iron processing | britannica

iron processing | britannica

iron processing, use of a smelting process to turn the ore into a form from which products can be fashioned. Included in this article also is a discussion of the mining of iron and of its preparation for smelting.

Iron (Fe) is a relatively dense metal with a silvery white appearance and distinctive magnetic properties. It constitutes 5 percent by weight of the Earths crust, and it is the fourth most abundant element after oxygen, silicon, and aluminum. It melts at a temperature of 1,538 C (2,800 F).

Iron is allotropicthat is, it exists in different forms. Its crystal structure is either body-centred cubic (bcc) or face-centred cubic (fcc), depending on the temperature. In both crystallographic modifications, the basic configuration is a cube with iron atoms located at the corners. There is an extra atom in the centre of each cube in the bcc modification and in the centre of each face in the fcc. At room temperature, pure iron has a bcc structure referred to as alpha-ferrite; this persists until the temperature is raised to 912 C (1,674 F), when it transforms into an fcc arrangement known as austenite. With further heating, austenite remains until the temperature reaches 1,394 C (2,541 F), at which point the bcc structure reappears. This form of iron, called delta-ferrite, remains until the melting point is reached.

The pure metal is malleable and can be easily shaped by hammering, but apart from specialized electrical applications it is rarely used without adding other elements to improve its properties. Mostly it appears in iron-carbon alloys such as steels, which contain between 0.003 and about 2 percent carbon (the majority lying in the range of 0.01 to 1.2 percent), and cast irons with 2 to 4 percent carbon. At the carbon contents typical of steels, iron carbide (Fe3C), also known as cementite, is formed; this leads to the formation of pearlite, which in a microscope can be seen to consist of alternate laths of alpha-ferrite and cementite. Cementite is harder and stronger than ferrite but is much less malleable, so that vastly differing mechanical properties are obtained by varying the amount of carbon. At the higher carbon contents typical of cast irons, carbon may separate out as either cementite or graphite, depending on the manufacturing conditions. Again, a wide range of properties is obtained. This versatility of iron-carbon alloys leads to their widespread use in engineering and explains why iron is by far the most important of all the industrial metals.

There is evidence that meteorites were used as a source of iron before 3000 bc, but extraction of the metal from ores dates from about 2000 bc. Production seems to have started in the copper-producing regions of Anatolia and Persia, where the use of iron compounds as fluxes to assist in melting may have accidentally caused metallic iron to accumulate on the bottoms of copper smelting furnaces. When iron making was properly established, two types of furnace came into use. Bowl furnaces were constructed by digging a small hole in the ground and arranging for air from a bellows to be introduced through a pipe or tuyere. Stone-built shaft furnaces, on the other hand, relied on natural draft, although they too sometimes used tuyeres. In both cases, smelting involved creating a bed of red-hot charcoal to which iron ore mixed with more charcoal was added. Chemical reduction of the ore then occurred, but, since primitive furnaces were incapable of reaching temperatures higher than 1,150 C (2,100 F), the normal product was a solid lump of metal known as a bloom. This may have weighed up to 5 kilograms (11 pounds) and consisted of almost pure iron with some entrapped slag and pieces of charcoal. The manufacture of iron artifacts then required a shaping operation, which involved heating blooms in a fire and hammering the red-hot metal to produce the desired objects. Iron made in this way is known as wrought iron. Sometimes too much charcoal seems to have been used, and iron-carbon alloys, which have lower melting points and can be cast into simple shapes, were made unintentionally. The applications of this cast iron were limited because of its brittleness, and in the early Iron Age only the Chinese seem to have exploited it. Elsewhere, wrought iron was the preferred material.

Although the Romans built furnaces with a pit into which slag could be run off, little change in iron-making methods occurred until medieval times. By the 15th century, many bloomeries used low shaft furnaces with water power to drive the bellows, and the bloom, which might weigh over 100 kilograms, was extracted through the top of the shaft. The final version of this kind of bloomery hearth was the Catalan forge, which survived in Spain until the 19th century. Another design, the high bloomery furnace, had a taller shaft and evolved into the 3-metre- (10-foot-) high Stckofen, which produced blooms so large they had to be removed through a front opening in the furnace.

