATE GOVERNANCE
As a part of Corporate governance initiative, a
Committee of Directors comprising all functional
Directors and headed by the Chairman-cum-Managing
Director was constituted in September 1998 and has
been functioning since then for reviewing the important
observations of Internal Audit and for taking expeditious
actions by concerned Departments wherever
Audit Committee constituted with
Independent Directors in July 06 held its
1st Meeting on 30-8-2006 at Visakhapatnam
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necessary. The Committee has held meetings
periodically during the year. Appropriate corrective
actions wherever found necessary were taken which
resulted in considerable savings to the Company.
The Internal Audit Department is manned with both
professional Chartered Accountants and Engineering
professionals for a wider coverage of technical aspects
as well for evolving better controls systems and
procedures and improved savings.
DIRECTORS ( APPOINTMENT / CESSATION) :
The following changes took place in the Board of
Directors of the Company during the year.
Shri G. Elias, Jt. Secretary in the Ministry of Steel was
appointed as Part-time Official Director w.e.f. 13th April,
2006.
Shri R.S.S.L.N. Bhaskarudu, ex-Chairman of PESB
was nominated as part-time non-official Director on
the Board of RINL and he assumed charge as
Independent Director w.e.f. 26th April, 2006.
Dr. V K Bhalla was appointed as part-time non-official
Director on the Board of RINL with effect from 29th
June, 2006.
Shri J S Mathur was appointed as part-time non-officialDirector on the Board of RINL with effect from 11th
July, 2006.
Shri P K Misra was appointed as Director (Operations)
on the Board of RINL with effect from 01.08.2006.
Shri J.P. Singh, Jt. Secretary, Ministry of Steel ceased
to be part-time Official Director with effect from 24th
January, 2006 on his resignation from the Board.
Dr. S.N. Dash, Jt. Secretary, Ministry of Steel ceased
to be part-time Official Director with effect from 7th
April, 2006 on his resignation from the Board.
Shri K K Rao, Director (Operations) ceased to be
functional Director with effect from 1st August, 2006
on his superannuation from the Board.
The Board of Directors wish to place on record their
appreciation of the valuable services rendered and
contribution made by the outgoing Directors during
their tenure on the Board of RINL.
ACKNOWLEDGEMENTS
The Board placed on record its deep appreciation for
the assistance, cooperation and guidance received in
full measure provided by the Govt. of India in general
and Ministry of Steel in particular, the Govt. of Andhra
Pradesh, various suppliers/customers.
The Board also specifically acknowledge their gratitude
to the various Ministries of the Govt. of India with whose
positive and pro-active support, the approval by Govt.
of India for the Expansion of the Plant could beaccorded in record time.
The Board place on record its appreciation for the
cooperation extended by its valued customers,
suppliers, bankers, auditors, solicitors and business
associates, the local District Administration and Law &
Order authorities.
The Board also places on record its appreciation for
the commitment, sincere efforts, hard work and
contribution put in by all the employees of the
Company who are instrumental in scaling new heights
year after year and the cooperation extended by
employees Unions and Steel Executive Association for
the status of MINIRATNA.
For and on behalf of the Board of Directors
(Y. SIVA SAGAR RAO )
Chairman-cum-Managing Director
Visakhapatnam
Date :25-09-2006
Adopted at the 24th Annual General Meeting held on
25th September, 2006.
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Rashtriya Ispat Nigam Ltd.
