The behalf of the Board of Directors of your Company, I have the
pleasure in presenting the 38th Annual Report on the business and
operations of the Company together with the Audited Financial
Statements for the Financial Year 2011-2012.
Your Company was incorporated in the year 1974 for implementation of
two fertilizer plants at Panipat and Bathinda with annual installed
capacity of 5.11 lakh tonnes of urea each. The commercial production
from these plants commenced in 1979. In April, 1978, the Nangal Group
of Plants of Fertilizer Corporation of India Limited (FCIL) were
transferred to NFL consequent upon reorganization of NFL-FCIL. The
Government of India (Gol) in 1984 entrusted the Company to execute the
country''s first inland gas based urea project at Vijaipur in Madhya
Pradesh, which commenced commercial production w.e.f. 1st July, 1988.
Expansion of Vijaipur Plant was taken up in the year 1993 for doubling
Presently, the Company has five urea production plants, one each at
Panipat, Bathinda and Nangal and two plants at Vijaipur with a total
installed capacity of 32.31 lakh tonnes and has grown to the status of
being the second largest producer of urea in the country. Your Company
has undertaken revamp of fuel-oil based plants at Nangal, Bathinda and
Panipat for changeover of feedstock from Fuel-oil to Natural Gas, which
on scheduled completion during 2012-2013 will reduce the cost of
production and the subsidy outgo from the Gol substantially. This would
also contribute to clean environment. The revamp projects undertaken at
Vijaipur-I & II would reduce energy consumption and augment the
installed production capacity of the Company by 10.4% to 35.68 lakh
During the year under review, your Company achieved a turnover of Rs.7341
crore (including subsidy of Rs.5363 crore) as compared to Rs.5804 crore
(including subsidy of Rs.3918 crore) in the previous year, registering an
increase of 26%. The increase in turnover is due to higher sales of
urea and industrial products and increase in subsidy due to escalation
in prices of inputs i.e. petroleum products and natural gas.
The earnings before interest, depreciation and tax (EBIDTA) at Rs.342
crore was higher than Rs.302 crore achieved in previous year inspite of
higher salaries and wages, repairs & maintenance, etc. mainly due to
higher production/sale of urea and industrial products. The profit
before tax was Rs.184.20 crore (previous year Rs. 203.92 crore) and profit
after tax was Rs.126.73 crore (previous year Rs.138.50 crore). The
reduction in net profit was due to higher incidence of interest
expenditure of Rs.66.24 crore (previous year Rs. 9.15 crore) mainly
attributed to higher utilization of working capital and short term
loans arising out of delay in receipt of subsidy and increase in input
prices and interest rates. Interest amounting to Rs.75.09 crore was
capitalized during the year.
For Ammonia Feedstock Changeover Projects (AFCP) at Panipat, Bathinda
and Nangal, Rupee term loan of Rs.3850 crore has been arranged from
consortium of 13 Banks with State Bank of India as lead Bank. As on
31st March, 2012, long term loans of Rs.1342 crore were outstanding for
the AFCP capital scheme. In terms of Gol Policy notified on 6th March,
2009, the Company is entitled to capital subsidy after successful
commissioning of AFCP projects over a period of five years towards
project cost, interest on borrowed capital and return on own funds. For
financing Urea Capacity Enhancement Projects at Vijaipur, Rs.80.96 crore
of Buyers Credit, Rs.100.40 crore through Bonds and Rs.77.45 crore through
External Commercial Borrowings (ECBs) have been utilized. The
short-term borrowings of the Company as at 31st March, 2012, stood at Rs.
1383.82 crore, including cash credit utilization, short-term loans,
working capital demand loan, etc. (Rs.421.84 crore as at 31st March,
2011). Delay in timely receipt of urea subsidy and hike in the prices
of inputs (Gas/FO/LSHS) lead to higher working capital borrowings. For
identifying and managing the foreign exchange and interest risks,
Company has put in place Foreign Currency and Interest Rate Risk
Your Company has a consistent track record of dividend payment. So far,
your Company has disbursed cumulative dividend of Rs.981.74 crore to the
shareholders. The Board of Directors have recommended payment of
dividend @ 7.8% (Rs.0.78 per share) for the year 2011-12. The total
dividend pay out would be Rs.44.48 crore (including dividend tax of Rs.6.21
crore), and a sum of Rs.12.67 crore has been transferred to the General
CAPITAL & RESERVES
The Paid-up Capital and Reserves and Surplus as at 31st March, 2012
were Rs.491 crore and Rs.1264 crore respectively.
