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Gujarat Mineral Development Corporation Ltd.

BSE: 532181 Sector: Metals & Mining
NSE: GMDCLTD ISIN Code: INE131A01031
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VOLUME 19508
52-Week high 181.20
52-Week low 89.05
P/E 12.74
Mkt Cap.(Rs cr) 4,997
Buy Price 0.00
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Sell Price 0.00
Sell Qty 0.00
OPEN 162.25
CLOSE 161.35
VOLUME 19508
52-Week high 181.20
52-Week low 89.05
P/E 12.74
Mkt Cap.(Rs cr) 4,997
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gujarat Mineral Development Corporation Ltd. (GMDCLTD) - Director Report

Company director report

BOARD'S REPORT 2015-16

To

The Shareholders

Gujarat Mineral Development Corporation Limited Your Directors have pleasure inpresenting 53rd Board's Report along with the audited accounts of yourCorporation for the financial year 2015-16.

1. FINANCIAL RESULTS

Our profit after tax for the year is ' 23997 lakh as against ' 50032 lakh last year.

Financial Results 2015-16 2014-15
( Rs. In lakh)

( Rs. In lakh)

Operating profit 46803 77313
Less: Interest - -
Profit after interest but Before depreciation 46803 77313
Less: Depreciation 13140 13727
Profit before tax & exceptional items 33663 63586
Less: Exceptional items - -
Profit before tax 33663 63586
Less: Provision for tax for the year including deferred tax 9666 13554
Net profit after tax 23997 50032
Add: Balance of Profit brought forward 45867 32317
Less: Excess/Short provision of Deferred tax liability (net)
Profit available for appropriation 69864 82349
Less: Appropriations
(i) Proposed Dividend 9540 9540
(ii) Corporate tax on dividend 1942 1942
(iii) General Reserve - 25000
Balance carried to Balance Sheet 58382 45867

2. REVIEW OF THE BUSINESS OPERATIONS 2.1 LIGNITE PROJECTS:

During the year the Company operated six lignite mines namely PanandhroMata-No-Madh Rajpardi Tadkeshwar Bhavnagar and Umarsar Lignite Mines. During the yearunder review 69.68 lac tones of lignite were produced from these mines. The mine-wiseproduction figures are as follows:

Name of mine Lignite production in lakh MT
1 Panandhro 29.88
2 Mata-No-Madh 13.70
3 Tadkeshwar 7.87
4 Rajpardi 1.03
5 Bhavnagar 8.77
6 Umarsar 8.43
Total 69.68

2.2 POWER PROJECT - NANI CHHER

During the year under review 2 x 125 MW Akrimota Thermal Power Station is runningsuccessfully. This year the Power Plant has turned around and performed very well byproducing 1427.42 MUs having 65% PLF booking a net profit of ' 5.75 crore.

2.3 WIND AND SOLAR POWER

Wind Farm Projects of 150.9 MW are situated at different locations in Gujarat and 5 MWpSolar Power Project is situated at Panandhro Lignite Project which are runningsatisfactorily. The Wind Projects have achieved 23.48% PLF (Plant Load Factor) whereasSolar Project is running at 18.38% CUF (Capacity Utilization Factor). During the yearunder review the Company also commenced setting up of another 50 MW of wind power amongwhich 4 MW has already been commissioned. With this the total installed capacity of windpower would become 200.9 MW.

2.4 BAUXITE

During the year 2015-16 the Gadhsisa Group of bauxite mine has produced NIL M.T. of(+) 52% A12O3 bauxite and 17355 MT of (-) 52% A12O3bauxite.

During the year 2015-16 the Gadhsisa group of mines sold 219 MT of (+) 52% A1203bauxite and 259548 MT of (-) 52% A1203 bauxite along with 108 MT of mine dust.

2.5 MEWASA BAUXITE PROJECT MEWASA

Your corporation has started bauxite mining operations at its Mewasa Bauxite Mines inDevbhoomi Dwarka district of Gujarat from 28.04.2016. The annual production capacity ofthis mine is 1.25 lakh MT.