The blast furnace appeared in Europe in the 15th century when it was realized that cast iron could be used to make one-piece guns with good pressure-retaining properties, but whether its introduction was due to Chinese influence or was an independent development is unknown. At first, the differences between a blast furnace and a Stckofen were slight. Both had square cross sections, and the main changes required for blast-furnace operation were an increase in the ratio of charcoal to ore in the charge and a taphole for the removal of liquid iron. The product of the blast furnace became known as pig iron from the method of casting, which involved running the liquid into a main channel connected at right angles to a number of shorter channels. The whole arrangement resembled a sow suckling her litter, and so the lengths of solid iron from the shorter channels were known as pigs.

Despite the military demand for cast iron, most civil applications required malleable iron, which until then had been made directly in a bloomery. The arrival of blast furnaces, however, opened up an alternative manufacturing route; this involved converting cast iron to wrought iron by a process known as fining. Pieces of cast iron were placed on a finery hearth, on which charcoal was being burned with a plentiful supply of air, so that carbon in the iron was removed by oxidation, leaving semisolid malleable iron behind. From the 15th century on, this two-stage process gradually replaced direct iron making, which nevertheless survived into the 19th century.

By the middle of the 16th century, blast furnaces were being operated more or less continuously in southeastern England. Increased iron production led to a scarcity of wood for charcoal and to its subsequent replacement by coal in the form of cokea discovery that is usually credited to Abraham Darby in 1709. Because the higher strength of coke enabled it to support a bigger charge, much larger furnaces became possible, and weekly outputs of 5 to 10 tons of pig iron were achieved.

Next, the advent of the steam engine to drive blowing cylinders meant that the blast furnace could be provided with more air. This created the potential problem that pig iron production would far exceed the capacity of the finery process. Accelerating the conversion of pig iron to malleable iron was attempted by a number of inventors, but the most successful was the Englishman Henry Cort, who patented his puddling furnace in 1784. Cort used a coal-fired reverberatory furnace to melt a charge of pig iron to which iron oxide was added to make a slag. Agitating the resultant puddle of metal caused carbon to be removed by oxidation (together with silicon, phosphorus, and manganese). As a result, the melting point of the metal rose so that it became semisolid, although the slag remained quite fluid. The metal was then formed into balls and freed from as much slag as possible before being removed from the furnace and squeezed in a hammer. For a short time, puddling furnaces were able to provide enough iron to meet the demands for machinery, but once again blast-furnace capacity raced ahead as a result of the Scotsman James Beaumont Nielsens invention in 1828 of the hot-blast stove for preheating blast air and the realization that a round furnace performed better than a square one.

The eventual decline in the use of wrought iron was brought about by a series of inventions that allowed furnaces to operate at temperatures high enough to melt iron. It was then possible to produce steel, which is a superior material. First, in 1856, Henry Bessemer patented his converter process for blowing air through molten pig iron, and in 1861 William Siemens took out a patent for his regenerative open-hearth furnace. In 1879 Sidney Gilchrist Thomas and Percy Gilchrist adapted the Bessemer converter for use with phosphoric pig iron; as a result, the basic Bessemer, or Thomas, process was widely adopted on the continent of Europe, where high-phosphorus iron ores were abundant. For about 100 years, the open-hearth and Bessemer-based processes were jointly responsible for most of the steel that was made, before they were replaced by the basic oxygen and electric-arc furnaces.

Apart from the injection of part of the fuel through tuyeres, the blast furnace has employed the same operating principles since the early 19th century. Furnace size has increased markedly, however, and one large modern furnace can supply a steelmaking plant with up to 10,000 tons of liquid iron per day.

Throughout the 20th century, many new iron-making processes were proposed, but it was not until the 1950s that potential substitutes for the blast furnace emerged. Direct reduction, in which iron ores are reduced at temperatures below the metals melting point, had its origin in such experiments as the Wiberg-Soderfors process introduced in Sweden in 1952 and the HyL process introduced in Mexico in 1957. Few of these techniques survived, and those that did were extensively modified. Another alternative iron-making method, smelting reduction, had its forerunners in the electric furnaces used to make liquid iron in Sweden and Norway in the 1920s. The technique grew to include methods based on oxygen steelmaking converters using coal as a source of additional energy, and in the 1980s it became the focus of extensive research and development activity in Europe, Japan, and the United States.

sandur manganese share price live today - why sandur manganese share price is falling by 1.43% today? sandur manganese share price analysis | etmarkets

sandur manganese share price live today - why sandur manganese share price is falling by 1.43% today? sandur manganese share price analysis | etmarkets

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This is a ratio arrived at by dividing the current market price of a stock by its latest (annual or annualized) earnings per share. Here we have taken the TTM (trailing twelve months) adjusted earnings per share.