During the year, your Company produced 34.01 lakh tonnes of Urea
compared to 33.80 lakh tonnes in the previous year. This included ever
best neem coated urea production of 6.4 lakh tonnes compared to 1.2
lakh tonnes in the previous year. The overall urea capacity utilization
was 105.3%. Vijaipur Plants registered ever-best production of 19.14
lakh tonnes surpassing previous best of 18.71 lakh tonnes achieved in
2004-05. Extra production from Vijaipur Plants over and above the
installed capacity was 1.85 lakh tonnes. Vijaipur-I and Vijaipur-ll
units achieved ever-best Ammonia production of 5.44 lakh tonnes and
5.86 lakh tonnes respectively, surpassing previous best of 5.29 lakh
tonnes and 5.60 lakh tonnes in 2005-06 and 2006-07 respectively.
Vijaipur-ll plant achieved ever-best urea production of 10.12 lakh
tonnes surpassing previous best of 9.74 lakh tonnes in 2006-07.
Due to operational problems, there was a production shortfall of urea
at Panipat and Bathinda against the rated capacity, which was partially
compensated by additional production of 25.1 thousand tonnes from
Company in its endeavour to optimally utilize surplus ammonia from
Vijaipur Unit and to produce cost effective/competitive industrial
products at Nangal, achieved ever-best production of industrial
products during the year.
During the year, Company had to procure spot gas intermittently up to
December, 2011 to meet additional requirement of gas at Vijaipur-ll
after partial retrofitting in April, 2011 and shortfall arising out of
reduced availability of Administered Pricing Mechanism (APM)/Panna
Mukta Tapti (PMT) Gas. Supply of additional gas commenced from
December, 2011 against allocation made by Gol for Vijaipur. Poor coal
quality continues to be an area of serious concern, one of the factors
responsible for higher energy consumption at Panipat, Bathinda and
Nangal Units, for improvement of which continuous efforts are being
SALES & MARKETING
Company''s prime business is production and sale of urea. It sold
33.89 lakh tonnes of Urea (including 6.4 lakh tonnes of Neem coated
Urea) against 33.59 lakh tonnes (including Neem Coated Urea of 1.21
lakh tonnes) in the previous year.
Sales performance in the Industrial Products segment, which include
Nitric Acid, Ammonium Nitrate (Lumps & Melt) has been significant at Rs.
171 crore vis-a-vis Rs.122 crore in the previous year, registering a
growth of 40%. This included, sales worth Rs.38 crore of Ammonium Nitrate
(Melt), a new product marketed this year.
During the year Bio-fertilizers (powder and liquid) worth Rs.2.59 crore
were sold against Rs.0.87 crore in the previous year. Agri-Business
The Company has been making foray into diverse agri-based business viz.
Seeds, Compost, Micorhizza and Bentonite Sulphur. During the year,
turnover of Rs.22.72 crore was achieved compared to Rs.10.28 crore in the
previous year primarily on account of sale of seeds.
Promotion of balanced use of fertilizers
During the last three decades, the Company has been working closely
with farming community by ensuring supply of quality fertilizers and
other agri-inputs. Company believes in marketing its products and
services through extensive field demonstrations coupled with an effort
to build relationships with the end users, the farmers. To promote
Company''s Kisan Urea as a household name, various promotional
activities including 100 farmers education programmes, 40
dealers/retailers orientation programmes, 415 field days, 120 block and
front line demonstrations were organized during the year. Company
participated in 44 kisan melas in its marketing territory spread across
Company has four Mobile Soil Testing units attached to Nangal and
Vijaipur Units and Lucknow and Bhopal Zonal Offices. It also has five
static Soil Testing Laboratories at Nangal, Panipat, Vijaipur, Bhopal
and Barabanki. One more static Soil Testing Laboratory is being set up
at Balasore in Odisha. Micro Nutrient''s Labs at Nangal, Vijaipur and
Panipat Units are also being set-up. During the year, 48276 Samples for
macro nutrients and 766 samples for micro nutrients were analyzed. 15
Trials on non-pressure Urea Ammonium Nitrate solution have been laid
out at Punjab Agriculture University, Ludhiana. 33 Trials on use of
Liquid Bio-Fertilizers were conducted at Kisan Vikas Kendras in the
marketing territory of the Company.
