Report on Corporate GovernanceTo the Members,
1. Your Directors place before you the Forty-Third Annual Report of the Companytogether with Statement of Accounts for the accounting year ended 31st March,2011.
2. Financial Results and Appropriation :
| | Previous Year |
| Rs.in lacs | Rs.in lacs |
| Profit for the year before depreciation and taxation | 26078.63 | 23914.51 |
| Less :Depreciation for the year | 2133.87 | 1950.76 |
| Profit/(loss) before tax | 23944.76 | 21963.75 |
| Less : Provision for taxation — Current Tax | 6900.00 | 8041.29 |
| — Tax adjustment relating to earlier year | (79.83) | (12.38) |
| — Deferred Tax charge | 437.06 | (1,755.14) |
| — Fringe Benefit Tax | - | (6.12) |
| Profit/(loss) after tax | 16687.53 | 15696.10 |
| Add : Balance of profit brought forward | 62214.07 | 53067.95 |
| Less : Transfer to general reserve | 15000.00 | 5000.00 |
| Proposed Dividend : 45% (PY 45%) | 1324.83 | 1324.83 |
| Tax on dividend (Including Surcharge) | 209.80 | 225.15 |
| Balance of profit carried forward | 62366.97 | 62214.07 |
3. Dividend:
The Directors recommend a dividend of Rs.4.50 per equity share (Rs.4.50 per equityshare in the previous year).
4. Debt Servicing:
Your Company has met all obligations towards repayment of principal and interest on allloans.
5. Fixed Deposits:
As reported in the year 2008—09, the Fixed Deposit Scheme of the Company has beendiscontinued and the company has stopped renewals and accepting fresh deposits. Depositsaccepted during the Scheme and matured during the year, have been repaid alongwithinterest as on 31st March, 201 1 in accordance with the terms of deposits. 242 depositsamounting to Rs.45.52 lakhs which had matured have not been claimed. The Company advisesthe depositors at regular intervals for repayment of the deposits. During the year, theCompany has transferred an amount of Rs.1.72 lakhs towards unclaimed / unpaid deposits andinterest thereon to 'The Investors Education and Protection Fund', pursuant to Section 205C of the Companies Act, 1956.
6. Directors:
The Board of Directors of the Company at its meeting held on 21st January, 2011appointed Mr. Suresh Krishnan as an Additional Director of the Company w.e.f. 21stJanuary, 2011. Mr. Suresh Krishnan will cease to hold Office at the forthcoming AnnualGeneral Meeting of the Company and is eligible for re-appointment. The Company hasreceived a notice under section 257 of the Companies Act, 1956 proposing his candidaturefor the office of Director. Mr. Suresh Krishnan was appointed as Managing Directoreffective 1st February, 2011 for a period of five years.
Mr. S.K. Poddar, Mr. Marco Wadia and Mr. Shyam Bhartia, retire by rotation at theforthcoming Annual General Meeting and are eligible for re-appointment. The resume anddetails of other directorships and committee memberships of Mr. S.K. Poddar, Mr. MarcoWadia and Mr. Shyam Bhartia, are given in Annexure 'C' to this report.
7. Auditors:
The Auditors M/s. S.R. Batliboi & Co., Chartered Accountants, Gurgaon, retire atthe forthcoming Annual General Meeting and are eligible for re-appointment.
8. Cost Auditors :
The Company has re-appointed Mr. Savari Muthu I., Cost Accountant, Membership No.6716,as the Cost Auditor for the year 2010-11. The Cost Audit Report for the year ended31-3-2010 was filed by the Company with The Ministry of Corporate Affairs.
9. Conservation of Energy:
Information disclosing particulars of conservation of energy is given in Annexure 'A'to this report.
10. Technology Absorption:
As part of up-gradation with new technology absorption, Ammonia, Urea and Power Plantswere converted to Distributed Control System (DCS).
