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Balasore Alloys Ltd

BSE Code : 513142 | NSE Symbol : ISPATALLOY | ISIN:INE135A01024| SECTOR: - |

NSE BSE
 

1.05

-0.60 (-36.36%) Volume 280564

04-Jan-2002 09:59:52

Prev. Close

1.65

Open Price

-/-

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low -/- - -/-

52 wk High/Low 0.00 - 0.00

Key Stats

MARKET CAP (RS CR) 107.23
P/E 0
BOOK VALUE (RS) 96.428132
DIV (%) 15
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 0.11915609855431
DIV YIELD.(%) 6.53
FACE VALUE (RS) 5
DELIVERABLES (%)
4

News & Announcements

19-Nov-2019

Balasore Alloys reports consolidated net loss of Rs 27.59 crore in the September 2019 quarter

13-Nov-2019

Balasore Alloys Ltd - Outcome Of 171St Board Meeting Pursuant To Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.

31-Oct-2019

Balasore Alloys to discuss results

26-Oct-2019

Balasore Alloys Ltd - Compliance Certificate Under Regulation 40(9) Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.

31-Oct-2019

Balasore Alloys to discuss results

18-Sep-2019

Balasore Alloys director resigns

16-Aug-2019

Balasore Alloys AGM scheduled

03-Aug-2019

Balasore Alloys to announce Quarterly Result

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 2865015 3.07
Total Institutions 604583 0.65
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 2708313 2.90
Total Promoters 57338640 61.44
Total Public & others 29808860 31.95
Total 93325411 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Balasore Alloys Ltd

Balasore Alloys Ltd, formerly known as Ispat Alloys (IAL), a part of Ispat Group was incorporated on 31 May '84 as a public limited company and engaged in the business of manufacturing silicon and ferro alloys. In Dec.'87, it came out with a public issue of FCDs, aggregating Rs 99.99 cr to finance its expansion and to strengthen long-term resources. Group companies include P T Ispat Indo, Indonesia, Caribbean Ispat, Nippon Denro Ispat and Ispat Profiles. The company has entered into collaborations with Nippon Denro Manufacturing Company, Japan; Danieli, Italy; Elkem, Norway; and Outokumpu, Finland. The company has commissioned two new furnaces and two imported D G sets. It has set up a Rs 132-cr chrome ore pellet plant at Orissa, a Rs 100-cr project in Tripura and a Rs 624-cr gas-based sponge iron project in Maharashtra. The company is setting up a 1-mtpa hot-strip mill in Lysva, Russia, in a joint venture with Lysva Steel Works (cost : $ 700 mln). It is also engaged in shipping, looked after by Garuda Carriers and Shipping. It is investing $ 5 mln to acquire 41% equity in a Mexican company, Compania Minera Autlan. IAL has received various awards such as the EEPC export award, the HRD and Productivity Award for 1993, awarded by CII. The company has also received the IS 14002/ISO 9002 accreditation from the Bureau of Indian Standards thus establishing its commitments to quality and technological excellence. The company has also increased its captive power generation capacity by installing two new imported DG Set of 10.5 MW each also Company placed order another DG Set of 11.54 MW from MAN B&W. at its works at Balgopalpur, Orissa. Govt. of Orissa has sanctioned for allocation of 50% area of Chorme Ore Mines in Sukinda Valley. Company has plan to start mining in shortest possible period which will alow the company to source its raw material at comparatively cheaper price and the same shall improve the profitability of Company. During the year 1999-2000, the Company implemented installation of most modern Jigging machine resulting in higher metal recovery and yield. In the year 2000-01, the company has successfully commenced chrome mining operations and also taking steps for beneficiation and conversion of chrome ore.

Balasore Alloys Ltd Chairman Speech

Balasore Alloys Ltd Company History

Balasore Alloys Ltd, formerly known as Ispat Alloys (IAL), a part of Ispat Group was incorporated on 31 May '84 as a public limited company and engaged in the business of manufacturing silicon and ferro alloys. In Dec.'87, it came out with a public issue of FCDs, aggregating Rs 99.99 cr to finance its expansion and to strengthen long-term resources. Group companies include P T Ispat Indo, Indonesia, Caribbean Ispat, Nippon Denro Ispat and Ispat Profiles. The company has entered into collaborations with Nippon Denro Manufacturing Company, Japan; Danieli, Italy; Elkem, Norway; and Outokumpu, Finland. The company has commissioned two new furnaces and two imported D G sets. It has set up a Rs 132-cr chrome ore pellet plant at Orissa, a Rs 100-cr project in Tripura and a Rs 624-cr gas-based sponge iron project in Maharashtra. The company is setting up a 1-mtpa hot-strip mill in Lysva, Russia, in a joint venture with Lysva Steel Works (cost : $ 700 mln). It is also engaged in shipping, looked after by Garuda Carriers and Shipping. It is investing $ 5 mln to acquire 41% equity in a Mexican company, Compania Minera Autlan. IAL has received various awards such as the EEPC export award, the HRD and Productivity Award for 1993, awarded by CII. The company has also received the IS 14002/ISO 9002 accreditation from the Bureau of Indian Standards thus establishing its commitments to quality and technological excellence. The company has also increased its captive power generation capacity by installing two new imported DG Set of 10.5 MW each also Company placed order another DG Set of 11.54 MW from MAN B&W. at its works at Balgopalpur, Orissa. Govt. of Orissa has sanctioned for allocation of 50% area of Chorme Ore Mines in Sukinda Valley. Company has plan to start mining in shortest possible period which will alow the company to source its raw material at comparatively cheaper price and the same shall improve the profitability of Company. During the year 1999-2000, the Company implemented installation of most modern Jigging machine resulting in higher metal recovery and yield. In the year 2000-01, the company has successfully commenced chrome mining operations and also taking steps for beneficiation and conversion of chrome ore.

Balasore Alloys Ltd Directors Reports

Dear Shareholders,

Your Directors are pleased to present the 31st Annual Report and the Company's audited accounts for the financial year ended 31st March, 2019.