MODERNIZATION AND EXPANSION PROJECTS
Revamp of fuel-oil based plants at Nangal, Bathinda & Panipat
The Company has undertaken capital schemes for change over of feedstock
from Fuel-oil to Natural Gas at Panipat, Bathinda and Nangal involving
a total investment of Rs.4066 crore with a completion period of 36 months
from the Zero date i.e. 29th January 2010. The commissioning of the
project at Nangal is scheduled by the end of December, 2012 and that of
Panipat and Bathinda by January, 2013. Capital expenditure of Rs.1546.17
crore towards these projects has been incurred upto 31st March, 2012.
These Projects are being implemented on Lumpsum Turnkey (LSTK) basis.
Panipat and Bathinda projects are being implemented by M/s. Larsen &
Toubro (L&T) with process licence from M/s. Haider Topsoe Associates.
Nangal Project is being implemented by consortium of M/s. Tecnimont SPA
Italy and M/s. Technimont ICB, Mumbai with process licence from M/s.
KBR. M/s. Projects & Development India Limited (PDIL) has been engaged
as Project Management Consultant for all the three projects.
Firm allocation of gas from Gol is awaited to meet the gas requirement
after completion of feedstock conversion projects. Company is following
up for allocation of indigenous gas, alternatively RLNG shall be
utilized for feed. The natural gas pipelines have already been laid and
commissioned for Nangal and Bathinda units. Last mile connectivity to
Panipat unit is in progress.
Capacity Augmentation & Energy Saving Project (ESP) at Vijaipur
The Company has undertaken Capacity Augmentation of Ammonia & Urea
plants at its Vijaipur-I & II units, including installation of Carbon
Dioxide Recovery (CDR) plant at an investment of around Rs.650 crore.
Commissioning of capacity augmentation of Ammonia and Urea Plants was
earlier planned for November, 2011, however, due to delay in supply of
certain equipment, the same has been undertaken in April/July, 2012.
Ammonia and Urea Revamp Projects of Vijaipur-I have been commissioned
on 24th April, 2012. Carbon Dioxide Recovery (CDR) Plant was
commissioned on 23rd May, 2012 and Ammonia and Urea Revamp Projects at
Vijaipur-ll are likely to be commissioned in July, 2012. The capital
expenditure of T426.26 crore has been incurred upto 31st March, 2012.
Joint Venture with M/s. KRIBHCO & M/s. RCF
Company has a Joint Venture Urvarak Videsh Limited with M/s.
KRIBHCO and RCF as promoters. The main object of the joint venture
company is to explore investment opportunity abroad and within the
country in nitrogenous, phosphatic and potassic sectors and to render
consultancy services for setting up projects in India and abroad.
Revival of closed units of M/s. FCIL
Government of India on nomination basis has allotted NFL & Engineers
India Limited (EIL) and NFL & Steel Authority of India Limited (SAIL)
for revival of closed units of FCIL at Ramagundam and Sindri
respectively. Separate MoUs have been entered with EIL and SAIL and
pre-project activities have been undertaken. First Stage clearance of
BIFR for these projects is awaited.
Amongst the three Ms, management of human resource is most important
for success of any organization. NFL continues to strive for
development of its human resource for realization of its full
potential. The total Manpower strength of the Company as on 31st March,
2012 was 4515 comprising of 1942 Executives and 2573 Non Executives.
The total manpower includes 242 women employees of which 104 are in
Various HR initiatives for the benefit of employees have been
undertaken including implementation of Defined Contribution
Superannuation Pension Scheme, Review of Performance Management System
and implementation of Performance Related Pay.
During the year, to hone the skills and instill behavioral and
personality development traits in all supervisory staff and managerial
cadre, Company achieved 18,250 mandays training for employees with the
aid of in-house and external training programmes. Training programmes
were identified by systemizing organizational needs with individual
needs through Performance Management System.