11. Foreign Exchange earnings and outgo:
By producing fertilizers, of which the country is a net importer, there has beensavings of valuable foreign exchange to the National exchequer. Foreign exchange earningsand outgo is noted under Schedule 18 (Note 7(C)(ii), 7(E), 7(F) and 10) of the AnnualReport and Accounts.
12. Capital Projects:
During the year, based on the Basic Engineering Design Package supplied by M/s. KelloggBrown & Root, U.S.A. and Detailed Engineering done by M/s. Projects & DevelopmentIndia Ltd., the Plant has been retrofitted and is completely ready to seamlessly changeover from the present feedstock of Naphtha to Natural Gas, as and when, it is available.
Furthering energy saving initiatives, the regenerative type Lungstrom Combustion AirHeater in the reformer flue gas duct has been replaced with a Plate type heat exchanger.As a result of this, energy saving is expected by reduction in drive energy of the fans inthe air circuit and also higher heat recovery from the flue gas.
"adventz" - Corporate Identity :
The Group has devel oped a new corporate identity, "adventz", with a view toharness and harmonise the vast reservoir of human talent, technological know-how and otherresources in a collaborative, inclusive and sustainable manner so as to drive India'sdevelopment and progress.
The new logo adopted as part of the corporate identity symbolizes Group's deepcommitment to the two fundamental drivers of the Indian economy : Agriculture andIndustry.
13. Environment & Safety:
The Company's Fertiliser Plant continues to be a 'Zero Effluent Plant' since 1990 andthe man-made green belt around the Complex continues to flourish and attract a variety ofwild life.
In line with the Company's policy to continuously improve the environment, the new dualfired burners installed for the feedstock conversion project are designed for a lower NOxemission.
The Company continues to give thrust to safety initiatives across all functions.
The Company, during the year, received the "Gomant Sarvochcha SurakshaPuraskar" (1st Prize) from the Green Triangle Society, Goa and The Inspectorate ofFactories & Boilers, Govt. of Goa, for Outstanding Performance in Occupational Safety,Health & Environment.
The Company also completed 'One Million' man-hours without reportable lost timeaccident to ZIL employees.
14. Personnel:
Keeping in focus the projected growth of the Company and the need for building upleadership at different levels, training activities have been carried out for effectivesuccession plan.
The industrial relations in the Company continued to be harmonious.
Particulars of employees to be furnished under Section 217 (2A) of the Companies Act,1956 and the rules framed thereunder, are annexed to this Report as Annexure 'B'.
15. Subsidiary Companies:
In accordance with Accounting Standard 21, Consolidated Financial Statements presentedby the Company includes the financial information of its subsidiaries. The Company hasreceived approval of the Central Government u/s 21 2(8) of the Companies Act, 1956exempting the Company from the purview of section 212(8) of the Act. Therefore the BalanceSheet, Profit and Loss Account, Report of the Board of Directors and the Auditors of theSubsidiary Companies are not attached.
The Company will make available these documents/details upon request by any member ofthe Company interested in receiving this information. The Annual Accounts of theSubsidiary Companies will also be kept for inspection by any investor at the RegisteredOffice of the Company.
Effective 2nd December, 201 0 the name of Zuari Developers Limited, a wholly ownedsubsidiary of the Company has changed to Adventz Infraworld India Limited and effective17th January, 2011 the name of Zuari Infrastructure and Developers Limited, a wholly ownedsubsidiary of the Company, has changed to Zuari Management Services Limited. Effective 10th March, 201 1 Zuari Holdings Limited, became wholly owned subsidiary of the Company.
A brief review of subsidiaries and joint ventures of the Company is given here inbelow:-
Subsidiaries :
a. Globex Ltd. :
Globex, an offshore subsidiary Company was established at Jebel Ali Free Zone on 9thAugust, 2009. The Company was established with a view to carry out General Trading infertilizers and commodities and investment in properties/ Companies, property development,etc.
b. Gulbarga Cement Limited (GCL) :
Gulbarga Cement Limited, a wholly owned subsidiary of the Company holds limestoneMining Lease of 989.89 hectares at Ferozabad in Gulbarga District of Karnataka.