FINANCIAL PERFORMANCE

The Company's financial performance, for the year ended 31st March, 2019 is summarized below:

(Rs. in Lacs)

Financial Year Ended

Particulars

Standalone

Consolidated

31-03-2019 31-03-2018 31-03-2019 31-03-2018
Total Income (net of excise duty) 1,27,016.10 1,27,102.44 1,27,357.62 1,27,102.46
Profit/(Loss) Before Interest, Depreciation & Tax (PBIDT) 8,029.13 21,113.80 8,070.48 17,963.73
Finance Charges 4,419.83 4,615.16 4,420.03 4,616.38
Depreciation 3,207.30 3,031.47 3,207.30 3,031.47
Exceptional Items 3,683.58 2,661.81 3,683.58 2,661.81
Provision for Income Tax (Including for earlier years) (365.90) 4,249.78 (365.90) 4,249.78
Share of Loss of Associate Company - - - -
Net Profit After Tax (PAT) (2,915.68) 6,555.58 (2,874.54) 3,404.31
Other Comprehensive Income 69.64 (20.09) 69.64 (20.09)
Total Comprehensive Income For the Year (2,846.04) 6,535.49 (2,804.90) 3,384.22
Profit brought forward from Previous Years 77,375.65 71,255.44 77,308.22 74,339.29
Profit Carried to Balance Sheet 73,616.16 77,375.65 73,589.87 77,308.24

STATE OF AFFAIRS OF YOUR COMPANY

Your Company's total income decreased by 0.07% from Rs.1,27,102.44 lacs in 2017-18 to Rs.127016.10 lacs in 201819. PBIDT decreased by 61.97% from Rs.21,113.78 lacs in 2017-18 to Rs.8,029.13 lacs in 2018- 19. The Profit (PAT) for the Year decreased by 144.48% from Rs.6,555.58 lacs in 2017-18 to Rs.(2915.68) lacs in 2018-19. Total Comprehensive Income for the year decreased by 143.55% at Rs.(2846.04) Lacs as against Rs.6,535.49 Lacs in 2017-18. Consequently, the earnings per share stood at Rs.(3.05) (basic) and Rs.(3.05) (diluted) for 2018-19 against Rs.7.35 (basic) and Rs.6.70 (diluted) for 2017-18.

DIVIDEND

Your Board needed to strike a prudent balance between rewarding shareholders and reinvesting business surplus in the business for capitalizing on emerging growth opportunities. Your Board has strategically laid more emphasis on the later considering the promising opportunities over the medium-term catalyzed by Government policies.

In spite of the loss incurred by the Company during the financial year ended 31st March, 2019, the Board of Directors have recommended a 8% dividend on equity shares i.e., Re. 0.40 per equity share of face value of Rs.5/- each subject to the approval of the Shareholders at the 31st Annual General Meeting of the Company.

TRANSFER TO RESERVES

The Company has not transferred any amount to the General Reserve during the financial year ended on March 31, 2019.

SHARE CAPITAL

The paid-up Equity Share Capital as on 31st March, 2019 was Rs.4,666.27 lacs. There has been no change in the Authorised or Paid-up Share Capital of the Company during the year.

OPERATIONS

Fiscal 2018-19 witnessed yet another important milestone in your Company's journey as we registered our highest ferroalloy production at 1,47,756 MT against 1,47,324 MT in 2017-18 a 0.29% increase.

Besides, the untiring efforts of the team in successfully implementing various projects (using the TPM, Lean Six Sigma and IMS) also contributed immensely in improving productivity.

In keeping with its commitment in saving the environment, your Company undertook several green initiatives:

• In-plant, initiatives for reducing energy and fuel consumption.

• Sale of 1,56,121 MT of slag which facilitated in conserving granite stone otherwise used in construction activities.

MINES

Government of Odisha had granted of mining lease for chromite over a land of 35.60 hects in Sukinda Valley, Jajpur District for 50 years vide Government proceeding No 298 /SM dated 09.01.2017 under Section 10A(2)(c) of the Mines and Minerals (Development and Regulations) (MMDR) Amendment Act, 2015 read with Rule 8(2) of Minerals Concession Rules (MCR), 2016 to the company and asked to furnish the performance security in form of Bank Guarantee and also to sign the Mines Development and Production Agreement (MDPA) followed by execution of the lease deed and registration thereof on or before 11.01.2017 as required under rule 8(4) of the MCR, 2016.

For the delay in the execution of the lease under the MMDR Amendment Act, 2015 and the Rules under the MCR, 2016, the company moved Hon'ble Orissa High Court and the Hon'ble Orissa High Court vide its Judgment dated 24.04.2018 has directed State Government to execute and register the Lease deed within 2 months' time from date of the Judgment.

State Government didn't adhere with the direction of the Hon'ble Orissa High Court. Therefore, the Company again approached the Hon'ble High Court and filed a contempt Petition. The same was heard by the Hon'ble High Court on 25.01.2019 and the Court admitted the same and issued notices to the opposite parties (State of Orissa & Ors.).

In the meantime, on 19.02.2019, the State of Odisha filed SLP in the Supreme Court of India against the judgment/order dated 24.04.2018 passed by the Hon'ble High Court of Orissa praying for quashing of the order and to stay of the operation of the said order.

On 11.03.2019 the matter was listed before the Hon'ble Chief Justice Bench in the Supreme Court for hearing. After hearing counsels appearing for both sides. The Hon'ble Supreme Court passed the following order:

"Delay condoned. Issue notice. In the meantime, the operation of the Impugned order passed by the High Court shall remain stayed."

As on the date of this report, final hearing is awaited in the Supreme Court of India.

EXPORT

Your Company exported 1,13,605 MT valued at Rs.99,895.70 Lacs in 2018-19 against 1,17,373 MT valued at Rs.99,114.73 Lacs during 2017-18. Exports constituted 78.65 % of your Company's turnover in 2018-19.

BUSINESS EXCELLENCE DRIVE

During the year, in its drive to strengthen Business Excellence, the company continued its thrust on the key Business Excellence initiatives namely Malcolm Baldrige Business Excellence framework, TPM, Lean Six Sigma, and Integrated Management System through extensive class room and shop-floor training and facilitation at site by the Business Excellence team in order to integrate these with the shop floor operations. The entire system adoption of Malcolm Baldrige model was internally driven by Business Excellence (‘BE') team. To bring synergy and accelerate BE culture across the organization, it has been apprehended that the success of change management underlies in accepting and driving the BE culture at departmental level.

