ADITYA BIRLA MINERALS LIMITED
ABN 37 103 515 037
ANNUAL REPORT
FOR THE THE YEAR ENDED 31 MARCH
2016
TABLE OF CONTENTS
Directors' Report 3
Income Statements 22
Statements of Comprehensive Income 23
Statements of Financial Position 24
Statement of Cashflows 25
Statements of Changes in Equity 26
Notes to and Forming Part of the Financial Report 27
Directors' Declaration 78
Auditor's Independence Declaration 79
Independent Auditor's Report 80
Corporate Governance 82
Resource and Reserves 92
Exploration……………………………………………………………………………………...99 Shareholder Information 104
The Directors present their report for the year ended 31 March 2016.
DIRECTORS
The names and details of the Directors of Aditya Birla Minerals Limited in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated.
Mr Debu Bhattacharya (Non-Executive Chairman)
Mr Jagdish Chandra Laddha (Non-Executive Director)
Mr Neela Madhab Patnaik (Chief Executive Officer and Managing Director) Mr Mysore Prasanna (Independent Non-Executive Director)
Dr Suresh Bhargava (Independent Non-Executive Director) Mr Maurice Anghie (Independent Non-Executive Director) Mr Narayan Krishnan (Independent Non-Executive Director) Names, qualifications and special responsibilities
Mr Debu Bhattacharya (Non-Executive Chairman)
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Qualifications:
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Bachelor of Technology with Honours in Chemical Engineering
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Experience and other directorships:
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Mr Bhattacharya heads Aditya Birla Group's Global metals business having consolidated revenues of over US$17 billion and is the Managing Director of Hindalco Industries Limited (Hindalco) since 2 October 2003, the flagship company of Aditya Birla Group, a 2010 Forbes Asia "Fabulous 50" company.
He is also the Vice Chairman of Novelis Inc, the largest aluminium rolled products company in the world, and a wholly owned subsidiary of Hindalco.
Prior to assuming charge as the Managing Director of Hindalco, Mr Bhattacharya was the Managing Director of Indo Gulf Corporation Limited. Mr Bhattacharya is the director of Aditya Birla Management Corporation Pvt. Limited.
Prior to joining the Aditya Birla Group, Mr Bhattacharya spent close to 30 years with Unilever, where he held several key responsibilities and worked in several key roles for its Indian & Overseas operations. He led the chemical business of Unilever in India before moving to the Aditya Birla Group in 1998.
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Awards / rewards / honors
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Mr. Bhattacharya is the recipient of the prestigious "India Business Leader of the Year Award (IBLA) 2005" and the much coveted "The Asia Corporate Citizen of the Year Award (ABLA) 2005".
Mr. Bhattacharya is the recipient of the LEXI Award 2007 for Strategic & Leadership Excellence.
Mr. Bhattacharya is the recipient of the "Corporate Excellence Award 2010" for his outstanding leadership & innovative approach in ensuring global excellence of The Indian Aluminium Industry.
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'Hindalco', under Mr. Bhattacharya's leadership, has earned 'Forbes Asia "Fabulous 50' Award"2010.
Mr. Bhattacharya is the recipient of the "Qimpro Gold Standard (Business) 2010" for successfully implementing world-class quality practices and achieving outstanding performance results.
Mr. Bhattacharya is the recipient of the "IIM-JRD Tata Award 2011" for Excellence in Corporate Leadership in Metallurgical Industries'.
Mr. Bhattacharya is the recipient of the "Fray International Sustainability Award 2011" for leadership in developing & applying new innovative business plans & operations for sustainability development of the Company in the environmental economic & social point of view.
IIT Kharagpur has conferred upon him the "Distinguished Alumnus Award
- 2012" on the occasion of the Institute's Diamond Jubilee completing Foundation Day.
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Special Responsibilities:
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Member of the Remuneration and Nomination Committee
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Mr Jagdish Chandra Laddha (Non-Executive Director)
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Qualifications:
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C.A.
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Experience and other directorships:
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A Fellow Chartered Accountant (F C A) by qualification, Mr. Laddha has over three decades of varied and rich experience of which over 25 years have been with the (USD 41 Billion) Aditya Birla Group- a Global conglomerate.
Prior to this Mr Laddha has worked with Hindustan Lever Ltd., Indian Rayon Corp Ltd., and National Rayon Corporation Ltd. in various roles.
Mr. Laddha has successfully led in various industry sectors starting from Viscose Filament Yarn(VFY), Nylon tyre cord, Heavy Chemicals, Aluminum, Oil & Gas, Fertilizers and Insulators. Apart from this, Mr. Laddha also played a significant role as an internal consultant in techno- commercial areas across the Aditya Birla group businesses.
Way back in 2003, Mr. Laddha had led the successful financial restructuring of Manglore Refinery and Petrochemicals Limited (MRPL- which was a joint venture company of Aditya Birla Group and Hindustan Petroleum Limited) which was the largest financial restructuring in corporate India's history till then.
As a CEO of Insulators and Fertilizers business of Aditya Birla Nuvo Ltd. (a USD 4 Billion company of Aditya Birla Group), Mr. Laddha was responsible for providing direction and leadership to these businesses.
He has successfully handled this position from June 2010 to Oct 2014.
Mr Laddha has since been elevated to the position of Head -Copper Business and Group Executive President -Hindalco Industries Limited (a USD 17 Billion company).
Mr. Laddha brings a wealth of experience to the company and has been contributing significantly to the existing skillset of the Board.
Mr Laddha has also been nominated as a Director of 'Fertilizer Association
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