The Company has acquired 986 acres of land for setting up Cement Plant of 3.23 milliontonnes per annum and coal based Power Plant of 50 MW and in the process of acquiringremaining land for the project.
c. Indian Furniture Products Limited (IFPL):
IFPL, a wholly owned subsidiary of the Company, is engaged in manufacturing ofReady-To-Assemble (RTA) furniture of international quality at its state-of-the-art plantat Kakkalur near Chennai. The Plant is highly automated and is CNC (Computer NumericControl) operated. The factory has a floor area of 225,000 sq.ft. and has capacity toproduce 200,000 units of furniture annually. The company has been awarded with ISO9001:2000 by TUV Suddeutschland accredited by TUV, Germany.
The Company has achieved a turnover of Rs. 123.29 crores during the current financialyear, an increase of 28% as compared to the previous year. The mass distribution channelunder 'Zuari' brand has grown up by 42% and the momentum is expected to be carried out innext few years. The major portion of IFPL production is supplied to Style Spa FurnitureLimited (SSFL) which has also shown a growth of 20% during the current year. A new productline set up in the factory during the year, has yielded good results. A plan has beenworked out for debottlenecking the operations in the plant, replacement of old machineryand creating additional warehouse space which will entail an investment of Rs. 14 crores.This is expected to increase production by 10% and productivity by 12%. Emphasis is onleapfrogging the institutional business and also entering into kitchen segment.
SSFL has entered into Franchise Agreement with Chateau d'Ax for premium and luxurysegment of furniture business.
d. Simon India Limited (SIL) :
SIL, a wholly owned subsidiary of your Company, is engaged in Engineering Procurementand Construction (EPC) activities and has achieved a turnover of Rs.166.79 crores duringthe current financial year 2010-11. SIL has an order book of Rs.158.88 crores and iscurrently executing several major projects in India and overseas.
The major Projects under execution are as follows:
1. Ammonia abatement & Flare System Project for SABIC in Saudi Arabia
2. Phosphoric Acid storage tanks with associated facilities project for ParadeepPhosphates Limited, Orissa
3. Final Absorption Tower and associated facilities for Hindustan Zinc Ltd. (VedantaGroup) at Chanderiya, Rajasthan
4. Energy Recovery Project for Sulphuric Acid Plant for
IFFCO Paradeep.
SIL is also bidding for several other projects in India and overseas.
e. Adventz Infraworld India Limited (AIIL):
Adventz Infraworld India Limited, (formerly known as Zuari Developers Limited), awholly owned subsidiary of your Company is engaged in the business of real estate. AIIL iscurrently, in the process of development of approx. 73 acres of land at Hulikeri,Srirangapatnam Taluk, Mandya District, Karnataka, for Company's Zuari Garden City Project.
f. Zuari Fertilisers & Chemicals Limited (ZFCL) :
Zuari Fertilisers & Chemicals Limited (ZFCL) is a wholly owned subsidiary of yourCompany.
The Company is in the process of obtaining various approvals from State and CentralGovernments for setting up 12 lakhs MTPA of Urea manufacturing plant, based on theLiquified Natural Gas (LNG), at Mastihole Village, Hukkeri Taluka in Belgaum District ofKarnataka. The change in the location from Biranholi Village to Mastihole Village wasapproved by the State High Level Clearance Committee (SHLCC), Government of Karnataka. TheCompany is in the process of acquisition of land for the said project.
g. Zuari Management Services Limited (ZMSL):
Zuari Management Services Limited (ZMSL) [formerly known as Zuari Infrastructure &Developers Limited], a wholly owned subsidiary of your Company is engaged in managementconsultancy business.