The team's efforts in implementing these global techniques yielded heartening results. Productivity and product quality improved, asset utilization improved while wastages declined. Besides, disciplined preventive maintenance facilitated in improving equipment health. During the financial year, your Company continued to have latest certifications of ISO 9001:2015, ISO 14001:2015, ISO 55001:2014, achieved new certifications of ISO 27001:2013 and SA8000:2014. The Company is recertified to OHSAS 18001:2007 and ISO 50001:2011. Mines also achieved recertification of ISO 9001:2015, ISO 14001:2015, OHSAS 18001:2007 and continued to have certification of SA8000:2014. To add to this,

Sukinda plant also got certified to ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. With this the company has successfully implemented the Integrated Management System (IMS) which integrates all business processes across the value chain in addition to integrating the process involved in Management Initiatives and all forms of ISO Management System.

In its endeavour to emerge as a global conglomerate, your Company initiated the implementation of a comprehensive Business Excellence initiative based on the globally respected Malcolm Baldrige Quality Framework. The Company, during the year, moved forward in its journey on Malcolm Baldrige Model by creating the BAL Business Excellence Framework with the objective of building competitive advantage and sustainable business.

INDUSTRY OUTLOOK

Ferrochrome is an essential raw material for stainless steel production for its anti-corrosion property. Almost 80% of world's ferrochrome production is consumed by the stainless steel sector thus making it the biggest growth driver for this industry.

The global stainless steel production reached 51.35 Mn.T during 2018 consuming 13.07 Mn.T of ferrochrome with Asian market being the largest consumer led by China. The Chinese market alone consumed about 7.79 Mn.T of ferrochrome during 2018.

Though the market is currently subdued, Industry experts project a 4% growth yoy in ferrochrome consumption globally.

BUSINESS STRATEGY

Volume-driven growth: Your Company is analyzing ways of increasing the operating capacity from about 1,60,000 MT through capacity balancing, process optimization and marginal capital investment. This should increase the operating capacity to around 1,80,000 MT.

The Company is continuously exploring opportunities for growth and expansion Organically and Inorganically. Organically, the company is undertaking development of its underground mining in kaliapani Chromite Mines at Sukinda, Odisha.

Value-led growth: The team is working on increasing the production of value-added products namely low and medium- silicon, low-phosphorous, medium-carbon and high-chromium, among others. In addition, your Company is focused on maximizing its net realization through proper market segmentation in the domestic and international markets.

Sustainability: Your Company owns natural resource assets of captive Chromite Ore Mines located at Sukinda Valley, Jajpur, Odisha.

In addition to mining through open cast system, the company has also planned to excavate the blocked chrome ore in the open cast benches by Drift & Fill method which will be done for the first time in the country. The company is also developing underground mining in Kaliapani Chromite Mines of Sukinda.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year, there was no change in the nature of business of the Company.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES: SUBSIDIARIES

As on the date of this report, the subsidiary companies are Milton Holding Limited and Balasore Metals Pte. Limited. Balasore Energy Limited, is the only associate Company. Further, the company does not have any joint venture.

A report on the performance and financial position of each of the Subsidiaries and associate Company is included in form AOC -1 which forms part of this report.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with Section 129(3) of the Companies Act, 2013, Read with Regulation 34 of SEBI (LODR), Regulations, 2015 the Company has prepared a Consolidated Financial Statement of the Company and all its subsidiaries and associate companies, which is forming part of this Annual Report.

The Statement in Form AOC-1 containing the salient features of the financial statement of the Company's subsidiaries and associates pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act 2013 forms part of this Report as Annexure-1.

In accordance with third proviso of Section 136(1) of the Companies Act, 2013, the Annual Report of the Company, containing therein its standalone and the consolidated financial statements has been placed on the website of the Company i.e. www.balasoreallovs.com.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any loan, guarantees provided or made any investments exceeding sixty per cent of its paid-up share capital, free reserves and securities premium account or one hundred per cent of its free reserves and securities premium account, whichever is more, as prescribed under Section 186 of the Companies Act, 2013 read with applicable rules made there under.

During the year under review there is no Loans given, the details of Investment made and the Guarantees provided under the provisions of Section 186 of the Companies Act, 2013 are given in the note no. 3 & 34 respectively of the Financial Statements of the Company for the year ended on 31st March, 2019.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the financial year ended March 31,2019, your Company's transactions with all the Related Parties as defined under the Companies Act, 2013 read with rules framed there under were in the ordinary course of business and at arm's length basis. Your Company does not have a material unlisted subsidiary as stipulated under Regulation 16(1)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. During the year under review, your Company did not have any Related Party Transaction which required prior approval of the Shareholders.

All Related Party Transactions (‘RPT') are placed before the Audit Committee for its prior approval. There has been no materially Significant Related party Transaction during the year under review, having potential conflict with the interest of the Company. Hence, disclosure in Form AOC-2 is not applicable. Further, necessary disclosures required under the Indian Accounting Standard (Ind AS - 24) have been made in the Notes forming part of Financial Statements of this Annual Report.

PUBLIC DEPOSITS

The Company has not invited or accepted any deposits from the public as stipulated under Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014.

AUDITORS & AUDITORS' REPORT

Pursuant to provision of Sections 139 and 142 and other applicable provisions, if any, of the Act and Rules made thereunder and based on the recommendations of the Audit Committee and Board, M/s. Chaturvedi & Shah LLP, Chartered Accountants (Firm Registration No. 101720W/W100355), Statutory Auditors of the Company have been re-appointed by the members at the 30th Annual General Meeting held on 28th September, 2018 for the second term of five years, to hold office from the conclusion of 30th AGM until the conclusion of the 35th AGM of the Company on such remunerations as shall be fixed by the Board of Directors from time to time in consultation with the Auditors.

The Auditors' Report to the shareholders for the year under review does not contain any qualifications or adverse remarks. The Notes on Financial Statements referred to in the Auditors' Report are self-explanatory and do not call for any further comments.

