Maan Aluminium Ltd Directors Report.

Dear Members,

Your Directors are pleased to present their report and financial statements of the Company for the financial year ended March 31, 2019.

FINANCIAL RESULTS

The standalone financial highlights and performance of the Company for the financial year ended March 31, 2019 is given herein below.

THE YEAR AT A GLANCE

( in Crores)

Particular For the year ended March 31, 2019 For the year ended March 31, 2018
Gross Profit before interest, depreciation & tax 22.93 17.35
Less : Interest 6.40 5.87
Gross Profit before Depreciation 16.53 11.48
Less: Depreciation 2.09 1.71
Profit before tax and exceptional items 14.44 9.77
Exceptional items 0 0
Tax Expenses: 5.22 3.35
Profit after Tax 9.22 6.42
Add : Comprehensive Income -0.05 0.06
Total Comprehensive Income 9.17 6.47

OVERVIEW & STATE OF THE COMPANYS AFFAIRS

The Company has adopted Indian Accounting Standards (Ind AS) with effect from 1st April, 2017 pursuant to the notification of the Companies (Indian Accounting Standards) Rules, 2015 issued by the Ministry of Corporate Affairs.

During the year ended March 31, 2019, your Company has achieved total Revenue (i.e. Revenue from Operations & Other income) of Rs. 656.92 crores as against Rs. 453.65 crores for the previous year ended March 31, 2018. Your Company has achieved Profit before tax of Rs. 14.44 crores for the current year as against Rs. 9.77 crores for the previous year (an increase of 47.90% over the previous year). There has been no change in the nature of business of your Company during the year under review.

DIVIDEND

In view of the Companys improved performance during the financial year under consideration, the Company declared and paid to the shareholders, an interim dividend of Rs. 1/- per equity share of face value of Rs.10/- each in the month of November, 2018. The Board did not recommend a final Dividend and therefore total Dividend for the year ended March 31, 2019 will be Rs. 1/- per equity share of face value of Rs. 10/- each. The total outgo on account of the dividend on existing equity capital would be Rs. 0.67 crores (excluding corporate tax on dividend).

Unpaid / Unclaimed Dividend

In terms of the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. During the financial year 2018-2019, the Company has transferred unclamed final dividend for the financial year ended 31st March 2011 to IEPF.

KEY CONSOLIDATED BALANCE SHEET INFORMATION

The Financial Statement of the Company for the Financial year 2018-19 are prepared in compliance with the applicable provisions of the Act, Accounting Standards and as prescribed by Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as the SEBI Regulation). The Financial Statement has been prepared on the basis of the audited financial statement of the Company as approved by their respective Board of Directors.

The audited consolidated Financial Statement along with Auditor report have been annexed to the Annual Report and also available on the website of the Company and can be accessed at the web link www.maanaluminium.com

Overall consolidated Bank Debt Stood at Rs. 49.58 Crore as on 31st March, 2019 with Debt Equity Ratio of 1.20. Our Credit Rating have improved to BBB issued by Brick works Ratings India Pvt. Ltd.

FUTURE OUTLOOK

Your Company has been able to built-up good order book in all segments and sectors in domestic market. Your Company continues to work towards strengthening domestic order book and improving the international order book going forward. The present order book and the opportunities in the Indian Metal space as well as International market gives good visibility towards a sustainable and profitable growth going forward. Continuous thrust on using latest technologies, digital platform and better processes would ensure further improvement of margins going forward.

FINANCE

During the year, your Company has invested Rs. 4.47 crores as Plant and Machinery, which was funded through internal accruals.

Total addition in the fixed assets was Rs. 6.69 crores during the year, which was funded through internal accruals. Your Company has sufficient fund based & non-fund based limits to cater to its existing fund requirements.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief, Directors of the Company make the following statements in terms of Section 134(3) (c) of the Companies Act, 2013:

a) in the preparation of the annual accounts for the financial year ended March 31, 2019, the applicable accounting standards have been followed and there is no material departure from the same;

b) they have selected such accounting policies and applied them consistently and made judgments 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 of the Company for that period;

c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) they have prepared the annual accounts for the financial year ended March 31, 2019 on a going concern basis;

e) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

CORPORATE GOVERNANCE

In compliance with the Regulation 34 read with Schedule V of the Listing Regulations, a detailed report on Corporate Governance is given as an Annexure and forms an integral part of this Annual Report. A Certificate from the Practicing Company Secretary confirming compliance of the conditions of Corporate Governance as stipulated under the Listing Regulations is appended to the Corporate Governance Report. A Certificate of the CEO and CFO of the Company in terms of Regulation 17(8) of the Listing Regulations is also annexed.