To give exposure to technology change in connection with Ammonia Feed
Stock Change over Project being undertaken at Company''s three Units,
41 personnel were sent to Copenhagen, Denmark for training principally
on Haider Topsoe Technology, which is being put to use at Panipat and
Bathinda Units. On site training at KRIBHCO, Hazirafor50 persons was
arranged to expose them to the KBR technology being used for Nangal
Revamp. Training on Distributive Control System/Emergency Shutdown
System at Honeywell Works, Pune was also arranged.
Industrial relations in the Company continued to be harmonious during
the year. Continuous interaction between the Management and
Employees'' representatives contributed in maintaining the harmony.
IMPLEMENTATION OF OFFICIAL LANGUAGE
Your Company is continuously making efforts for the propagation and
successful implementation of the Official Language Policy of the Union
of India. The Official Language Implementation Committees at Unit and
Corporate Level regularly held their quarterly meetings to monitor and
review the progress made in achieving the targets fixed as per the
annual programme of Department of Fertilizers (DoF).
In order to increase the use of Hindi in office work, 32 Hindi
workshops were organized during the year in which 710 employees
participated. Hindi Pakhwara, on the occasion of Hindi Divas (14th
September), was observed in all the Offices/Units of the Company.
Various Hindi competitions/programmes were organized during the Hindi
Pakhwara in which 325 employees participated. Winners of Hindi
Competitions were suitably awarded. 59 Employees were awarded cash
prize under the Cash Incentive Scheme for doing maximum work in Hindi.
Panipat Unit and Zonal Office Bhopal have been awarded Raj Bhasha
Shield by respective Town Official Language Implementation Committees
for outstanding work in Hindi.
Information Technology (IT) is being widely used to promote the
official language in the various offices of the Company. Bilingual
software was provided across the Units to impart working knowledge of
Hindi as well as computer training programmes were extensively held to
enable employees to use the software.
REPRESENTATION OF SCs/STs, OBCs AND PHYSICALLY DISABLED
Your Company has been implementing reservation policies of Gol for
SCs/STs/OBCs/Persons with Disabilities. Representatives of SCs/STs
categories are associated in Recruitment of Departmental Promotion
Committees. A statement showing representation of employees belonging
to Scheduled Castes / Scheduled Tribes / Backward Classes/Physically
Disabled categories is appended as Annexure-VIII to this report.
The Company is making use of information technology (IT) to improve
efficiency & productivity in its various business functions. Presently
home grown software applications are in use for various business
functions. In its endeavour to bring about uniformity in implementation
of IT Applications across the company, In-house common Financial
Accounting & Payroll Systems based on Oracle were implemented across
Company has implemented Local Area Network (LAN), Multi-protocol Label
Switching (MPLS) based Virtual Private Network (Wide Area Network) for
connectivity amongst Corporate Office, Units and Marketing Offices.
Internet connectivity to the employees at Units and Offices has been
provided through Leased Line / Broadband. High-speed datacards have
been provided to the field personnel of marketing to upload sales data
Company is extensively using the facility of e-procurement, e-payment
and e-receipt for bringing efficiency and transparency in the business
system. Implementation of Mobile based Fertilizer Monitoring System
(MFMS) is under way, which will provide information on the movement of
fertilizers from the manufacturers to the retailers.
Company accords highest priority to Industrial Safety, Ecology &
Pollution Control. The safety and occupational health of its employees
and external stake-holders are of paramount importance and all these
attributes are embedded within the core values of the organization.
Safety/Environment Audit is carried out at production units from time
Silos for collecting fly ash from ESP hoppers using dense phase
pneumatic Conveying System have been installed at Panipat, Bathinda and
Nangal Units for evacuation of ash from the plants. All the Units are
ISO 9001-2000 certified for Quality Management System, ISO-14001
certified for Environment Management System and have received OHSAS-
18001 certification for occupational health and safety management
Recognizing the need to balance human economic development with
environment protection, Company has adopted the concept of sustainable
development. A separate chapter at Annexure-VI in this report deals at
length with your Company''s initiatives and commitment to environment
conservation and sustainable development.