h. Zuari Holdings Limited :
Zuari Holdings Limited (ZHL), a wholly owned subsidiary of your Company, is set up tocarry on business of investment, holding of investment and as investment Company, havingits registered office at Jai Kisaan Bhawan, Zuarinagar, Goa.
i. Zuari Investments Limited :
Zuari Investments Limited, a subsidiary of the Company, is a member of both NationalStock Exchange (NSE) and Bombay Stock Exchange (BSE) for equity as well as Future &Option (F&O) segment. It is a depository participant with National SecuritiesDepository Limited (NSDL), Central Depository Services Limited (CDSL), National CommodityDerivative Exchange Limited (NCDEX), Multi Commodity Exchange Limited (MCX) and NationalSpot Exchange Limited (NSEL). Besides being empanelled with Association of Mutual Fund ofIndia (AMFI) for distribution of Mutual Fund products, the company is also a Dealer of OTCExchange of India (OTCEI) and a Category-II Registrar and Share Transfer Agent registeredwith Securities and Exchange Board of India (SEBI). The Company has corporate office inDelhi and 20 branches in different parts of India.
The three subsidiaries of Zuari Investments Limited are :-
i. Zuari Insurance Brokers Ltd. :
The Company is a Licensed Direct Insurance Broker for Life and Non-life segmentregistered with Insurance Regulatory and Development Authority (IRDA).
ii. Zuari Commodity Trading Ltd. :
The Company has become a member of National Commodity Derivative Exchange Limited(NCDEX) and Multi Commodity Exchange Limited (MCX). The Trading activity has started inall the branches during the quarter ended March 2011.
iii. Zuari Financial Services Ltd. :
The Company was incorporated with an object to provide financial services. It hassubmitted application to Reserve Bank of India (RBI) for registration as Non BankingFinance Company (NBFC).
Zuari Investments Limited plans to offer complete bouquet of financial services andpoised for one stop shop for Stock Broking, Depository Services, Investment AdvisoryServices, Insurance Broking Services and Commodity Broking Services.
j. Zuari Seeds Limited (ZSL) :
ZSL, a wholly owned subsidiary of the Company, is engaged in R&D, production andmarketing of hybrid seeds. The Company has achieved a turnover of Rs. 40.96 crores duringthe current financial year. Despite seasonal aberrations, by controlling both variablecosts and fixed costs effectively, company is back on to the stability track.
As informed earlier, out of the total Hybrid cotton seed market in India the BGIItechnology based hybrids occupy almost 95% of the market share. These Hybrids are gettingcommercialized in Kharif 2011.
The Company has initiated trading activities in association with group companies.Vegetable seeds portfolio is also being strengthened with the introduction of HybridBhendi with resistance to Yellow Vein Mosaic virus. A high value Tomato Hybrid waslaunched during the year which has given encouraging results.
A high value tomato hybrid — Shivani which was launched during previous year hasshown good results and the Company is in the process of sealing up the volumes.
16. Joint Ventures:
a. Zuari Maroc Phosphates Limited (ZMPL) :
Zuari Maroc Phosphates Limited (ZMPL), a 50:50 joint venture with Maroc Phosphore S. A., Morocco, was established as Special Purpose Vehicle (SPV) for acquisition of ParadeepPhosphates Limited (PPL). At present, the Company is holding 80.45% of the equity stake inPPL.
PPL's sales and operating revenue including subsidy and other income for the year2010-11 was Rs. 3630.64 crores as compared to the previous year Rs. 3169.27 crores.
PPL continues to increase its market share in its marketing areas. The sale of ownfertilizers and traded fertilizers for the year 2010-11 was 11,68,592 MT and 2,77,492 MTrespectively.
b. Zuari Indian Oiltanking Limited (ZIOL) :
Zuari Indian Oiltanking Limited (ZIOL) a 50:50 joint venture between Zuari IndustriesLimited and IOT Infrastructure & Energy Services Limited has a state-of-the-artterminalling facility for petroleum products namely Naphtha, Motor Spirit, High SpeedDiesel & Superior Kerosene. The Terminal at Goa with 71000 KL tankage is situated 85 Mabove sea level with a 14 KM long piggable pipeline from Mormugao Harbour, Goa.