Dividend Yield calculates the amount of full year dividend declared by a company as a percentage of the current market price of a stock. All other things being equal, higher the dividend yield of the stock, the better it is for investors.

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Sandur Manganese & Iron Ores Ltd., incorporated in the year 1954, is a Small Cap company (having a market cap of Rs 1,928.67 Crore) operating in Mining sector. Sandur Manganese & Iron Ores Ltd. key Products/Revenue Segments include Iron Ore, Manganese Ore, Silico Manganese, Other Operating Revenue, Waste/Scrap, Power for the year ending 31-Mar-2020.For the quarter ended 31-03-2021, the company has reported a Standalone Total Income of Rs 363.58 Crore, up 197.16 % from last quarter Total Income of Rs 122.35 Crore and up 211.47 % from last year same quarter Total Income of Rs 116.73 Crore. Company has reported net profit after tax of Rs 70.91 Crore in latest quarter.The companys top management includes Mr.S Y Ghorpade, Mr.Mubeen Ahmed Sheriff, Mr.Md Abdul Saleem, Mr.Jagadish Rao Kote, Mr.H L Shah, Dr.Latha Pillai, Mr.Rajnish Singh, Mr.G P Kundargi, Mr.S S Rao, Mr.Bahirji A Ghorpade, Mr.T R Raghunandan, Mr.Sachin D Sanu. Company has R Subramanian & Co. LLP as its auditors. As on 31-03-2021, the company has a total of .90 Crore shares outstanding. Show More

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sandur manganese & iron ores directors report | sandur manganese & iron ores director details - the economic times

sandur manganese & iron ores directors report | sandur manganese & iron ores director details - the economic times

The Company earned profit before tax of Rs.16,452.18 lakh after charging Rs.742.63 lakh towards depreciation on fixed assets and Rs.494.90 lakh towards interest. After charging income tax of Rs.5,420.00 lakh and deferred tax of Rs.380.00 lakh, the profit for the current year is Rs.10,652.18 lakh.

The Companys production of manganese ore increased by 16.83% and iron ore increased by 37.41% during the financial year 2017-18. The Company witnessed an increase in sales of manganese ore by 27.23% and iron ore by 11.63% during the financial year 2017-18.

The Company has been able to step up its iron ore production in 4th Quarter following Central Empowered Committee (CEC) permitting restoration of iron ore production limit to 1.60 Million Tonnes Per Annum (MTPA) in December 2017.

The Companys production of Silico Manganese increased by 17.92% and sales increased by 38.57% as compared to previous year. Increase in production and sales of Silico Manganese was largely driven by improvement in price realization for the product.

The Company has embarked upon implementation of the Stage I of the Iron & Steel (I&S) Project (0.4 MTPA Coke Oven Plant (COP), 30 MW Waste Heat Recovery Boiler (WHRB) and Repair and Refurbishment of Ferroalloy Plant) aimed at ensuring long term sustainability of its ferroalloy business, together with ensuring sustained usage of its own manganese ore for producing value added ferroalloys. The Company is targeting to complete the Stage I by October 2019.

Bhoomi Puja and Foundation Stone laying Ceremony for Phase 1 of 1 MTPA Steel Plant was held on 19 March 2018. Shri R. V. Deshpande, Minister for Large & Medium Industries & Infrastructure Development, Government of Karnataka and Shri Sajjan Jindal, Chairman, JSW Group were Chief Guests for the occasion.

The Ministry of Mines and Indian Bureau of Mines have introduced the Sustainable Development Framework (SDF) and have undertaken a system of rating mining leases. As part of this initiative, both the mining leases (Nos. 2678 and 2679) of the Company have been awarded Five Star rating for 2016-17 at the 3rd National Conclave on Mines and Minerals held at New Delhi on 20 March 2018.