2.6 FLUORSPAR PROJECT KADIPANI (DIST. VADODARA) GMDC along with M/s. GujaratFluoro Chemicals Limited and M/s Navin Fluorine Chemicals Limited is setting up thefluorspar beneficiation project a single largest project of 40000 MTPA capacity atKadipani. Selection of suitable technology is completed and further necessary action willbe taken. The recent valuation of asset and land lying at Kadipani is in the final stage.

2.7 MANGANESE

During the period 2015-16 Corporation has disposed of 7998 MT of manganese Ore Wastedump lying at Pani Area of Panchmahal district.

During the period 2015-16 Corporation has disposed of 29090 MT of manganese Ore Wastedump lying at Shivrajpur Area of Baroda district.

3. DIVIDEND

Your Directors have pleasure to recommend a dividend of 150% i.e. ' 3 per share onequity shares. An amount of ' 9540 lakh on paid up equity share capital of ' 6360 lakhshall be paid as dividend.

4. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

In terms of Section 205 C of the Companies Act 1956 and applicable provisions of theCompanies Act 2013 any unclaimed dividend or unpaid Dividend relating to the financialyear 2008-09 will be transferred to the Investor Education and Protection Fund establishedby the Central Government on due date.

5. CONTRIBUTION TO STATE & CENTRAL EXCHEQUER: The Company has contributed tothe State Exchequer an amount of ' 23531.01 lakh including Royalty of ' 5011.67 lakh andSales Tax of ' 18519.34 lakh.

The Company has contributed to the Central Exchequer an amount of ' 14550 lakh asIncome Tax ' 3661.80 lakh as Central Excise & ' 15206.94 lakh as Clean Energy Cess.

6. SHARE CAPITAL

During the year under review the issued subscribed and paid-up share capital remainedconstant at ' 63.60 Crore divided into 318000000 equity shares of ' 2 each.

7. FINANCE AND TAXATION

Income Tax assessment of the Corporation has been completed up to the Financial Year2012-13 and the Sales Tax assessment has been completed up to the Financial Year 2011-12.

8. INTERNAL AUDIT

M/s G S V & Co. Chartered Accountants and M/s. Ashok Chhajed & Associates wereappointed as Internal Auditors of the Corporation for the Financial Year 2015-16. Afterthe end of the financial year the Company has decided to appoint M/s R S Patel & Co.Chartered Accountants as internal auditor in place of M/s Ashok Chhajed & Associates.

9. STATUTORY AUDIT

M/s. S C Ajmera & Co. Chartered Accountants were appointed Statutory Auditors ofthe Company by the Comptroller & Auditor General of India for the Financial Year2015-16.

10. AUDIT BY COMPTROLLER AND AUDIT GENERAL OF INDIA (C & AG)

Being a Government Company the C & AG has carried out supplementary audit of yourCompany pursuant to Provisions of Section 143 (6) of the Companies Act 2013. The C &AG has not offerred any adverse comment upon or supplement to statutory audit report whichhas been shown separately under the title - Report of the Comptroller and Auditor Generalof India.

11. COST AUDIT

Shri Manish B. Analkat was appointed as Cost Auditors of the Corporation for the year2015-16. The Cost Audit Report has been filed on 15.09.2015 for the Financial Year2014-15.

12. SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act 201 3 the Company hasappointed M/s. Arvind Gaudana & Company Company Secretary in Practice to undertakethe Secretarial Audit of the Company for the year 2015-16. The Report of the SecretarialAudit Report is annexed herewith as Annexure I.

13. STATUS OF VARIOUS JOINT VENTURES

13.1 Gujarat Jaypee Cement & Infrastructure Limited

This project is no more viable due to escalation in project cost. As such the JVPartner has approached GMDC with a request to wind up the project. The Company has alreadydecided to close this joint venture and the same will be closed in due course of time.