COST AUDITORS

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost record and Audit) Rules, 2014 and based on the recommendations of the Audit Committee, the Board of Directors at its meeting held on May 30, 2019, has approved the re-appointment of M/s. Shome & Banerjee (Firm Registration Number 000001) as the Cost Auditors of the Company for the Financial Year 2019-20 to conduct audit of the Cost Records, maintained by the Company. As required under the Companies Act, 2013, a resolution seeking approval for the remuneration payable to the Cost Auditors forms part of the Notice convening the ensuring Annual General Meeting of the Company.

The Cost Audit Report for the Financial Year ended on March 31,2018 was filed with Central Government in specified forms within the due date by the Cost Auditors of the Company. The Report of the Cost Auditors for the Financial Year ended on March 31,2019 is under finalization and will be filed with the MCA within the prescribed period.

INTERNAL AUDITORS

Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of (The Companies (Accounts) Rules 2014) and based on the recommendations of the Audit Committee, the Board of Directors of the Company at its meeting held on May 30, 2019, has approved the appointment of M/s Das & Prasad, Chartered Accountants, (Firm Registration Number 303054E) as the Internal Auditor of the Company for the financial year 2019-20 to conduct the internal audit of the Company.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and based on the recommendations of the Audit Committee, the Board of Directors at its meeting held on May 30, 2019, has approved the appointment of M/s MKB & Associates, Company Secretaries, as the Secretarial Auditor of the Company for conducting the Secretarial Audit of the Company for the financial year 2019-20.

The report of M/s. MKB & Associates, Secretarial Auditor of the Company for the financial year ended on 31st March, 2019 is annexed to this Report as Annexure- 2. The Secretarial Audit Report contains the following qualification as:

• "out of the entire shareholding of the Promoters 4,660 equity shares (0.005% of the total share capital of the Company) are not held in dematerialized form as required under Regulation 31(2) of the Listing Regulations, 2015."

The shareholders may kindly note that 4,660 Shares of the Promoters are lying as collateral securities with Bank. The same shall be dematerialized in due course in consultation with the Bank.

• "the Company had not complied with the provisions of Section 123(4) in respect of dividend relating to Financial Year 2017-18. There has also been delay in transfer of funds and payment of dividend to the promoter shareholders."

The shareholders may kindly note that, in view of ongoing proceedings by the Enforcement Directorate in the Promoter companies, the payment of Dividend to the Promoter shareholders was withheld and was paid after obtaining appropriate expert advice in the matter.

• "during the financial year ended 31st March, 2019, the company has not appointed a Women Director upon resignation of Ms. Mita Jha with effect from 24.04.2018 thus violating provisions of Section 149(1) of Companies Act, 2013 and Regulation 17(1) of Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015."

The shareholders may kindly note that, the vacancy of a Women Director occurred due to resignation of Ms. Mita Jha. After her resignation the process of identifying a suitable candidate was sincerely initiated by the Nomination & Remuneration Committee. Subsequently, Mrs. Rupanjana De was appointed as a Director under the category - Independent Woman Director w.e.f. 3rd April, 2019.

No fraud has been detected during the year by any of the auditors of the Company.

DIRECTORS & KEY MANAGERIAL PERSONNEL:

I. DIRECTORS:

(a) STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (7) OF SECTION 149 OF THE COMPANIES ACT, 2013 AND REGULATION 16 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of Independence as laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the Act and Code of Conduct for Directors and Senior Management Personnel.

(b) FAMILIARIZATION PROGRAMME UNDERTAKEN FOR INDEPENDENT DIRECTORS

The Independent Directors are familiarized with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company, etc. On appointment, the Independent Director is issued a Letter of Appointment setting out in detail, the terms of appointment, duties, responsibilities and expected time commitments. Each newly appointed Independent Director is taken through a formal induction program including the presentation from the Managing Director on the Company's manufacturing, marketing, finance and other important aspects. The Company Secretary briefs the Directors about their legal and regulatory responsibilities as a Director. The induction for Independent Directors include interactive sessions with Committee Members, Business and Functional Heads, visit to the manufacturing site, etc. On the matters of specialized nature, the Company engages outside experts/consultants for presentation and discussion with the Board members. The Details of familiarisation Programme imparted by the Company to its Independent directors is displayed at its website i.e. www.balasoreallovs.com

(c) WOMAN DIRECTOR:

As per the provisions of Section 149(1) of the Companies Act, 2013 and Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, the Company is required to have at least one Woman Director on its Board. Ms Mita Jha has been a Director of the Company till 24th April, 2018.

Thereafter, Mrs. Rupanjana De was appointed as an Independent Woman Director of the Company w.e.f. 03rd April, 2019.

(d) APPOINTMENT OF DIRECTORS:

Based on the recommendation of Nomination and Remuneration Committee and Audit Committee, the Board of Directors in its Meeting held on 11th August, 2018 appointed Mr. Nikunj Pansari as Director Finance & CFO of the Company. Further, based on the recommendation of Nomination and Remuneration Committee Mrs. Rupanjana De was appointed as an Independent Woman Director of the Company w.e.f. 03rd April, 2019. Thereafter, based on the recommendation of Nomination and Remuneration Committee and Audit Committee Mr. Akula Nagendra Kumar was appointed as Whole-time Director designated as Executive-Director of the Company w.e.f. 30th May, 2019.

(e) RESIGNATION OF DIRECTORS:

During the year under review, Ms. Mita Jha resigned from the office of Executive Director - HR w.e.f., 24th April, 2018, Dr. Samuel O. Nwabuokei resigned from the office of Director w.e.f. 12th September, 2018 and Mr. Nikunj Pansari resigned from the post of Director-Finance & CFO w.e.f. 25th July, 2018, who was again appointed as Director-Finance & CFO w.e.f. 11th August, 2018. The Board placed on record its sincere appreciation for the valuable guidance and contribution made by Ms. Mita Jha in the deliberation of the Board during her tenure as Director on the Board of the Company.

(f) RETIREMENT BY ROTATION:

As per the provisions of Section 152(6)(c) of the Companies Act, 2013, Mr. Anil Sureka (DIN: 00058228) retires by rotation, and being eligible, offers himself for re-appointment. In view of his considerable experience and contribution to the Company, your Directors recommend his re-appointment.