The evaluation system for star rating (1-5) under SDF programme commenced in 2014-15 and the Company has successively received Five Star rating for all the last three years, and is the only Mining Company in Karnataka to have done so.

In addition to recognition that its procedures are of International Standards, this will also enable the Company to get higher score in the Sustainable Development Framework (SDF) of Indian Bureau of Mines (IBM) which entitles Star Rating of mines by the Ministry of Mines, Government of India. Presently, the Company is achieving a score of 92-93% for both the Mining Leases and with this ISO Certifications, the Company should be able to score up to 98% in SDF.

MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitment affecting the financial position of the Company occurred between the end of the financial year to which these financial statements relate and the date of this report.

Accordingly, approval of the shareholders is being sought at the ensuing Annual General Meeting for dividend of Rs.7/- per share (including Rs.5/- paid as interim dividend) for the financial year 2017-18.

In terms of clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014, the Company is required to furnish particulars of the contract entered into by the Company with its related parties in the Boards Report.

All related party transactions that were entered into during the financial year were on an arms length basis and were in the ordinary course of business. All Related Party Transactions are placed before the Audit Committee and also the Board for approval. During the year, the Company has not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Since all the related party transactions were in ordinary course of business and at arms length, hence, no disclosure in Form AOC-2 has been made.

As mentioned earlier, the Company, in order to ensure long term viability of its business has commenced work on Stage I of Phase 1 of the I&S Project. In furtherance of this objective, it is proposed that the Company and SMPPL amalgamate. Accordingly, the Board of Directors at its meeting held on 14 February 2018 has approved the Draft Scheme of Amalgamation of SMPPL with the Company.

An application, in pursuance of Regulation 37 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI(LODR), Regulations, 2015] has been submitted to BSE Limited seeking its Noobjection to the Draft Scheme before approaching the National Company Law Tribunal (NCLT) for the same. The application is under process.

SMPPL has a ferroalloy plant and a 32 MW thermal power plant which is used as a captive unit for its ferroalloy operations. The entire fixed assets of SMPPL have been leased to the Company from 1 February 2016 on a short-term basis. As a result, SMPPL did not have any manufacturing operations during the period under review, and the main source of revenue was only lease rental from the Company.

The details of the loans and guarantees given and investments made by the Company find mention in Note Nos.5, 6 and 27(b) of the audited financial statements. There are no changes in these figures from the date of audited financials to the date of this report.

The Company has not accepted any fixed deposits from the public during the financial year under review. The Company did not have any deposits at the beginning of the financial year. Thus, provisions of Section 73 of the Companies Act 2013 are not applicable to the Company.

In accordance with the Indian Accounting Standard (Ind AS) 110 on Consolidated Financial Statements and in terms of provisions of Section 129(3) of the Companies Act, 2013, consolidated financial statements of the Company and its subsidiary are forming part of the Annual Report.

In accordance with Section 136 of the Companies Act, 2013, the audited financial statements including consolidated financial statements along with the Auditors Report and Directors Report thereon are available on the Companys website, www. sandurgroup.com. Further, separate audited accounts in respect of the subsidiary are also posted on the website.

As on date of this Report, the Board is constituted of one Managing Director, one Whole-Time Director, four Non-Executive Directors (including the Chairman, a Woman Director and the newly inducted non-executive director; appointed on 30 May 2018), and five Independent Directors. The Company is in the process of appointing an Independent Director. The Managing Director, Whole Time Director, Chief Financial Officer and the Company Secretary constitute the Key Managerial Personnel of the Company.

The Board appointed Rajnish Kumar Singh as an Additional Director with effect from 1 January 2018. Subject to ratification of the shareholders, the Board has also appointed him as a whole-time director designated as Director (Corporate) for a period of 3 years with effect from 1 January 2018. Resolution seeking shareholders approval for his appointment is being sought by way of postal ballot.

P. Anur Reddy, Principal Chief Conservator of Forests -Wildlife (Retired), has been appointed as an additional director on 30 May 2018. Subject to ratification of the shareholders, the Board has also appointed him as a Non-Executive Director. Resolution seeking shareholders approval for his appointment is being sought by way of postal ballot.