CORPORATE SOCIAL RESPONSIBILITY
Corporate Social Responsibility (CSR) is an evolving concept and has
moved away from being just philanthropic to becoming an integral part
of strategy of the company. The Company is committed towards upliftment
of under privileged sections of the society and has supported various
social and community initiatives touching the lives of a large number
of people. Under the umbrella of CSR, Company is engaged in undertaking
farmer friendly social activities that have helped in improving socio
economic status of farming community. The major focus of these
programmes is on creating awareness about health and hygiene, children
education, women empowerment, skill development for self-employment,
water conservation, rain-water harvesting and ground water recharging.
During the year 2010-11 and 2011-12, Company earmarked Rs.3 crore and
Rs.3.25 crore respectively for CSR activities, against which till 31st
March, 2012, an expenditure of Rs.1.90 crore has been incurred and Rs.3.19
crore stands committed towards activities under execution. The unspent
amount has been carried over to 2012-13. The major CSR initiatives
undertaken by your Company are detailed in a separate Annexure-VII.
THE RIGHT TO INFORMATION ACT, 2005
In consonance with the provisions of the Right to Information Act,
2005, Company has appointed Appellate Authorities/Public Information
Officers/Assistant Public Information Officers at all the Units/Offices
of the Company to respond effectively to the requests of the applicants
under the Act.
In synchronization with the directions of Central Information
Commission (CIC), for promotion of Institutional transparency within
the Public Authority through proactive and effective implementation of
Section 4 of the RTI Act, 2005, the Company has also appointed a
Company has created necessary mechanism to meet the objective to bring
out transparency in the functioning of organization as envisaged by RTI
WHISTLE BLOWER POLICY
Your Company relies in transparency and propriety in its business
dealings. To take this object further, Company has put in place a
Whistle Blower Policy providing for a mechanism to the employees and
other stakeholders to report concerns about unethical behaviour, actual
or suspected fraud or violation of Code of Conduct or Ethics Policy.
The disclosures under the Policy are to be made to Ethics Committee
Chaired by Director (Finance). In case of conflict of interest, the
whistle blower can directly approach the Chairman of the Audit
Committee. The policy provides for adequate safeguards against
victimization of employees who avail of the mechanism. During the year,
no disclosures have been received under the whistle blower mechanism.
In Vigilance, focus continued to be given to preventive vigilance. Due
thrust was given to maintaining high degree of awareness amongst the
employees. Apart from streamlining the systems and providing
flexibility to the Units to perform better, efforts were made to build
confidence across the organization to facilitate faster decision
Emphasis was on for computerization of activities relating to award of
contracts, purchases, etc. to ensure transparency. In line with
instructions received from the Department of Fertilizers/Central
Vigilance Commission, emphasis is being given on leveraging of
technology e.g. e-payments/ receipts/procurement/tendering to
facilitate transparency and avoid delays.
Regular interactions were organized between the vigilance functionaries
and the line managers to understand the role of vigilance and to
educate them on the policies, guidelines and procedures of the Company.
In order to impart proper training to the employees, a detailed
programme was prepared for organizing training programmes/workshops
related to Vigilance activities at various offices/Units of the
Company. Vigilance Awareness Week was observed at all the Units
involving all employees to create an environment of ethical growth in
AWARDS & ACCOLADES MoU
Company has received Excellent rating for the MoU 2010-11, which
is eleventh excellent rating in a row.
During the year, Company and its employees received number of
prestigious Accolades and Awards.
a) First Award for excellence in ''Cost Management'' in the category
of Large Public Sector Enterprises (PSEs) for 2010 from the Institute
of Cost Accountants of India.
b) Panipat Unit was conferred as the ''WINNER'' for the year 2009 &
''RUNNERS-UP'' for the year 2008 by the Government of Haryana for
Lowest Accident Frequency rate for Panipat Unit.
c) Ms Neeru Abrol, Director (Finance) was awarded Best Business
Achiever Award in Woman Category by the Institute of Chartered
Accountants of India.
d) Scope Excellence Award 2009-10 was awarded to Ms. Neeru Abrol,
Director (Finance) for Outstanding Woman Manager among all the
CPSEs, which was presented by Hon''ble Prime Minister of India at
Vigyan Bhawan, New Delhi.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
Management Discussion & Analysis Report covering the operations and
future prospects of the Company is appended as Annexure-I to this
STATUTORY AUDITORS & STATUTORY AUDITORS REPORT
The Statutory Audit of your Company was conducted by M/s. DSP &
Associates and M/s. Thakur, Vaidyanath Aiyar & Co., Chartered
Accountants, who were appointed as Joint Statutory Auditors for the
financial year 2011-12 by Comptroller & Auditor General of India
(C&AG). Auditors'' Report on the Accounts of the Company for the
financial year ended 31st March, 2012 is at Annexure-ll.