Resume and other information in respect of the Directors seeking appointment/re-appointment as required under Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard-2 on General Meetings duly issued by ‘The Institute of Company Secretaries of India' has been given in the Notice convening the ensuring Annual General Meeting. The Board of Directors recommends the above appointment(s)/re-appointment(s).

II. KEY MANAGERIAL PERSONNEL

As on the date of this report, Mr. Anil Sureka, Managing Director, Mr. Dhiren K. Nath, Director-Operations, Mr. Nikunj Pansari, Director Finance & CFO, Mr. Akula Nagendra Kumar Executive-Director and Mr. Trilochan Sharma, President & Company Secretary of the Company are the Key Managerial Personnel of the Company, pursuant to Section 203(2) of the Companies Act, 2013.

MEETINGS:

MEETINGS OF BOARD OF DIRECTORS

During the financial year ended on 31st March, 2019, Five Board Meetings were held, the detail of the meetings and the number of meetings attended by each director of the Company are separately given in the Corporate Governance Report. The intervening gap between the two Board Meetings was within the period as prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

MEETINGS OF INDEPENDENT DIRECTORS

Pursuant to Section 149, Schedule IV of the Companies Act, 2013 and Regulation 25 of SEBI (LODR) Regulations, 2015, a separate meeting of the Independent Directors of the Company for the financial year 2018-19 was held on Thursday, 14th February, 2019. In this meeting, the Directors evaluated the performance of Board and its Committee as a whole, Directors, Non-Executive Directors and further assessed the quality, quantity and the timeliness of flow of information between the Management and the Board.

Further, based on the Board Evaluation Report duly prepared by Dr. Asish K. Bhattacharyya, Chairman of Audit Committee and Nomination and Remuneration Committee, the Board advised the management to take corrective actions in order to access the quality, quantity and the timeliness of flow of information between the Management and the Board.

PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details as required under section 197(12) of the Companies Act 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are attached as Annexure-3.

The particulars of employees as required under Section 197 of the Companies Act, 2013, read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modifications or re-enactments for the time being in force) in respect of the Top 10 Employees (in terms of remuneration drawn) including Employees employed throughout the financial year under review and in receipt of remuneration aggregating not less than Rs.1,02,00,000 per annum as given in Annexure-‘4' hereto and forms part of this Report.

There was no employee who was employed for part of the financial year, requiring such disclosure. There was also no employee receiving remuneration during the year is in excess of that drawn by the Managing Director or Whole-time Director and holding by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the Company.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134(3)(c) and 134(5) of the Companies Act, 2013, with respect to Directors' Responsibility Statement, the Directors hereby confirm that:-

(i) in the preparation of the annual accounts for the year ended 31st March, 2019, the applicable accounting standards, have been followed and there are no material departures from the same;

(ii) the directors 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 as at the end of the financial year and of the profit of the Company for that period;

(iii) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

(iv) the directors have prepared the annual accounts of the Company on a ‘going concern' basis.

(v) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

(vi) The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

MANAGEMENT DISCUSSION AND ANALYSIS

Management's Discussion and Analysis for the year under review, as stipulated under Regulation 34 read with Schedule V of the SEBI (LODR) Regulations, 2015 is presented in a separate section forming part of the Annual Report.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirements as set out in Regulation 17 of the SEBI (LODR) Regulations, 2015. The Report on corporate governance as stipulated in Regulation 34 read with Schedule V of the SEBI (LODR) Regulations, 2015 forms an integral part of this Annual Report.

The Certificate received from M/s. Chaturvedi & Shah LLP, Chartered Accountants, Statutory Auditor of the Company confirming compliance with the conditions of corporate governance as stipulated in Regulation 34 read with Schedule V of the SEBI (LODR) Regulations, 2015, is attached to the Report on corporate governance. This Certificate will be forwarded to the Stock Exchanges along with the Annual Report of the Company.

CEO/CFO CERTIFICATION

Pursuant to Regulation 17 of the SEBI (LODR) Regulations, 2015 pertaining to corporate governance norms, Mr. Anil Sureka, Managing Director of the Company and Mr. Nikunj Pansari, Director-Finance & CFO of the Company have certified inter-alia, about review of financial statements and establishing & maintaining internal control to the financial reporting for the year ended on 31st March, 2019. The said certificate forms an integral part of annual report.

PERFORMANCE EVALUATION

Pursuant to the provisions of requirements of Section 149, Schedule IV of the Companies Act, 2013 and Regulation 25 of SEBI (LODR) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance and that of its Committees and individual Directors. A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board's functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.

To determine the criteria of evaluation of the performance of the Independent Directors as required under the Regulation 19 of the SEBI (LODR) Regulations, 2015, the Nomination and Remuneration Committee at its meeting established the criteria based on which the Board will evaluate the performance of the Directors.

A separate exercise was carried out to evaluate the performance of individual Directors who were evaluated on the parameters such as level of engagement and contribution, independence of judgement. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Non-Independent Directors was carried out by the Independent Directors.

The Directors expressed their satisfaction over the evaluation process and results thereof.

COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS

During the year under review, the Company has duly complied with the applicable provisions of the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of India (ICSI).

COMMITTEES OF BOARD

AUDIT COMMITTEE

The composition, terms of reference, details of the meeting held during the year and the number of meeting attended by each member of the Audit Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report. There has been no instance where the Board has not accepted the recommendations of the Audit Committee.

NOMINATION AND REMUNERATION COMMITTEE

The composition, terms of reference, details of the meeting held during the year and the number of meeting attended by each member of the Nomination and Remuneration Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report.

STAKEHOLDERS RELATIONSHIP COMMITTEE

The composition, terms of reference, details of the meeting held during the year and the number of meeting attended by each member of the Stakeholders Relationship Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

The composition and terms of reference, details of the meeting held during the year and the number of meeting attended by each of the Corporate Social Responsibility (CSR) Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report.