With a view to enable Md Abdul Saleem to pay significant attention and be continuously available for supervising mining operations in his capacity as Vice President (Mines), he was allowed to step down from the post of Company Secretary with the closure of business hours on 31 March 2018

T. R. Raghunandan, is liable to retire by rotation at the ensuing 64th AGM and being eligible, has offered himself for reappointment. He is not disqualified from being appointed as a director as specified under Section 164 of the Companies Act, 2013. The Board recommends his re-appointment.

The policy of the Company on directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under sub-section (3) of Section 178 of the Companies Act, 2013, adopted by the Board, can be accessed on the Companys website at http://sandurgroup.com/Policies.html.

All five independent directors of the Company meet the criteria of independence as provided under sub-section (6) of Section 149 of the Companies Act, 2013. Declarations to this effect have also been received from them.

As mandated by the statutory provisions of the Companies Act, 2013 and SEBI(LODR) Regulations, 2015, the Nomination and Remuneration Committee has devised a mechanism for carrying out formal annual evaluation of the Board, its Committees and individual directors.

On induction, the independent directors on Board are familiarized with the nature of Industry and the Companys business operations. They are updated on a frequent basis with regard to operations of the Company. Any material development is intimated promptly. The Management encourages active participation by the independent directors in management of the Company and accordingly, any advice or suggestion provided by any of the Independent Directors is taken seriously and diligently implemented, and any clarification sought by the Independent Directors with regard to the Companys operations is duly addressed.

Further, at the time of appointment of a director, the Company issues a formal letter of appointment entailing his/her role, function, duties and responsibilities as a director. The terms and conditions of appointment of independent director are available on the Companys website.

Currently, the Board has seven committees - namely Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Environment Committee, Corporate Social Responsibility Committee, Risk Management Committee and Project Committee.

The Audit Committee comprises four Independent Directors, namely, B. Ananda Kumar as its Chairman, V. Balasubramanian, S. S. Rao, G. P. Kundargi and a Non-Executive Director, Vatsala Watsa, as its members.

The Company believes in conduct of its affairs in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethics. The Company has established a vigil mechanism towards this end.

In accordance with sub-section (9) of Section 177 read with Rule 7(2) of the Companies (Meetings of Board and its Powers) Rules, 2014, the Companys Audit Committee is required to oversee the vigil mechanism.

The Committee oversees the vigil mechanism which has been established to address genuine concerns about unethical behavior, actual or suspected fraud or violation of the Companys Code of Conduct and Ethics if expressed by any of the employees and other Directors.

The Company has also provided adequate safeguards against victimization of employees and Directors, in the event of any such concern. The Company has also provided direct access to the Chairman of the Audit Committee in matters concerning financial/ accounting and concerns relating to personnel belonging to levels above Senior General Manager.

(b) 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 31 March 2018 and of the profit and loss of the Company for the year ended 31 March 2018;

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

The Board of Directors has laid down internal financial controls to be followed by the Company and report that such internal financial controls are adequate and operating effectively. Your Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.

The Company has a well-defined delegation of power with authority limits for approving revenue as well as capital expenditure. The Company uses a state-of-the-art Enterprise Resource Programming (ERP) system to record data for accounting, consolidation and management information purposes and connects to different locations for efficient exchange of information. It has continued its efforts to align all its processes and controls with global best practices.

M/s. P. Chandrasekar LLP, Chartered Accountants, have been appointed to oversee and carry out internal audit of Companys activities. The audit is based on an internal audit plan, which is reviewed each year in consultation with the statutory auditors and the audit committee. In line with international practice, the internal audit plan aims at review of internal controls and risks in operations. The audit committee reviews audit reports submitted by the internal auditors. Suggestions for improvement are considered and the audit committee follows up on them.

The extract of Annual Return pursuant to the provisions of Section 92(3) read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is furnished as Annexure - B attached to this Report.

M/s. R. Subramanian and Company LLP, Chartered Accountants, Chennai (Firm Registration No. FRN004137S), were appointed as Statutory Auditors of the Company at the 63rd Annual General Meeting held on 26 September 2017 in terms of the provisions of Section 139 of Companies Act, 2013, to hold office until the conclusion of 68th Annual General Meeting, subject to ratification at each Annual General Meeting.

