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179 Pages·2011·1.47 MB·English

ANNUAL REPORT & ACCOUNTS
2010-11
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EASTERN COALFIELDS LIMITED
( A Subsidiary of Coal India Limited )
SANCTORIA , P.O. DISHERGARH, DIST. BURDWAN
C O N T E N T S
Page No.
1. Management/Bankers/Auditors 1
2. Notice of Annual General Meeting 3
3. Directors' Report 4
4. Comments of the Comptroller and Auditor
General of India 97
5. Auditors' Report and Management's Reply 98
6. Financial Position 112

7. Balance Sheet as on 31st March, 2011 118

8. Profit & Loss Accounts for the year ended 31st March, 2011 120

9. Cash Flow Statement for the year ended 31st March, 2011 122

10. Schedule to the Balance Sheet 124
11. Schedule to the Profit & Loss Account 141
12. Accounting Policies 159
13. Notes on Accounts 163
EASTERN COALFIELDS LIMITED
MANAGEMENT DURING 2010-11 MANAGEMENT AS ON 23rd MAY, 2011
FUNCTIONAL DIRECTORS : FUNCTIONAL DIRECTORS :
Shri S. Chakrabarti
Chairman-cum-Mg. Director
Shri Rakesh Sinha
(Upto 31.08.2010) Chairman-cum-Mg. Director
Shri T.K. Lahiry
Chairman-cum-Mg. Director
Shri S.K. Srivastava
(From 01.09.2010 to 23.12.2010)
Director (Personnel)
Shri Rakesh Sinha
Chairman-cum-Mg. Director
Shri S. Chakravarty
(From 23.12.2010)
Director (Technical) Opn.
Shri S.K. Srivastava
Director (Personnel)
Shri N. Kumar
Shri S. Chakravarty
Director (Technical) P&P
Director (Technical) Opn.
Shri N. Kumar
Shri A.K. Soni
Director (Technical) P&P
Director (Finance)
Shri A.K. Soni
Director (Finance)
(From 16.12.2010) PART-TIME OFFICIAL DIRECTORS :
PART-TIME OFFICIAL DIRECTORS : Shri A.K. Sinha
Shri P.R. Mandal Director (Finance), Coal India Limited
Advisor (Projects),
Ministry of Coal. (Upto 31.03.2011) SPECIAL DIRECTOR APPOINTED BY BIFR :
Shri A.K. Sinha
Director (Finance), CIL Shri K.K. Gautam
(From 03.05.2010)
NON-OFFICIAL PART-TIME DIRECTORS :
COMPANY SECRETARY:
Shri K.C. Vijh
(Upto 23.08.2010) Shri M. Viswanathan
Shri P.R. Tripathi
(Upto 23.08.2010)
Shri Ashok Nath
(Upto 23.08.2010)
SPECIAL DIRECTOR APPOINTED BY BIFR :
Shri K.K. Gautam
(From 24.12.2010)
COMPANY SECRETARY :
Shri M. Viswanathan
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ANNUAL REPORT 2010-11
BANKERS DURING 2010-11
State Bank of India Canara Bank
United Bank of India United Commercial Bank
STATUTORY AUDITOR DURING 2010-11
M/s. Dutta Sarkar & Co., 7A, Kiran Sankar Road, 2nd Floor, Kolkata - 700001
BRANCH AUDITORS DURING 2010-11
M/s. G. Basu & Co.. "BASU HOUSE", Chowringh Approach, Kolkata - 700072.
M/s. Roy Ghosh & Associates, 39, Kalna Road, Badamtala, Burdwan, Pin - 713401.
M/s. R. P. Boobna & Co., Karnani Estate, 209, A. J. C. Bose Road, 2nd Floor, Room No. 87,
Kolkata - 700017.
M/s. M. Goenka & Co., C/o. Parimal Chandra Banik, Near Vivekananda College, Thakurpally,
P.O. Sripally - 713103, Burdwan.
M/s. D. P. Sen & Co., 22, Ashutosh Chowdhury Avenue, 2nd Floor, Flate No. 22, Magma Apartment,
Kolkata - 700 019.
REGISTERED OFFICE OF THE COMPANY
CMD's Office, Sanctoria, Post - Dishergarh, District - Burdwan, Pin - 713333
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EASTERN COALFIELDS LIMITED
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Eastern Coalfields Limited
( A Subsidiary of Coal India Limited )
Office of the Chairman-cum-Managing Director
Sanctoria, P.O. Disergarh- 713333, Distt. Burdwan ( W.B.)
Company Secretariat
Ref. No: ECL : CS:15(2011)/8946 May 16, 2011
NOTICE
Notice is hereby given that the Thirty-sixth Annual General Meeting of the Shareholders of Eastern
Coalfields Limited will be held on Monday, the 23rd May, 2011 at the Registered Office of the Company
at Sanctoria, P.O. Disergarh-713333, Distt. Burdwan (West Bengal) at 11.00 A.M. to transact the
following business:-
ORDINARY BUSINESS:
1. To receive, consider and adopt the Audited Balance Sheet as on 31st March, 2011 and Profit &
Loss Account for the year ended 31st March, 2011 together with the Report of the Auditors and
Directors thereon.
2. To appoint a Director in place of Shri A. K. Sinha, Director, who retires in terms of Articles
33(i)(e)(iii) of the Articles of Association of the Company and is eligible for reappointment.
Dated : May 16, 2011
Registered Office :
By order of the Board
Eastern Coalfields Limited
Sanctoria, P.O. Disergarh,
Distt. Burdwan (West Bengal)
16.5.11
PIN : 713333.
M. Viswanathan
Company Secretary.