The Company provides terminalling services to Zuari Industries Limited, HindustanPetroleum and Bharat Petroleum.
In the year 2010-11, the terminal has achieved a throughput of 6,57,356 KL @15 degree.
c. Zuari Rotem Speciality Fertilisers Limited (ZRSFL) :
Zuari Rotem Speciality Fertilisers Limited, a 50:50 joint venture with Rotem AmfertNegev Limited, Israel, has commenced regular production from 14/08/2010 at its plant atBaramati in Pune District of Maharashtra. The Plant is fully automatic and works on PLCScada and has manufacturing capacity of 24000 MT per annum on two shift basis withdifferent NPK blends.
Presently, the plant is operating on one shift and producing 19:19:19 Grade under brandname "Poorna — 19".
Introduction of new Water Soluble Fertilisers (WSF) grades with distinct advantages inIndia is being worked out. Trials are being conducted in different Universities which aremandatory for introducing new grades.
The Company imported WSF products — 3401 MT, MAP — 565 MT and MKP — 161MT for trading activity.
17. Withdrawl of Scheme of Amalgamation:
Your Board of Directors decided to withdraw the Scheme of Amalgamation of Gobind SugarMills Limited (GSML) with the Company, which was pending for sanction before Hon'ble HighCourt of Bombay at Goa. The withdrawal was in view of change in the business/economicenvironment in relation to the Company's operation resulting from deregulation of thefertilizer sector and to focus on its core business.
18. Corporate Governance:
The Company has complied with all the mandatory requirements of Clause 49 of theListing Agreement. The Report on Corporate Governance pursuant to Clause 49 of the ListingAgreement is enclosed as Annexure 'C'. The Auditor's Certificate on Compliance ofconditions of Corporate Governance is enclosed as Annexure 'D', Declaration of ManagingDirector as Annexure 'E' and the Management Discussion & Analysis as Annexure 'F'.
19. Group :
Pursuant to an intimation from the promoters, the names of the promoters and entitiescomprising "Group" as defined under the Monopolies and Restrictive TradePractices (MRTP) Act, 1969 are disclosed as Annexure 'G' in the Annual Report for thepurpose of the SEBI (Substantial Acquisition of shares and Takeovers) Regulations 1997.
20. Corporate Social Responsibility:
A. Care for Stakeholder :
The Company is implementing a tailor made programme "Jaikisaan Sangam" toprovide social as well as farm advisory services to the community at large. About 180grass root level workers known as Jaikisaan Krishi Salahkars have been deployed indifferent parts of marketing territory. They work as extended arm of the company fordelivery of services in the field.
The Company endeavours to promote mechanization in paddy cultivation to begin with, inits home state, Goa. The objective is to help farmers to overcome labour shortage which isthreatening paddy cultivation in Goa in recent years. In collaboration with Department ofAgriculture, Goa, technology for paddy transplantation, through use of MechanizedTransplanters, was demonstrated in 70 hectares of area in different parts in State of Goa.
Similarly, in order to enhance vegetable production in Goa state, the Company haslaunched a special campaign in collaboration with Horticultural Corporation, Goa.Demonstrations on vegetable crops like Chilli, Brinjal, Bhendi, Cluster Beans, etc. wereorganized in 60 hectares of area in different parts of Goa during the year. The Companyalso raised nursery seedlings of new drum stick variety "Bhagya" incollaboration with Department of Agriculture, Goa and distributed the same to farmers indifferent parts of Goa.
B. Respect for Environment :
Company is committed to conserve environment and as a part of clean environmentinitiative, a garbage disposal vermi composting unit was set up to take care of wastegenerated at canteen, office and household in Company's township. A sintex wastemanagement bin with capacity of 3 m3 was handed over to Sancoale Panchayat inGoa.