POLICIES AND CODES

REMUNERATION POLICY

Your company has formulated a remuneration policy for the Board Members, Key Managerial Personnel (KMPs) and Senior Management Personnel, (SMPs) in terms of the provisions of Section 178 of the Companies Act, 2013 read with the relevant rules there under and the SEBI (LODR) Regulations, 2015. The said policy may be referred to, at the Company's website at the weblink:

http://www.balasoreallovs.com/upload/media/pdf/Remuneration%20Policv.pdf

WHISTLE BLOWER POLICY/ VIGIL MECHANISM

The Company has formed a Whistle Blower Policy/Vigil Mechanism policy as required under Section 177 of the Companies Act, 2013 and Regulation 22 of the SEBI (LODR) Regulations, 2015. A Vigil (Whistle Blower) mechanism provides a channel to the employees and Directors to report to the management concerns about unethical behavior, actual or suspected fraud or violation of the Codes of conduct or policy. The mechanism provides for adequate safeguards against victimization of employees and Directors to avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee in exceptional cases. No personnel of the Company denied access to the Audit Committee. The said policy was revised w.e.f., 14th February, 2018 and may be referred to, at the Company's website at the weblink: http://wwwbalasoreallovs.com/upload/media/code/Whistle%20Blower%20Policv%20-%20Final.pdf

RISK MANAGEMENT POLICY

In order to fulfill the objectives of Risk Management Policy and lay a strong foundation for the development of an integrated risk management framework, the policy outlines the following guiding principles of Risk Management.

Principles of Risk Management:

1. All business decisions will be made with the prior information and acceptance of risk involved.

2. The Risk Management Policy shall provide for the enhancement and protection of business value from uncertainties and consequent losses.

3. All employees of the company shall be made aware of risks in their respective domains and their mitigation measures.

4. The risk mitigation measures adopted by the company shall be effective in the long-term and to the extent possible be embedded in the business processes of the company.

5. Risk tolerance levels will be regularly reviewed and decided upon depending on the change in company's strategy.

6. The occurrence, progress and status of all risks will be promptly reported and appropriate actions be taken thereof. Risk Management Policy Statement

The policy statement is as given below:

1. To ensure protection of shareholder value through the establishment of an integrated Risk Management Framework for identifying, assessing, mitigating, monitoring, evaluating and reporting of all the probable risks.

2. To provide clear and strong basis for informed decision making at all levels of the organization.

3. To continually strive towards strengthening the Risk Management System through continuous learning and improvement.

POLICY ON PREVENTION OF SEXUAL HARASSMENT

Your Company has adopted the policy against Sexual Harassment of Women at Workplace, for the purpose of preventing, prohibiting and redressing sexual harassment of female employees including permanent, temporary, on training and on contract basis at all the workplace within the company, which are based on fundamental principles of justice and fair play.

Further, an Internal Complaints Committee (ICC) has been constituted at every location where offices of the Company is situated which shall be responsible for redressal of complaints related to sexual harassment. The Company has put in place suitable processes and mechanisms to ensure issues of sexual harassment, if any, are effectively addressed. During the year under review, there were no complaints of sexual harassment received by the ICC of the Company.

CORPORATE SOCIAL RESPONSIBILITY POLICY

Balasore Alloys has been at the forefront in extending benefits of the local communities in and around its projects. We have always believed in the sustainable development of the society. We have earned the trust of the local community over the years through our community services, on a regular basis, throughout the year.

The Company perceives corporate social responsibility as an opportunity to contribute towards uplifting the society a large, empowering individual (specially women) making them self-reliant, eradicating poverty, providing sanitation facilities & safe drinking water, promoting education, supporting economically weaker section of the society and ensuring environment sustainability.

In compliance with the provisions of Section 135 and Schedule VII of the Companies Act, 2013, the Corporate Social Responsibility (CSR) Committee of the Board has formulated and recommended to the Board, a CSR Policy for its approval.

This policy, which encompasses the company's philosophy for delineating its responsibility as a corporate citizen, lays down the guidelines and mechanism for undertaking socially useful programmes for welfare & sustainable development of the community at large. The CSR Policy may be accessed on the Company's website at link: http://www.balasoreallovs.com/upload/media/csr-policv/CSR 25 06 2018.pdf

The Report on CSR activities or initiatives for the financial year 2018-19 as required under the Companies (Corporate Social Responsibility) Rules, 2014 has been attached as Annexure - 7 to this Report.

POLICY ON MATERIALITY & DEALING WITH RELATED PARTY TRANSACTIONS

The Board at its meeting held on 20th May, 2014 had approved the policy on materiality of and dealing with Related Party Transactions. The policy regulates the transactions between the Company and its Related Parties based on the laws and regulations applicable to the Company and also lays down mechanism for identification, approval, review and reporting of such transactions.

The policy on materiality of and dealing with Related Party Transactions may be accessed on the Company's website at link: http://www.balasoreallovs.com/upload/media/pdf/Policv%20on%20Related%20Partv%20Transaction.pdf POLICY ON PRESERVATION AND ARCHIVING OF THE DOCUMENTS

The Company in its meeting held on 14th November, 2015 had approved the policy on preservation and archiving of the documents. The policy ensures safe-keeping of the records and safeguard of the documents from getting manhandled, while at the same time avoiding superfluous inventory of documents.

POLICY TO DETERMINE THE MATERIAL EVENTS

The Board at its meeting held on 14th November, 2015 had approved the Policy to determine the material events or information. The Policy to determine the material events or information provides the guidelines for proper, sufficient and timely disclosure of the material events or information to the Stock Exchange(s) and/or any other regulatory authorities.

POLICY FOR DETERMINING MATERIAL SUBSIDIARIES

The Board at its meeting held on 28th September, 2016 had approved the Policy for determining Material Subsidiaries. The Policy for determining Material Subsidiaries specifies the process of determination and compliances in respect of Material Subsidiaries.

The policy for determining Material Subsidiaries may be accessed on the Company's website at weblink: http://www.balasoreallovs.com/upload/media/pdf/Policv%20for%20Determination%20of%20Material%20Subsidiaries.pdf

CODE OF CONDUCT

The Company's Code of Conduct is based on the principle that business should be conducted in a professional manner with honesty and integrity and thereby enhancing the reputation of the Company. The Code ensures lawful and ethical conduct in all affairs and dealings of the Company.

The code may be accessed on the Company's website at weblink:

http://www.balasoreallovs.com/upload/media/Investors/Code%20of%20Conduct.pdf

CODE OF INSIDER TRADING

The Company has devised a framework to avoid Insider Trading and abusive self-dealing. The Code on prevention of Insider Trading, which applies to the Board Members and all officers and employees, seeks to prohibit trading in the securities of the Company based on unpublished price sensitive information. Trading window remains closed so long unpublished price sensitive information is not made public.