Rs.Crores
2005-06 2004-05
A OPERATING RESULTS
Turnover 8482.44 8181.34
Gross Income 8938.32 8467.67
Gross Expenditure 7017.57 6202.79
Gross Profit 1920.75 2264.88
Gross Profit (excluding Interest on Term
Deposits) 1613.90 2139.43
Profit before Tax 1889.51 2253.77
Net Profit After Tax 1252.37 2008.09
BYEAR END FINANCIAL POSITION
Share Capital 7827.32 7827.32
Reserves and Surplus 346.38
Capital Employed 8862.65 7153.28
Capital Employed (excluding Term Deposits) 3444.65 3342.28
Net Worth 8148.83 6878.31
Gross Block 8832.13 8763.49
Depreciation 6753.87 6322.18
Net Block 2078.26 2441.31
Inventory 1216.45 1257.53
C PROFITABILITY AND OTHER RATIOS
(I) PERCENTAGE OF:
Gross Profit to Sales 22.64 27.68
Net Profit to Sales 14.76 24.54
Gross Profit to Net Worth 23.57 32.93
Net Profit to Net Worth 15.37 29.19
Gross Profit (excluding Interest on Term
Deposits) to Capital Employed (excluding
Term Deposits) 46.85 64.01
Net Profit to Capital Employed 14.13 28.07
Gross Profit to Share Capital 24.54 28.94
Inventory to Sales 14.34 15.37
Sales to Capital Employed 95.71 114.37
(ii) RATIO OF:
Current Assets to Current Liabilities 5.62 4.53
Quick Assets to Current Liabilities 4.79 3.59
HIGHLIGHTS
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Year
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Rs
.inCrores
Year
Turnover
Other
Income
Raw
Stock
Employee
Depre-
Interest&
Stores,
Profit/
Profit/
Revenue
Material
Accretion/
Remune-
ciation
Wealth
R&M,
Loss
Loss
consumed
Decretion
ration
&DRE
Tax
Power&
before
after
&Benefits
Expenses
Other
tax
tax
1990-9
1
245.1
5
35.5
0
244.7
1
175.2
7
-26.6
9
29.1
4
197.2
3
192.1
3
191.1
2
-477.5
5
-477.5
5
1991-9
2
772.4
4
22.2
0
675.8
3
401.9
4
-69.6
1
53.8
6
449.0
9
437.2
6
509.0
3
-986.9
3
-986.9
3
1992-9
3
1184.8
4
147.6
3
1245.1
0
680.1
7
-151.6
0
76.5
2
340.0
7
197.5
6
758.0
4
-568.2
9
-568.2
9
1993-94
1751.0
4
156.0
3
1526.4
4
875.4
160.2
1
102.5
339.8
4
346.8
6
654.9
2
-572.6
6
-572.6
6
1994-95
2208.5
7
50.2
2
2091.7
9
1058.5
3
-199.6
7
128.4
6
414.6
5
365.9
7
855.1
3
-364.2
8
-364.2
8
1995-9
6
3038.5
7
115.9
2
2809.7
6
1310.6
9
-50.4
5
154.6
6
430.1
2
407.1
1
1106.6
3
-204.2
7
-204.2
7
1996-97
3135.2
9
78.4
0
2888.0
8
1384.5
6
-114.8
3
174.4
2
421.8
7
430.4
8
1163.1
3
-245.9
4
-245.9
4
1997-9
8
3070.9
3
96.9
6
2750.9
2
1405.3
1
-118.2
7
210
438.5
2
198.2
3
1210.8
3
-176.7
3
-176.7
3
1998-9
9
2761.1
3
197.0
6
2181.6
9
1219.6
6
317.6
1
255.0
4
111.2
7
360.8
8
1150.9
1
-457.1
8
-457.1
8
1999-0
0
2972.6
0
154.7
9
2636.1
1
1394.3
2
-95.1
0
272.4
9
431.7
9
382.1
6
1303.4
1
-561.6
8
-561.6
8
2000-0
1
3435.9
6
179.7
9
3048.8
8
1443.6
8
-103.3
8
407.6
5
444.6
0
350.5
9
1363.9
1
-291.3
0
-291.3
0
2001-0
2
4080.9
5
152.9
2
3395.7
4
1602.1
62.3
7
375.0
2
474.9
8
290.5
2
1504.0
3
-75.1
5
-75.1
5
2002-0
3
5058.2
5
167.6
3
4107.1
6
1805.6
5
281.0
9
405.9
9
454.6
1
123.1
9
1634.6
6
520.6
9
520.6
9
2003-04
6169.0
9
209.2
3
5398.2
5
2050.4
3
25.6
1
481.1
5
476.4
7
49.0
5
1748.4
2
1547.1
9
1547.1
9
2004-05
8181.3
4
286.3
3
7583.8
0
3019.6
4
-310.3
9
490.2
4
1006.1
2
11.1
1
1997.1
8
2253.7
7
2008.0
9
2005-0
6
8482.4
4
455.8
8
7412.5
7
3584.6
2
65.8
5
572.3
4
448.2
9
31.2
4
2346.4
7
1889.5
1
1252.3
7
SIXT
EENYEARSDIGEST
F
INANCIALRESULTS
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Rashtriya Ispat Nigam Ltd.
SIXTEEN YEARS DIGEST
FINANCIAL RESULTS
Rs. in Crores
Year Capital Reserves Loans/ Fixed Total Fixed Number of& Surplus Buyers Assets Depre- Assets Employees
Credit Gross ciation Net Block as onBlock 31st March
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