The Company has also created wetland for birds in its man made forest.
C. Activities for Social and Inclusive development :
a. Animal health camps :
Under Jaikisaan Sangam, the company organized 233 animal health camps and 114 familyhealth camps during the year. As a part of agronomic services, 145 crop seminars and 156farmer visits to research stations were organized in the field.
b. Family health drives :
The Company has been participating in the pulse polio and filarial drive initiated byRotary Club and Municipal Council by providing services of van, jeep, for public addressalduring such drives.
The company has given on lease land for construction of market complex, sulabsouchalaysas, etc. to the local Panchayat.
c. Schools :
As part of continuous community welfare awareness, the Company conducted programme forschool teachers in and around Zuarinagar. The topics covered were DO's and DON'Ts in theevent of Ammonia leak, preventive measures adopted by the Company to avoid untowardincident. Besides the Company provides grants towards infrastructural development for theschool in its marketing territory.
d. Telephone help line 'Hello Jaikisaan":
Company is also operating help line service "Hello Jaikisaan" for farmers inMaharashtra and Karnataka. In the year 2010-11, 4884 farmers from Karnataka and 13473farmers from Maharashtra availed the benefit of this helpline service.
e. Zuari Agri Park, Solapur :
At the model farm , Zuari Agri Park, Solapur, the Company endeavours to lay outpractical demonstrations for showcasing the modern technology in crop cultivation. In theyear 2010-11, the Company organized field demonstrations on new crops such as marigold,drumstick, sugarcane, etc. Number of farmers from neighbouring areas of Solapur Districtvisited Zuari Agri Park and acquainted themselves with the modern practices in farming.
f. Rural sports :
The Company also organizes several rural sports in the villages in the marketing area,with the objective to support traditional rural sports and encourage rural youth. Duringthe year, 3 wrestling competitions and 5 Bullock cart races were organized in rural areas.
D. Dissemination of Information on CSR :
Company is flashing information on CSR and allied activities on its website (http://www.zuari.in) regularly.
21. Directors' Responsibility Statement:
Your Directors hereby report:
i. that in the preparation of annual accounts, the applicable accounting standards havebeen followed along with proper explanation relative to material departures;
ii. that the directors have selected such accounting policies and applied themconsistently and made judgements and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company as at 31st March, 2011and of the profit and loss account for the period ended 31st March, 2011;
iii. that the directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act, 1956,for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;
iv. that the directors have prepared the annual accounts on a going concern basis.
22. Acknowledgements :
Your Directors wish to place on record their appreciation of the dedication, commitmentand contribution of all stakeholders, employees of the Company.