In view of the above, the Board will not be placing any resolution seeking shareholders ratification of appointment of M/s. R. Subramanian and Company LLP, Chartered Accountants, Chennai as Statutory Auditors of the Company at annual general meetings during the course of its remaining tenure.

Auditors Report on the financial statements of the Company is forming part of this Annual Report. No qualifications, reservations or adverse remarks have been made by the Statutory Auditors in the said Report.

Pursuant to provisions of sub-section (1) of Section 204 of the Companies Act, 2013, the Company is required to annex with its Boards Report a secretarial audit report, given by a company secretary in practice.

N. D. Satish, Practicing Company Secretary (ICSI Membership No.33507 and Certificate of Practice No.12400) has been appointed as Secretarial Auditor of the Company for the financial year 2017-18. The Secretarial Audit Report is forming part of this Annual Report as Annexure- C.

The Secretarial Auditor has stated in his Report that there have been delays in filing of returns/e-forms with the Registrar of Companies in few instances. In this regard, the Board hereby states that the said delays were inadvertent and unintentional and the Company is striving to ensure timely filing of forms.

It is observed in the Secretarial Audit Report that the Board composition is not in compliance with provisions of Regulation 17 of the SEBI (LODR) Regulations, 2015 during the period 1 January 2018 to 31 March 2018.

In this connection, the Board states that the composition of Board digressed for a brief period of 3 months when an executive director was appointed with effect from 1 January 2018. However, the composition was corrected upon retirement of another executive director with effect from closure of working hours on 31 March 2018.

In terms of Section 148(2) of the Companies Act, 2013 read with Rule 4 of the Companies (Cost Records and Audit) Rules, 2014 issued by the Ministry of Corporate Affairs (MCA), the Company is required to get its cost accounting records audited by a cost auditor.

In accordance with Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014, the cost auditor is required to submit his report within 180 days from the date of closure of the financial year and within thirty days from the date of receipt of the cost audit report and the Company is required to file a copy of the same with the Ministry of Corporate Affairs (MCA). The Cost Audit Report for the Financial Year 2016-17 was filed with the MCA on 12 October 2017.

The Directors Report on Corporate Governance is annexed to this report. The certificate of the Auditors, M/s R. Subramanian and Company LLP, Chartered Accountants, regarding compliance of conditions of Corporate Governance as stipulated in Clause E of Schedule V of SEBI (LODR) Regulations, 2015 is also annexed.

The Management Discussion and Analysis Report forms part of the Annual Report in Compliance with Clause (e) of Sub-regulation (2) of Regulation 34 read with Schedule V of SEBI (LODR) Regulations, 2015.

The Board constituted the Risk Management Committee on 28 May 2014. Though statutorily, only top 100 listed companies (based on the market capitalization) are required to have a Risk Management Committee, the Board has decided for continuation of the Risk Management Committee, so that the Company would align with practices followed by top 100 listed companies in the country.

The Board at its 256th meeting held on 28 October 2005 had prescribed the Risk Management and Minimisation procedures. These procedures are reviewed on a regular basis by the Board. Risk management includes identifying types of risks and its assessment, risk handling, monitoring and reporting.

Company has also constituted Coordination Committee to monitor various departments and sections of the Company and specified operational responsibilities. The Risk Management Committee focuses on macro level and external risks, and the Coordination Committee consisting of Executive level of the Board i.e., the Whole-time directors, in association with Senior Management Personnel, take steps for identification, assessment, mitigation and monitoring of internal and operational risks.

The Company has been, for close to six decades, consciously contributing towards betterment of the local area and living standards of its people, and also protection and improvement of the Environment.

Being socially, environmentally and ethically responsible and also to add value to the operations while contributing towards the long-term sustainability of business, the Board of Directors has further strengthened its resolve to do more for the development of the area and improvement of living conditions of the surrounding rural population.

The Companys Corporate Social Responsibility Policy can be accessed on Companys website at http://sandurgroup.com/doc/ CSR/CSRPolicy.pdf. There has been no change in the Policy during the year under review.

Particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as prescribed in Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are set out in Annexure- E to this Report.

Dividends remaining unpaid and unclaimed for a period of seven years from the date of transfer to the unpaid dividend account are required to be transferred to the Investor Education and Protection Fund (IEPF).