MANAGEMENT DISCUSSION AND ANALYSIS

Pursuant to Regulation 34 of the Listing Regulations, a separate section on Management Discussion and Analysis for the year ended March 31, 2019 forms an integral part of this Annual Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL ( KMP)

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Ms. Priti Jain is liable to retire by rotation at the ensuing Annual General Meeting (AGM). Ms. Priti Jain, being eligible offers herself for re-appointment. Your Directors recommend her re-appointment as Director of the Company. The brief resume of Ms. Priti Jain and other relevant details are given in the accompanying Notice of AGM.

Pursuant to the provisions of the Companies Act, 2013, the members at the 11th AGM of your Company held on September 30, 2014 appointed Mr. Rajesh Jain as an Independent Director to hold office for 5 (five) consecutive years for a term up to 16th AGM of the Company to be held in the year 2019. Mr. Rajesh Jain is eligible for re-appointment as an Independent Director for a second term of up to 5 (five) consecutive years. Pursuant to the applicable statutory provisions and based on the recommendation of the Nomination and Remuneration Committee, the Board recommends for the approval of the members through a Special Resolution at the 16th AGM of your Company, the re-appointment of Mr. Rajesh Jain as an Independent Director for a second term of 5 (five) consecutive years for a term up to the conclusion of the 21th Annual General Meeting of the Company in the calendar year 2024.

Pursuant to the provisions of the Companies Act, 2013, the members at the 11th AGM of your Company held on September 30, 2014 appointed Mr. Ashok Jain as an Independent Director to hold office for 5 (five) consecutive years for a term up to 16th AGM of the Company to be held in the year 2019. Mr. Ashok Jain is eligible for re-appointment as an Independent Director for a second term of up to 5 (five) consecutive years. Pursuant to the applicable statutory provisions and based on the recommendation of the Nomination and Remuneration Committee, the Board recommends for the approval of the members through a Special Resolution at the 16th AGM of your Company, the re-appointment of Mr. Ashok Jain as an Independent Director for a second term of 5 (five) consecutive years for a term up to the conclusion of the 21th Annual General Meeting of the Company in the calendar year 2024.

Pursuant to the provisions of the Companies Act, 2013, the members at the 11th AGM of your Company held on September 30, 2014 appointed Mr. Amit Jain as an Independent Director to hold office for 5 (five) consecutive years for a term up to 16th AGM of the Company to be held in the year 2019. Mr. Amit Jain is eligible for re-appointment as an Independent Director for a second term of up to 5 (five) consecutive years. Pursuant to the applicable statutory provisions and based on the recommendation of the Nomination and Remuneration Committee, the Board recommends for the approval of the members through a Special Resolution at the 16th AGM of your Company, the re-appointment of Mr. Amit Jain as an Independent Director for a second term of 5 (five) consecutive years for a term up to the conclusion of the 21th Annual General Meeting of the Company in the calendar year 2024.

The Company has received necessary declaration from each Independent Director under Section 149(7) of the Companies Act, 2013 that he meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of the Listing Regulations.

As on date, Mr. Ravinder Nath Jain, Managing Director, Mr. Sandeep Verma, Director & CEO and Mr. Sandeep Agarwal, CFO & Company Secretary are the KMP of the Company. Details relating to remuneration of the Directors and KMP are mentioned in Annexure 1 of the Boards Report.

PERFORMANCE EVALUATION

Pursuant to the provisions of Section 134(3), Section 149(8) and Schedule IV of the Companies Act, 2013 read with Listing Regulations, Annual Performance Evaluation of the Board, the Directors as well as Committees of the Board has been carried out. The performance evaluation of all the Directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board, details of which are provided in the Corporate Governance Report. The properly defined and systematically structured questionnaire was prepared after having considered various aspects and benchmarks of the Boards functioning, composition of the Board and its Committees, performance of specific duties, obligations and governance.

The performance evaluation of the Independent Directors was carried out by the entire Board and the performance evaluation of the Chairman and Non-Independent Directors was carried out by the Independent Directors in their separate meeting. The Board of Directors expressed their satisfaction with the evaluation process.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

The Familiarization Programme seeks to update the Independent Directors on various matters covering Companys strategy, business model, operations, organization structure, finance, risk management etc. It also seeks to update the Independent Directors with their roles, rights, responsibilities, duties under the Companies Act, 2013 and other statutes.