13.2 Gujarat Gokul Power Limited

To implement the project for setting up 125 MW Power plant in Joint Venture betweenGMDC and M/s. Gokul Refoils & Solvents Limited a JVC under the name of M/s. GujaratGokul Power Limited was incorporated. The required land for the project was purchased andrelated project activities will be started.

13.3 Gujarat State Mining & Resources Company Limited

This Company's name has been struck off and stands dissolved.

13.4 Naini Coal Company Limited

Naini coal Block was allocated jointly to the Company and Pondicherry IndustrialPromotion Development & Investment Corporation Limited (PIPDICL) and to develop theCoal Block Naini Coal Company Limited was incorporated as the JVC. Due to slow progresson the project because of non-receipt of PL approval from Govt. of Odisha Ministry ofCoal Govt. of India de-allocated the block invoking 50% of the Bank Guarantee. Thecompany had filed petition in the High Court of Gujarat. The Hon'ble Supreme Court ofIndia has cancelled all the allocated coal blocks which include Naini Coal Block also.Hence this joint venture will be closed in due course.

13.5 RBG Mineral Industries Limited

For transfer of Ambaji assets to the JV valuation of Ambaji assets was necessarywhich was assigned to Indian Bureau of Mines (IBM) Nagpur. The report received from IBMwas forwarded to JV Partner. The future course in this joint venture is under review bythe company.

13.6 Gujarat Credo Mineral Industries Limited

The first phase of the project i.e. Dry beneficiation of low grade bauxite has beencommissioned. The second phase of the project i.e. Zeolite manufacturing is under trialrun.

13.7 Alumina and Aluminium Smelter Plant

Land required for the project has been allocated by

Government and part possession has been taken. Process for obtaining possession ofremaining portion of land also is under progress. The draft Project Report for 0.5 MTPAAlumina plant is under consideration by NALCO.

13.8 Speciality Alumina Chemicals

Project Construction activities shall start as soon as land is allocated by theGovernment to the JV Partner.

13.9 Fluorspar Beneficiation plant

Pilot study of ore was conducted through BGRIMM China and the ore has been foundsuitable for producing Acid Fluorspar. EPC contract will be finalized soon. Currently thevaluation of assets of GMDC is being carried out.

13.10 Aikya Chemicals Private Limited

It is expected that the Project will commence production in near future.

13.11 Bhavnagar Energy Company Limited

The Company is one of the promoters of Bhavnagar Energy Company Limited. The share ofequity of GMDC in BECL is 23.36%. The company has invested ' 197.65 crore as equity uptofinancial year 2015-16. BECL is setting up a 500 MW power plant at village Padva Ta.Ghogha Dist. Bhavnagar.

14. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTRELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Companyoccurred between the ends of the financial year to which these financial statements relateon the date of this report.

15. ENVIRONMENT PROGRAMME

Environmental Management refers to the management of an organization's environmentalprograms in a comprehensive systematic planned and documented manner. It includes theorganizational structure planning and resources for developing implementing andmaintaining policy for environmental protection.

GMDC has established a separate environment department having qualified and experiencedstaff. Environment Policy of GMDC itself shows its commitment towards environmentprotection and compliance of statutory requirements even go beyond compliance byintegrating best practices in every operational activity with assigned line-functions.

During the year 2015-16 GMDC has planted total 230996 plant saplings covering 101.12Hectares of mine lease and residential colony areas through State Forest Department localvillagers societies and departmental labour etc. Grassland has developed in 18 hectaresof reclaimed area as well 1.5 hectares on non-active permanent overburden dumps using geocoir mat. For water conservation micro drip irrigation system has been installed in 99.34hectares area of mine lease and residential colony.