| For and on behalf of the Board |
| New Delhi | S. K. PODDAR |
| May 9, 2011 | Chairman |
Annexure 'A' to the Directors' Report
FORM A (See Rule 2)
DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY
| PARTICULARS | Current Year | Previous Year |
| A. POWER & FUEL CONSUMPTION | | |
| 1. Electricity | | |
| (a) Purchased | | |
| Unit (KWH) | 90,63,665 | 1,53,66,570 |
| Total Amount (Rs. in lacs) | 481.57 | 688.45 |
| Rate/Unit (Rs.) | 5.31 | 4.48 |
| (b) Own generation (KWH) | | |
| (i) Through Diesel Generator | | |
| Unit (KWH) | 2,69,75,950 | 2,26,52,820 |
| Units per kg. of Diesel/LSHS/Fuel Oil | 4.11 | 4.08 |
| Cost/Unit (Rs.) | 6.30 | 5.36 |
| (ii) Through Steam Turbine/Generator | | |
| Unit (KWH) | 4,88,56,547 | 4,86,59,382 |
| Units per kg. of Fuel Oil / LSHS | 4.344 | 4.618 |
| Cost/Unit (Rs.) | 5.96 | 4.73 |
| 2. (a) Furnace Oil | | |
| Quantity (MT) | 80,508 | 75,664 |
| Total cost (Rs. in lacs) | 20,846.99 | 16,538.13 |
| Average rate (Rs./MT) | 25,894.45 | 21,857.45 |
| 3. Other/internal generation (please give details) | | |
| Diesel :- | | |
| Quantity (KL) | | |
| Total cost (Rs. in lacs) | N. A. | N. A. |
| Average rate (Rs./KL) | | |
| B. CONSUMPTION PER UNIT OF PRODUCTION | | |
| 1. Electricity | | |
| Product (with details) Unit | | |
| (i) Purchased Power (KWH) | | |
| Urea | 7.20 | 7.94 |
| 18:46:0 | 12.52 | 14.19 |
| 10:26:26 | 8.81 | 21.14 |
| 12:32:16 | 7.10 | 13.96 |
| 20:20:0 | — | 12.77 |
| (ii) Generated Power (KWH) | | |
| Urea | 119.94 | 120.46 |
| 18:46:0 | 29.77 | 37.70 |
| 10:26:26 | 38.96 | 21.06 |
| 12:32:16 | 41.81 | 32.82 |
| 20:20:0 | — | 54.68 |
| 2. Furnace Oil (MT) | | |
| Urea | 0.18 | 0.17 |
| 18:46:0 | 0.01 | 0.01 |
| 10:26:26 | 0.01 | 0.01 |
| 12:32:16 | 0.01 | 0.01 |
| 20:20:0 | — | 0.02 |
| 3. Others | — | — |
Annexure 'B' to the Directors' Report
Information Pursuant to Section 217(2A) of the Companies Act, 1956 read with theCompanies (Particulars of Employees) Rules, 1975.
| Sr. No. | Name | Designation/Nature of duties | Qualifications | Age (Years) | Date of commencement of employment | Experience (No. of Years) | Renumeration received | Name of last employer | Designation | Period |
| A) Employed throughout the year | | | | | | | | | |
| 1 | H. S. BAWA | Executive Vice Chairman | M.S.(CHEM ENGG.) (USA) | 80 | 04/1 6/1 979 | 55 | 26057002.00 | Hindustan Petroleum Corp. | General Manager (Ref. Div.) | 3 Years |
| 2 | S. KRISHNAN | Managing Director | B.E (Hons.), MSc. | 47 | 1 1/1 5/2006 | 25 | 8853162.00 | Zuari Cement Ltd. | Director (Finance) | 3 Years |
| B) Employed for part of the year | | | | | | | | | |
| 1 | RAJU PATIL | General Manager - Finance & Accounts | B.Com, M.B.A | 51 | 12/01/1983 | 27 | 5481 464.00 | - | - | - |
| 2 | BRIAN FURTADO | Senior Manager - Raw Material Handling | B.Sc | 59 | 07/23/1975 | 35 | 1 781 925.00 | - | - | - |
| 3 | VIVEK PRABHUDESAI | Sr. S & D Assistant | B.A | 59 | 07/01/1988 | 33 | 681 763.00 | Bennett Coleman & Co Ltd. | Stores Assistant | 11 Years |
| 4 | NANDKISHOR KANEKAR | Sr. Assistant - Operations | B.Sc | 52 | 09/23/1982 | 28 | 56761 9.00 | - | - | - |
| 5 | BALKRISHNA KULKARNI | Chief Manager Mrkt — ZRSFL | M.Sc (Agriculture) | 59 | 06/1 5/1976 | 34 | 261 2273.00 | Hindustan Lever Ltd. | Sunflower Cultivation Advisor | - |
| 6 | S. RAJU | Master Technician | ITI(Welder) | 59 | 07/1 4/1975 | 39 | 1 25521 4.00 | Kaveri Structurals | Welder | 4 Years |