The policy and details of familiarization programme imparted to the Independent Directors of the Company is available at www.maanaluminium.com

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with the applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India.

MEETINGS OF THE BOARD

During the year, the Board met 4 (four) times, the details of which are provided in Corporate Governance Report.

COMMITTEES OF THE BOARD

The Board of Directors of your Company has constituted various Committees as follows: Audit Committee Nomination and Remuneration Committee Stakeholders Relationship Committee Corporate Social Responsibility Committee The details with respect to the composition, powers, roles, terms of reference, number of meetings held, attendance at the meetings etc. of Statutory Committees are given in detail in the Corporate Governance Report.

AUDIT COMMITTEE

The Audit Committee of the Board has been constituted in terms of Listing Regulations and Section 177 of the Companies Act, 2013. The constitution and other relevant details of the Audit Committee are given in the Corporate Governance Report. All the recommendations made by the Audit Committee were accepted by the Board of Directors.

STATUTORY AUDITORS & AUDITORS REPORT

Based on the recommendations of the Audit Committee and the Board, members of the Company at the 14th AGM held on June 26, 2017 have approved the reappointment of M/s. Khandelwal and Khandelwal Associates, (Firm Registration No. 008389C) Chartered Accountants as the Statutory Auditors of the Company for a period of three consecutive years i.e. till the conclusion of 17th AGM. The requirement of ratification of appointment of Statutory Auditors at every AGM has been omitted pursuant to Companies (Amendment) Act, 2017 notified on May 07, 2018. Thus, M/s. Khandelwal and Khandelwal Associates will continue to hold office till the conclusion of 17th AGM of the Company.

The Auditors Report on Standalone Ind AS financial statements is a part of this Annual Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

During the year, the Statutory Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013. Therefore, no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013, Mrs. Anita Aswal, Practicing Company Secretaries (CP No. 13883) had been appointed to undertake the secretarial audit of the Company for the financial year ended on March 31, 2019. The Secretarial Audit Report is annexed herewith as Annexure 4, which forms an integral part of this report. The said report does not contain any qualification, reservation, adverse remark or disclaimer. During the year, the Secretarial Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013. Therefore, no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.

Based on the recommendation of the Audit Committee, the Board of Directors of the Company has appointed Mrs. Anita Aswal, Practicing Company Secretaries (CP No. 13883) as the Secretarial Auditor of the Company for the financial year ending March 31, 2020. The Company has received their written consent that the appointment is in accordance with the applicable provisions of the Companies Act, 2013 and rules framed thereunder.

COST ACCOUNTS AND COST AUDIT

In terms of Section 148 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, it is stated that the cost accounts and records are made and maintained by the Company as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013.

Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, your Company is required to appoint Cost Auditor for the audit of cost records of the Company. The Board of Directors of the Company on the recommendation of the Audit Committee approved the appointment and remuneration payable to M/s Vivek Bothra, Cost Accountant (Membership No. 16308) as the Cost Auditors of the Company to audit the cost records for the financial year ending March 31, 2020. The Company has received their written consent that the appointment is in accordance with the applicable provisions of the Companies Act, 2013 and rules framed thereunder. As per the statutory requirement, the requisite resolution for ratification of remuneration of the Cost Auditors by the members of the Company has been set out in the Notice convening 16th AGM of the Company.

During the year, the Cost Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013. Therefore, no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.

STOCK OPTIONS

Your Company does not have any stock options scheme.

RELATED PARTY TRANSACTIONS

In line with the requirements of the Companies Act, 2013 and Listing Regulations, your Company has formulated a Policy on Related Party Transactions which is available on Companys website at www.maanaluminium.com This policy deals with the review and approval of related party transactions. The Board of Directors of the Company has approved the criteria for giving the omnibus approval by the Audit Committee within the overall framework of the Policy on Related Party Transactions. Omnibus approval was obtained for related party transactions which are of repetitive nature and entered in the ordinary course of business and at arms length basis. Pursuant to Regulation 23 of the Listing Regulations, all related party transactions were placed before the Audit Committee on a quarterly basis, specifying the nature, value and terms & conditions of the transactions for their review and approval. There were no material related party transactions entered into by the Company during the financial year under review. Accordingly, the disclosure of related party transactions as required under Section 134(3) (h) of the Companies Act, 2013 in Form AOC-2 is not applicable to your Company.