The code may be accessed on the Company's website at weblink:

http://www.balasoreallovs.com/upload/media/pdf/Insider%20Trading%20Code%20of%20Conduct.pdf

OTHER REQUIREMENTS:

EXTRACT OF THE ANNUAL RETURN

Extract of the Annual Return as on the financial year ended on 31st March, 2019 in Form MGT 9 is annexed hereto as Annexure - ‘5' and forms a part of this report. The Company shall place a copy of the Annual Return on the website of the Company at the weblink:

https://www.balasoreallovs.com/Annual-General-Meeting

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS/TRIBUNALS

The Enforcement Directorate had passed a Provisional Attachment Order on December 15, 2017 against M/s. Balasore Alloys Ltd. (BAL) in respect of its plant, machinery, building and land for the value of Rs.24,489.07 lacs on the alleged ground that Sri Pramod Kumar Mittal and Global Steel Holdings Ltd. (GSHL) allegedly held 30.35% of the shares of BAL through various Indian/Foreign promoter and investment companies.

On February 5, 2018, the Adjudicating Authority (PMLA) issued a show cause to BAL as to why the aforesaid Provisional Attachment Order should not be confirmed. bAl filed an Appeal before the Appellate Tribunal (PMLA) on May 17, 2018 challenging the said Show Cause Notice dated February 5, 2018.

The Appellate Tribunal (PMLA) passed a final order on March 7, 2019 and quashed the said Provisional Attachment Order dated December 15, 2017. In view of the above order passed by the Appellate Tribunal (PMLA), the Adjudicating Authority (PMLA) also passed a final order on March 20, 2019 quashing the said Provisional Attachment Order dated December 15, 2017.

PERSONNEL

Your company is continuing the tradition of excellence in human capital management by adopting all modern tools and techniques of human management. The pragmatic and proactive approach of management has contributed in enhancing the job satisfaction of employees. Your company has analyzed the Strength and Weakness of key functions to internalize the gap and similarly Opportunities and Threats to mitigate the external forces. To fasten the action, company is moving towards Automation in Human Resource by adopting software to enable efficient and effective way of working. Your company always remains vigilant to capitalize on talent pool in order to promote performance driven work culture both within and outside the organization. Your company has adopted Balanced Score Card approach in Performance Management to be transparent and performance initiatives aligning with Organizational Vision, Mission and Objectives. The continuous dialogue sessions with the office bearers of union, prompt grievance redressal and implementation of employees' friendly welfare scheme has been institutionalized. A congenial productive atmosphere has been created through mutual trust and transparency between the management and the union.

AWARD AND RECOGNITION

The Company has received many recognitions for its outstanding performance/contribution to the industry and society. Some of the awards received during the financial year 2018-19 are as mentioned below:

1. The Company has won the "Brands of Odisha, Pride of India." SAMBAD Corporate Excellence Award -2019 under large industry category. The trophy was bestowed upon our Managing Director by Hon'ble CM, Odisha on 19th Jan'19 at Bhubaneswar.

2. The Company has been honored with the prestigious "NALCO Utkal Gaurav Madhusudan Das Quality Award 2019" for TQM in the category of "LARGE ENTERPRISE".

3. The Company has been awarded by CII (Confederation of Indian Industry) with "Excellence Award in Energy Conservation" in the 9th ENCON" award ceremony organized by CII eastern region for initiating and implementing different energy saving measures/ techniques in our plant.

4. The Company has been awarded 2nd prize by CII (Confederation of Indian Industry) in 31st Convention on QC Circle - CII Eastern Region held at Kolkata on 27th February 2019.

5. The Company was awarded "Kalinga safety award (Silver) - 2017 in Nov 2018 at Bhubaneswar in the category

of Large-scale enterprises (Major Industries).

6. The Company was awarded as the "Star Performer" Award for the year 2015-16 in the product group - Ferro alloys, Large Enterprise by EEPC Eastern Region, branch of EEPC India, trade and investment promotion organisation sponsored by the Ministry of Commerce & Industry, Government of India.

7. Mining Environment and Mineral Conservation (MEMC) week 2019-20 in Bhubaneswar:

a. First prize in waste dump management.

b. First prize in mineral beneficiation.

c. Second prize in overall performance.

d. Second prize in sustainable development.

8. Odisha Half Yearly & Annual Mines Safety week Celebration 2018-19:

a. Third Prize - Welfare Amenities for Contractual Worker.

b. Third Prize - Emergency Preparedness category.

c. Second Prize - Swachhata category.

d. Third Prize - First Aid Competition.

e. Second Prize - Maintenance category of Mines.

f. Second Prize - Safety & Compliance category of Mines.

PARTICULARS AS PER SECTION 134 (3)(m) OF THE COMPANIES ACT, 2013.

Particulars of conservation of energy, technology absorption and foreign exchange earnings and outgo as required under Section 134(3)(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014 are given in the Annexure-‘6' hereto and forms part of this Report.

TRANSFER OF UNCLAIMED/UNPAID DIVIDEND TO THE INVESTOR EDUCATION AND PROTECTION FUND (IEPF).

Pursuant to provisions of Section 124(5) of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules") as amended from time to time, the Company is required to transfer dividends remaining unclaimed or unpaid for a period of seven years from the date of transfer to Unpaid Dividend Account along with interest accrued, if any, to the Investor Education and Protection Fund (IEPF) established by the Ministry of Corporate Affairs (MCA), Government of India within 30 days of the date on which the same falls due to be credited to the IEPF.

Accordingly, unclaimed or unpaid Dividend for the financial year 2010-11 aggregating to Rs.11,48,032/- (' Eleven Lacs Forty Eight Thousand and Thirty-two only) has already been transferred to Investor Education and Protection Fund (IEPF) on 27th November, 2018 and all requisite formalities were duly complied including filing of form IEPF-1 with Ministry of Corporate Affairs (MCA).