N.B. : (i) A member entitled to attend and vote at the meeting is entitled to appoint a PROXY and vote instead of
himself and the proxy need not be a member of the Company. Proxy in order to be effective must be
received by the Company not less than 48 hours before the meeting.
(ii) Members are also requested to accord their consent for convening the meeting at a shorter notice
under Sec. 171(2) (i) of the Companies Act., 1956.
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ANNUAL REPORT 2010-11
DIRECTORS' REPORT
To
The Shareholders,
Eastern Coalfields Limited.
Gentlemen,
I, on behalf of the Board of Directors, have pleasure in presenting the 36th Annual Report on the working
of your Company together with audited accounts for the year ended 31st March, 2011, report of the
Statutory Auditors and Management’s reply thereon as well as the comments of the Comptroller and
Auditor General of India on the audited accounts.
Special Achievements :
a) The coal production of the company for the year 2010-11 has registered a growth of 2.48% over
previous year.
b) The OBR of 56.246 M CuM recorded a growth of 13.08% over previous year.
c) The company achieved off-take of 29.74 Mt during the year with a growth of 0.15% over previous
year.
d) Productivity for the year has been 9.31% higher than the previous year.
e) Sales Realization for the year has been Rs.7117.65 crores which improved by 20.09% over
previous year.
f) For the consecutive second year the company registered a profit of more than Rs.106.0 crore.
1.0 PRODUCTION :
1.1 Production performance of the Company in 2010-11 against the target as well as compared to
last year was as under: -
Particulars Unit 2010-11 2009-10 Growth Over
last year
Target Actual Achieved Actual Abso- %
(%) lute
1. Production : M.Te.
i) Raw Coal - UG 8.80 7.372 83.78 8.232 –0.860 –10.44
- OC 24.20 23.432 96.83 21.826 1.606 7.36
Total 33.00 30.804 93.35 30.058 0.746 2.48
ii) Coking Coal :
- Blendable 0.016 0.007 43.07 0.017 –0.010 –58.52
- Others 0.032 0.039 125.32 0.045 –0.006 –12.84
iii) Non-Coking : 32.953 30.757 93.34 29.996 0.761 2.54
2. O.B. Removal MCuM 55.00 56.246 102.27 49.741 6.505 13.08
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EASTERN COALFIELDS LIMITED
Particulars Unit 2010-11 2009-10 Growth Over
last year
Target Actual Achieved Actual Abso- %
(%) lute
3. Productivity(OMS) Tonnes
- Underground 0.54 0.45 83.77 0.47 –0.019 –4.04
- Opencast 8.34 8.14 97.60 7.29 0.855 11.73
- Overall 1.71 1.60 93.43 1.46 0.136 9.31
1.2 CONSTRAINTS : (Figures in M. Te)
Particulars As on 31.3.11 As on 31.3.10
Actual Actual
Loss of Production due to :
i) Power failure 0.245 0.151
ii) Absenteeism 0.262 0.094
iii) Labour Unrest (Industrial Relations) 0.620 0.237
iv) Others 2.065 1.363
Total 3.192 1.845
1.3 SYSTEM CAPACITY UTILISATION : (In %)
Particualars 2010-11 2009-10 Growth Over
last year
Target Actual Achieved% Actual Absolute %
a) UG 80.71 67.61 83.77 74.86 –7.25 –9.68
b) OC (Dept.) 116.57 60.97 52.30 59.97 1.00 1.67
c) OBR (Dept.) 89.82 85.65 95.36 92.07 –6.42 –6.97
d) OC (Coal+OBR) Dept. 96.79 81.55 84.25 86.75 –5.20 –5.99
2.0 FINANCIAL RESULTS :
2.1. Gross sales turnover for the year ending 31st March’11 was Rs. 7139.32 crore compared
to Rs. 6281.21 crore in the previous year resulting in increase of 13.66% turnover over
previous year. During the year under review, company had made a profit of Rs. 106.57
crore compared to last year’s Profit of Rs. 333.40 crore. Details were as under:
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ANNUAL REPORT 2010-11
COAL PRODUCTION
40.00
0
0
33. 0.80 0.06
3 3
30.00
0
4.2 43
2 3. 83
2 1.
2
S
20.00
E
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0
N T 10.00 8.8 7.37 8.23 7.36
O 8
4
L 2.
L
I 0.00
M
4
4
0.
1
-
Minister visit at Jhanjra Area on 27-12-2010
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EASTERN COALFIELDS LIMITED
PRODUCTIVITY
15.00
3
7
1.
1 1
T 3
F 10.00 3.4 14 9.
HI 8. 8. 29
7.
S

N
A
5.00
M
ER 54 45 47 1.71 1.60 1.46
P 0. 0. 0.
0.00
S
E
N
N
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T -5.00 04
4.
-
Continuous Miner
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ANNUAL REPORT 2010-11
CAUSE WISE LOSS OF PRODUCTION
4.00
3.50
3.00
S
E
N
2.50
N
O
2.065
T
N 2.00
O
I
L 1.50 1.36
L
I
M
1.00

0.50 0.62
0.245 0.262
0.15 0.09 0.24
0.00
2009-10
Dragline in operation at Sonepur Bazari
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