The review of Annual Accounts of your Company for the year ended 31st
March, 2012 by the C&AG under Section 619(4) of the Companies Act, 1956
forms part of this report as Annexure-lll and do not call for any reply
as no comments as supplementary to Statutory Auditor Report have been
Pursuant to the directions of Central Government for audit of Cost
Accounts, your company has appointed Shri S.D.M. Nagpal for Nangal,
M/s. Sanjay Gupta & Associates for Bathinda, Shri Shome & Bannerjee for
Panipat and M/s. Chandra Wadhwa & Co. for Vijaipur-I & II as Cost
Auditors for the year ended 31st March, 2012.
As prescribed under the Cost Accounting Records (Report) Rules, 2001,
the cost accounting records are being maintained by all the Units of
The Cost Audit Reports for the financial year 2010-11 were filed as
Unit Date of filing of Report
Vijaipur I 05.09.2011
Vijaipur II 05.09.2011
The Company believes Corporate Governance is the fountain head of
shareholder''s value creation. The Company has in place a well defined
Corporate Governance Mechanism which considers the interests of
all stakeholders. A separate section on Corporate Governance forming
part of this Directors'' Report alongwith the Auditors'' Certificate
conforming to the Compliance of Corporate Governance Code as provided
in Clause 49 of the Listing Agreement is at Annexure-IV.
REPORT ON ENERGY CONSERVATION,TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO
Disclosures in terms of Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, in respect of
conservation of Energy and Technology Absorption and Foreign Exchange
earnings and outgo are at Annexure-V.
PARTICULARS OF EMPLOYEES
None of employees of the Company is drawing remuneration in excess of
the limits prescribed under section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement of Section 217(2AA) of the Companies Act
1956, your Directors confirm that: -
i. in the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed and no material departure has
been made there from by the Company;
ii. the Directors had 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 2011-12 and of the
profit of the Company for that period;
iii. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
iv. the Directors have prepared the Annual Accounts on a going concern
Shri Satish Chandra, Joint Secretary, DoF, Director on the Board of the
Company held the Additional Charge as Chairman & Managing Director from
31st March, 2011 to 23rd December, 2011.
Shri Munikoti Niranjan Rao, a practicing Chartered Accountant who was
appointed as an Additional Director on the Board on 6th May, 2011, has
been elected as Director at the previous AGM held on 12th September,
Shri Suresh Chandra Gupta, Joint Secretary, DoF has been appointed as
Additional Director w.e.f. 12th September, 2011 and Shri Sham Lai
Goyal, Joint Secretary, DoF has been appointed as Additional Director
and assigned the additional charge as Chairman & Managing Director
since 23rd December, 2011.
Notice has been received u/s 257(1) of Companies Act, 1956 for
appointment of Shri Suresh Chandra Gupta and Shri Sham Lai Goyal as
Directors at the Annual General Meeting.
In accordance with the provisions of Article 76(2) of the Articles of
Association of the Company, Shri Munikoti Niranjan Rao shall retire by
rotation at the Annual General Meeting and being eligible has offered
himself for reappointment.
CODE OF CONDUCT
In line with the requirements of Clause 49 of Listing Agreement, the
Board Members and the Senior Management Personnel have affirmed
compliance with the Code of Conduct for the financial year ended 31st
The Board of Directors acknowledge their gratitude for the valuable
guidance and support received from the Gol in particular DoF,
Fertilizer Industry Coordination Committee (FICC), various State
Governments, Financial Institutions, Banks, stakeholders and all others
whose continued support has been a source of strength to the Company.
Your Directors also acknowledge the suggestions received from Statutory
Auditors, Cost Auditors and Comptroller and Auditor General of India
and are grateful for their continued support and cooperation.
The Board would like to place on record its appreciation to the hard
work, commitment and unstinting efforts put in by the employees at all
For and on behalf of the Board of Directors
(Sham Lai Goyal)
Place: New Delhi Chairman & Managing Director
Date: 25th July,2012