Pursuant to the provisions of sub-section (12) of Section 197 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the names and other particulars are set out in Annexure - F.

In compliance with the Sexual Harassment ofWomen at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013, the Company has constituted an Internal Complaints Committee (ICC) for the prevention and redressal of complaints related to sexual harassment at workplace.

The directors wish to thank members of judiciary, its associates and legal fraternity for their strong commitment to justice, fairness and equity. The directors also extend their gratitude to the Central and State Governments for their support as well as confidence and recognitions bestowed on the Company.

The directors wish to place on record their appreciation of all its employees for their commendable team work, professionalism and dedication. And ultimately, the Board of Directors wish to thank all the government agencies, the promoters, business associates, banks and investors for their continued support and trust.

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iron ore mining business investment opportunity in sandur, india seeking inr 10 crore

iron ore mining business investment opportunity in sandur, india seeking inr 10 crore

SMERGERS scrutinizes all profiles and only features a select group of businesses, investors, advisors that meet a basic requirement. When required, certain members may have submitted some form of proof read more

rating rationale

rating rationale

CRISIL has assigned its 'CRISIL A-/Stable/CRISIL A2+' rating on the bank loan facilities of The Sandur Manganese and Iron Ores Limited (SMIORE).The rating reflects the strong market position of SMIORE as the fifth largest iron ore miner in Karnataka and the largest private miner of manganese ore in India, supported by its existence of more than six decades and large mining reserves, with long tenure of mining licenses. The rating also factors current debt-free balance sheet, with liquidity surplus of over Rs 200 crore as on March 31, 2018.SIMORE (part of The Sandur group) has commenced with a major debt-funded capital expenditure (capex) programme, budgeted at Rs 600 crore, over the next eight quarters. The aforesaid capex shall be funded by way of term debt of Rs 400 crore and internal accruals, parked mainly in debt mutual funds, for the remaining quantum. The capex being undertaken is multi-pronged, wherein the group plans to set up a 0.4 million tonnes per annum coke oven facility, a 30 MW waste heat recovery-based (WHRB) power plant and also upgrade the existing ferroalloy plant apart from establishing additional evacuation infrastructure for its mines. The WHRB plant is expected to bring down the power cost substantially. Reduced power cost is likely to result in major cost savings for the ferroalloy manufacturing business, whose operations are currently creating a lag on the group's overall profitability. Surplus power, over and above the requirement of the ferroalloy unit, is expected to be sold to the grid after the commissioning of the WHRB plant, thereby further boosting the earnings profile of the group.The group has purchased land for the coke oven plant and has initiated the process for import of equipment. Term debt, of Rs 400 crore, along with commensurate working capital, has been sanctioned. However, with the capex being at a nascent stage, the group faces sizeable risks relating to cost and time overruns in the course of setting up the new facilities, apart from major offtake risks for its coke production, expected to commence by March 2020. These risks, along with vulnerability of the group's operating margin to commodity prices constrain the rating.The progress of the capex shall remain a key monitorable over the medium term.

For arriving at the rating of SMIORE, CRISIL has combined the business and financial risk profiles of SMIORE and its subsidiary, Star Metallics and Power Private Limited (SMPPL), together referred to as the 'Sandur' group. This is because both the companies have common management, operational linkages and financial fungibility between them.

CRISIL believes that the Sandur group will continue to benefit from its strong market position in the mining industry. The outlook may be revised to 'Positive' if the group completes the ongoing capex ahead of schedule and within the budgeted cost estimates, resulting in higher-than-expected revenue and cash generation. Conversely, the outlook may be revised to 'Negative' if there and time or cost overruns in the ongoing capex, or if demand-side issues result in lower-than-offtake of the coke produce.

The Sandur group consists of SMIORE and Star Metallics and Power Private Limited (SMPPL).SMIORE is engaged in mining of low phosphorous manganese and iron ore in the Hospet-Bellary region of Karnataka. It is the fifth largest iron ore miner in Karnataka and the largest private miner of manganese ore and is the flagship business of the royal family of Ghorpades.SMPPL, a subsidiary of SMIORE, has a 36,000 tonnes per annum ferroalloy plant and a 32 MW coal-based captive power plant.

Note for Media:This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc.

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