Further, the company is requesting to all the concerned shareholders to claim the unclaimed or unpaid dividends from 2011-12 onwards, before the same shall transfer to the IEPF. The schedule of Due dates for transfer of Unclaimed Dividend to IEPF are as follows:

Financial Year Date of AGM Seven years from the date of transfer to Unpaid/Unclaimed Dividend Account.* Due date of transfer of Unpaid/Unclaimed Dividend to lEPF
2011-12 26.09.2012 02.11.2019 03.11.19 to 02.12.19
2012-13 18.09.2013 24.10.2020 25.10.20 to 24.11.20
2013-14 25.09.2014 31.10.2021 01.11.21 to 30.11.21
2014-15 29.09.2015 03.11.2022 04.11.22 to 03.12.22
2015-16 28.09.2016 02.11.2023 03.11.23 to 02.12.23
2016-17 23.09.2017 29.10.2024 30.10.24 to 29.11.24
2017-18 28.09.2018 02.11.2025 03.11.25 to 02.12.25

*Note: Within Seven days from the expiry of the thirty days of declaration of Dividend at the AGM the unpaid or unclaimed dividend are transferred to Unpaid Dividend Account.

STATUS OF TRANSFER OF EQUITY SHARES TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF) AUTHORITY.

Pursuant to provisions of Section 124 (6) of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules") as amended from time to time, the shares in respect of which dividend has not been paid or claimed by the Members for seven consecutive years or more shall be transferred/credited to the Demat account of the IEPF Authority.

Accordingly, 741653 [Seven Lacs Forty one Thousand Six Hundred Fifty Three] Equity Shares, in relation to the financial year 2010-11, has already been transferred to Investor Education and Protection Fund (IEPF) in respect of which dividend has not been paid or claimed by the Members for seven consecutive years or more. Further, all requisite formalities in this regard were duly complied with including filing of form IEPF-4 with Ministry of Corporate Affairs (MCA).

Further, the company is requesting again to the concerned shareholders to claim the dividends from 2011-12 onwards, before the shares referred above are transferred to the Demat account of the IEPF Authority. The schedule of Due dates for transfer of concerned Shares to the Demat Account of the IEPF Authority are as follows:

Financial

Year

Date of AGM Seven years from the date of transfer to Unpaid/Unclaimed Dividend Account.* Due date of transfer of Unpaid/Unclaimed Dividend to IEPF
2011-12 26.09.2012 02.11.2019 03.11.19 to 02.12.19
2012-13 18.09.2013 24.10.2020 25.10.20 to 24.11.20
2013-14 25.09.2014 31.10.2021 01.11.21 to 30.11.21
2014-15 29.09.2015 03.11.2022 04.11.22 to 03.12.22
2015-16 28.09.2016 02.11.2023 03.11.23 to 02.12.23
2016-17 23.09.2017 29.10.2024 30.10.24 to 29.11.24
2017-18 28.09.2018 02.11.2025 03.11.25 to 02.12.25

Note: Within Seven days from the expiry of the thirty days of declaration of Dividend at the AGM, the shares on which the dividend was not claimed/unpaid for seven consecutive years shall be transferred/credited to Demat account of the IEPF Authority.

Details of shares/shareholders in respect of which dividend has not been claimed for the seven consecutive years are provided on Company's website. The shareholders are therefore requested to verify their records and claim their dividends of all the last seven years, if not claimed.

Underlying shares into the unpaid dividend account can be claimed anytime before they are transferred to IEPF. Further, Shareholders may also claim back the shares transferred to IEPF Authority and the unclaimed dividend including all future benefits accruing on such shares, if any, by complying the requisite formalities as stipulated in the said Rules.

Details of the Nodal Officer:

Mr. Trilochan Sharma,

President & Company Secretary Balasore Alloys Limited

"Park Plaza", 1st Floor,

71 Park Street, Kolkata 700 016

Contact No. : 033 4029 7000

Email Id: trilochan.sharma@balasorealloys.com

CREDIT RATING

During the year under review, Credit Analysis & Research Limited (CARE) has affirmed Credit Rating CARE BB+ (Double B Plus) for the Long term Bank Facilities and CARE A4+ (A Four Plus) for the Short term Bank Facilities of your Company. The outlook on the Long Term and Short term Rating has been assigned to ‘Stable'.

APPRECIATION

Your Directors place on record their deep appreciation to employees at all levels for their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the employees have enabled the Company to remain as a leading player in the industry.

Your Directors express their sincere appreciation for the continued co-operation and support extended to the Company by the Central Government, the Government of Odisha, Government Agencies, Regulatory Authorities, Stock Exchanges, Company's Bankers, Business Associates, Shareholders and the Community at large.

For and on behalf of the Board of Directors

Place: Kolkata Anil Sureka Asish K. Bhattacharyya
Date: 30th May, 2019 Managing Director Director
DIN: 00058228 DIN: 00799039

   

Balasore Alloys Ltd Company Background

Anil Surekha
Incorporation Year1984
Registered OfficeBalgopalpur,
Balasore,Orissa-756020
Telephone91-6782-275781-85,Managing Director
Fax91-6782-275724
Company SecretaryTrilochan Sharma
AuditorChaturvedi & Shah
Face Value5
Market Lot1
ListingBSE,Kolkata,
RegistrarMCS Share Transfer Agent Ltd
383 Lake Gardens ,1st Floor , ,Kolkata-700045

Balasore Alloys Ltd Company Management

Director NameDirector DesignationYear
S Mohapatra Independent Director 2017
S K Pal Independent Director 2017
A K Bhattacharyya Independent Director 2017
S K Majumdar Independent Director 2017
K P Khandelwal Independent Director 2017
Trilochan Sharma President & Company Secretary 2017
Anil Surekha Managing Director 2017
Krishna Chandra Raut Nominee (SBI) 2017
Nikunj Pansari Director (Finance) & CFO 2017
Rupanjana De Addtnl Independent Director 2017

Balasore Alloys Ltd Listing Information

Balasore Alloys Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sales NA 0001225.9203
Other Operating Revenue NA 00025.8482
Scrap NA 0006.29
Export Benefits NA 0000
Manganese Ore MT 0000
Chrome Ore Lumpy MT 0000
Coke MT 0000
Silicon & Ferro Alloys MT 0000
Silicon & Ferro Alloys-Traded MT 0000
Others NA 0000
Excise Duty NA 0000
Conversion Charges NA 0000

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