The related party disclosures as specified in Para A of Schedule V read with Regulation 34(3) of the Listing Regulations are given in the Financial Statements.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

Your Company has formed a Whistle Blower Policy for establishing a vigil mechanism for directors and employees to report genuine concerns regarding unethical behavior and mismanagement, if any. The said mechanism also provides for strict confidentiality, adequate safeguards against victimization of persons who use such mechanism and makes provision for direct access to the Chairperson of the Audit Committee in appropriate cases. No personnel have been denied access to the Audit Committee pertaining to the Whistle Blower Policy.

The said Whistle Blower Policy has been disseminated on the Companys website at www.maanaluminium.com

REMUNERATION POLICY

The Board of Directors has framed a Policy which lays down a framework in relation to remuneration of Directors, KMP and other employees of the Company. The salient features of this Policy is given in the Corporate Governance Report. On the recommendation of Nomination and Remuneration Committee, the Board of Directors of the Company at their meeting held on February 09, 2019 have amended the Remuneration Policy of the Company. The amended Policy have been made effective from April 01, 2019. The major amendment in the Policy is pertaining to the definition of Senior Management Personnel of the Company . The said Policy is available on the Companys website at www.maanaluminium.com

PARTICULARS OF EMPLOYEES

The statement of disclosure of Remuneration under Section 197(12) of the Companies Act, 2013 read with the Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (‘Rules) is appended as Annexure 1 to this Report.

The information as per the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Rules is provided in a separate annexure forming part of this Report. However, the Annual Report is being sent to the Members of the Company excluding the said annexure. In terms of Section 136 of the Companies Act, 2013, the said annexure is open for inspection at the Registered Office as well as Corporate Office of your Company. Any Member interested in obtaining a copy of the said statement may write to the Company Secretary of the Company.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

In accordance with the requirements of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, your Company has constituted a CSR Committee, which comprises of Mr. Suresh Chander Malik, Chairman, Mr. Ashish Jain and Ms. Priti Jain as its members. The Company has framed a CSR Policy in compliance with the provisions of the Companies Act, 2013 and content of the same is placed on the Companys website at www.maanaluminium.com Annual Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been annexed to this Report as Annexure 3 which forms an integral part of this report.

EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of the Annual Return of the Company in Form MGT-9 is annexed as Annexure 2 and forms an integral part of this report. The Annual Return as referred in Section 134(3)(a) of the Companies Act, 2013 for the financial year ended March 31, 2019 shall be placed on the website of the Company at www.maanaluminium.com

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO

Your Company gives significant emphasis on improvement in methods and processes in its areas of Manufacturing of Aluminium Alloy products. Your Company focuses on Research & Development across various functions in the Organisation. The primary focus of research is to continually refine the frequently used systems at our project to derive optimization, reduction in breakdowns, improve effectiveness and efficiency of use. All the above leads to get a competitive edge for any project. The information as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 for the financial year ended March 31, 2019 with respect to the Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo has been annexed to this report which forms an integral part of this report.

PUBLIC DEPOSITS

During the year under review, your Company has not accepted any public deposits under Chapter V of the Companies Act, 2013.

RISK MANAGEMENT

Risk Management is embedded in your Companys operating framework. Your Company believes that managing risks helps in maximizing returns. The Companys approach in addressing business risks is comprehensive and includes periodic review of such risks and a framework for mitigating controls and reporting mechanism of such risks. The risk management framework is reviewed periodically by the Board and the Audit Committee. Some of the risks that the Company is exposed to are financial risks, commodity price risks, regulatory risks, human resource risks, strategic risks etc.

More details in respect to the risk management are given in Management Discussion and Analysis Report.

INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY

The management has established internal control systems commensurate with the size and complexity of the business. The internal control manual provides a structured approach to identify, rectify, monitor and report gaps in the internal control systems and processes. The Company follows well-documented Standard Operating Procedures (SOPs). The operating effectiveness of various controls is periodically tested and deficiencies, if any, are promptly rectified.

More details in respect to Internal Financial Controls and its adequacy are given in Management Discussion and Analysis Report.

RATING

The Long-term and short term Fitch Rating of your Company has been upgraded by the credit rating agency "Brickwork Ratings India Pvt. Ltd." looking the upgraded performance of the company in its revenue and profitability. The rating agency has rated the company as below :

S. No. Instrument/ Facilities Existing Rating Revised Rating
1. Long term bank facilities BWR BBB- (Pronounced as BWR Triple B minus) Outlook : Stable Long Term Bank Facility - Upgraded to BWR BBB (Pronounced as BWR Triple B) Outlook : Stable (Upgraded)
2. Short term bank facilities BWR A3 (Pronounced as BWR A Three) Short Term Bank Facilities - Upgraded to BWR A3+ (Pronounced as BWR A Three Plus) (Upgraded)

HUMAN RESOURCE MANAGEMENT

HR AUTOMATION AND DIGITAL TRANSFORMATION:

The Company has always valued its workforce as their biggest asset. The Company has pool of competitive, dedicated and enthusiastic personnel which is the driving force behind its accelerated growth. The Companys policies and practices ensure a favorable working environment with innovation and motivation. The Company has always put great emphasis on training and honing the skills of staff at various levels. The industrial relations continued to remain cordial at all levels of employees during the year.

OTHER DISCLOSURES AND INFORMATION

a} Significant and Material Orders passed by the Authority

There are no significant or material orders passed by the Regulators or Courts or Tribunals which impacts the going concern status of the Company and its future operations.

b) Sexual Harassment of Women at workplace

Your Company has adopted a Policy under the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. There was no complaint about sexual harassment during the year under review.

c) Material Changes and Commitments affecting financial position

There are no material changes and commitments affecting the financial position of the Company, which have occurred between the end of the financial year under review and the date of this report.

APPRECIATION

Your Company has been able to perform better with the continuous improvement in all functions and areas which coupled with an efficient utilization of the Companys resources led to sustainable and profitable growth of the Organization. Your Directors express their deep sense of appreciation and extend their sincere thanks to every employee and associates for their dedicated and sustained contribution and they look forward the continuance of the same in future.

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation for the continuous assistance, support and co-operation received from all the stakeholders viz. financial institutions, banks, governments, authorities, shareholders, clients, suppliers, customers and associates.

For and on behalf of the Board
Date : 13th August, 2019 Ravinder Nath Jain
Place : New Delhi Chairman & Managing Director

 

Annexure to the Director Report

Particulars under Section 134(3) (m) of the Companies Act, 2013, read with rule 8(3) of the Companies (Accounts) Rules, 2014

A. CONSERVATION OF ENERGY

i. Steps taken or impact on conservation of energy:-

The Company continues its policy of giving priority to energy conservation measures including regular review of energy conservation, consumption and effective control of utilization of energy.

5.51 Lac more consumed in comparison to the last year.

During the year under report, Company has consumed units of energy as detailed below. Electric Energy:

(i) 52.47 Lacs (previous year 46.97 Lacs) units supplied by Power Corporation,

ii. The steps taken by the Company for utilizing alternate sources of energy- The Company has acquired the 1.1 MV Solar Power plant for its captive utilisation.

iii. Capital investment on energy conservation equipment

(a) Additional Investments and proposals, if any, being implemented for reduction of consumption of energy. - The Company has acquired the 1.1 MV Solar Power plant for its captive utilisation and invested in Free hold land of Rs. 0.41 crore and on Solar Power Plant Rs. 2.52 crore (b) Impact of the measures referred to above for reduction of energy consumption and consequent impact on the cost of production of goods, permision for Captive of power from Solar Energy yet not received therefore impact can not the given in this year.

B. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION

i) Efforts in brief made towards technology absorption, adaptation and innovation- NIL
ii) Benefits derived as a result of the above efforts: N.A.
iii) Details of technology imported during last five years
(a) Technology Imported: N.A.
(b) Year of Import: N.A.
(c) Has technology been fully absorbed: N.A.
(d) If not fully absorbed, area where this has not taken place: N.A.
PARTICULARS 2018-19 2017-18
POWER AND FUEL CONSUMPTION :
(i) Electricity Purchased (Units) 52,47,945 46,97,090
Total Amount (Rs.) 3,45,24,568 3,13,74,333
Rate per unit 6.58 6.68
(ii) Own Generation through D.G. Set:
Generation Unit - -
Unit per litre of Oil - -
CONSUMPTION PER UNIT OF
PRODUCTION
Production in kgs 59,55,121 52,30,179
Consumption per unit of Production (per kg.) 0.88 0.90

Expenditure incurred on Research and Development.

During the year under review, the Company has not incurred any expenses on Research & Development.

FOREIGN EXCHANGE EARNINGS AND OUTGO

The Foreign Exchange earned in terms of actual inflows and the Foreign Exchange outgo in terms of actual outflows, are as follow:-Rs. in Crore

PARTICULARS 2018-19 2017-18
a) Foreign Exchange Earnings (FOB Value of 55.13 41.97
Exports)
b) Foreign Exchange Outgo 18.13 14.98