Under statutory compliances: Timely renewal of statutory permission of TadkeshwarLignite Project and Rajpardi Project Colony from GPCB. Monthly environmental monitoringfor air water and noise pollution is being done in-house as well as through Ministry ofEnvironment & Forests/Gujarat Pollution Control Board approved laboratory. As per theguidelines of Central Pollution Control Board (CPCB) Online Effluent Analyzers have beeninstalled in ETP Outlet along with its data transfer to CPCB as well as GPCB. AnnualEnvironmental Audit in applicable to GMDC projects is being done by GPCB approved ScheduleI Auditor. Oil Skimmers have been installed at Mata no Madh lignite project and TadkehwarLignite Project for the treatment and reuse of workshop effluent. For the first timeSustainability Report of GMDC as per GRI guidelines has been published for the year2014-15 which shows Economic Environmental and Social performance of GMDC as per GRIguidelines and application level check of the same also has been certified by GlobalReport Initiative (GRI) Organization.

To create environmental awareness among all employees and surrounding communitiesincluding schools various environmental awareness programs have been conducted throughcelebration of World Environment Day and Van Mahotsav in various GMDC projects.

For the year 2016-17 we have initiated work towards Forest Clearance at KadipaniFluorspar Project and Wildlife Clearance of Ambaji Multimetal Mine as well as ShivrajpurManganese Project etc.

16. INDUSTRIAL RELATIONS HEALTH AND SAFETY

The relations between the company and its employees continued to be cordial throughoutthe year. The company is also committed to the health and safety of not only its staff butalso of the people engaged through its contractors and community living in and around itsproject areas. Dispensaries with qualified doctors and paramedical staff are in operationat Panandhro Akrimota Thermal Power Plant Rajpardi and Kadipani Projects. Mobile medicalvans facilities are also operational at various projects. At every project GMDC providesISI & DGMS safety shoes and other safety devices and adopts best safety practices.

The Company is an OHSAS 18000 certified company. Regular health checkup ofemployees engaged in Mining and Power segment including employees engaged throughcontractors transporters etc. are conducted.

17. PARTICULARS OF EMPLOYEES

The Company did not have any employee who was employed throughout the financial yearand in receipt of

remuneration of ' 60 lakh or more or employed for part of the year and in receipt of '5 lakh or more a month under Rule 5 (2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014.

The table containing other particulars of employees in accordance with the provisionsof Section 197 (1) of the Companies Act 2013 read with Rule 5 (1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is appended atAnnexure II to the Board's Report.

18. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

Additional information on conservation of energy technology absorption foreignexchange earnings and outgo as required by the Section 134 (3) (m) of the Companies Act2013 read with Rule 8 (3) of the Companies (Accounts) Rules 2014 is annexed as AnnexureIII and forms part of this report.

19. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OFTHE COMPANY

Looking to the profile of GMDC i.e. Mining and Power Operations GMDC has inbuiltrisk management practices to address various operational risks. The Company has standardoperating processes for various mining operations in order to mitigate procedures andprevent risk arising out of various operations. GMDC has no external borrowings. Hencethere is no financial risk that can impact GMDC's Financial Position. GMDC primarily dealswith natural resources. Hence Policy of Government may impact GMDC's operationalstrategy.

GMDC's risk management process revolves around following parameters:

1. Risk Identification and Impact Assessment

2. Risk Evaluation

3. Risk Reporting and Disclosure

4. Risk Mitigation

Company has also set up a Risk Management Committee.

20. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013

There were no loans and guarantees given by the company under Section 186 of theCompanies Act 2013. During the year under review the Company made an investment of ' 25crore in the equity of Bhavnagar Energy Company Limited.

21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

The particulars of contracts or arrangements with the

Related Parties during the year under review are provided at Annexure IV in Form AOC-2.

22. EXPLANATION OR COMMENTS ON QUALIFICATIONS RESERVATIONS OR ADVERSE REMARKS ORDISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There were no qualifications reservations or adverse remarks or disclaimers made bythe statutory auditors or C & AG in their report on the standalone and consolidatedaccounts for the year 2015-16. The C & AG has also not offerred any adverse commentupon or supplement to Statutory Auditor Report. The qualifications reservations oradverse remarks or disclaimers made by the practicing Company Secretary and explanationsthereto are given at Annexure I forming part of this report.

23. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT PAYMENT OF REMUNERATION ANDDISCHARGE OF THEIR DUTIES

The Company being a Government Company the Government of Gujarat appoints itsDirectors except the Independent Directors. The company does not pay any remuneration toits Directors except the sitting fees and out of pocket expenses. The IndependentDirectors are appointed by the Shareholders in their General Meeting. Except the ManagingDirector all the Directors of the Company are non-executive directors.

24. EXTRACTS OF ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and Administration) Rules 2014 is appended in Annexure Vto this report.

25. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW

The Company had conducted 6 Board Meetings under the financial year under review.

26. DIRECTORS' RESPONSIBILIY STATEMENT

In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby submits its Responsibility Statement:-

a. In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

b. The Directors has selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of financial year and of theprofit and loss of the company for that period;

c. The Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for

safeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;

d. The Directors had prepared the annual accounts on a going concern basis; and

e. The Directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.

f. The Directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

27. DEPOSITS

The Company has neither accepted nor renewed any deposits during the year under review.

28. DECLARATION OF INDEPENDENT DIRECTORS The Independent Directors have submittedtheir disclosures to the Board that they fulfill all the requirements as stipulated inSection 149(6) of the Companies Act 2013 so as to qualify themselves to be appointed asIndependent Directors under the provisions of the Companies Act 2013 and the relevantrules.

29. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM Duringthe year under review the Audit Committee consisted of the following members:

i. Shri Bhadresh Mehta

ii. Shri T. Natarajan IAS

iii. Shri S.B. Dangayach

The above composition of the Audit Committee consisted of two independent Directorsviz. Shri Bhadresh Mehta and Shri S.B. Dangayach who form the majority The Chairman ofthe Audit Committee is an Independent Director.

The Company has established a Whistle Blower / Vigil Mechanism Policy. The Company hasalso provided adequate safeguards against victimization of employees and Directors whoexpress their concerns. The Company has also provided direct access to the chairman of theAudit Committee on reporting issues concerning the interests of employees and the Company.

30. SHARES

30.1 BUY BACK OF SECURITIES

The Company has not bought back any of its securities during the year under review.

30.2 SWEAT EQUITY

The Company has not issued any Sweat Equity Shares during the year under review.

30.3 BONUS SHARES

No Bonus Shares were issued during the year under review.

30.4 EMPLOYEES STOCK OPTION PLAN

The Company has not provided any Stock Option Scheme to the employees.

31. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

The Company has in place an Anti Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013. Internal Complaints Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment. All employees (permanent contractual temporarytrainees) are covered under this policy.

The following is a summary of sexual harassment complaints received and disposed offduring the year 2015-16:

No. of complaints received: 1 No. of complaints disposed of: 1

32. CONSOLIDATED FINANCIAL STATEMENT

The Consolidated Financial Statements of the Company have been prepared in accordancewith relevant Accounting Standards (AS) viz. AS 21 AS 23 and AS 27 issued by theInstitute of Chartered Accountants of India form part of this Annual Report. Further astatement containing salient features of the Financial Statement of Subsidiaries /Associate Companies / Joint Ventures in the prescribed format AOC - 1 is given at AnnexureVI.

33. BOARD-OF-DIRECTORS

During the year Shri Atanu Chakraborty IAS was appointed as Chairman vice Shri D.J.Pandian IAS. Subsequently Shri Arvind Agarwal IAS was appointed as Chairman vice ShriAtanu Chakraborty IAS.

Shri B.B. Swain IAS was appointed as Managing Director vice Shri D.J. Pandian IAS.Shri Manoj Aggarwal IAS was appointed as Managing Director vice Shri B.B. Swain IAS.

Shri P.K. Gera IAS was appointed as Managing Director vice Shri Manoj Aggarwal IAS.Shri Arvind Agarwal IAS Chairman was given the additional charge of the ManagingDirector vice Shri P K Gera IAS transferred. Smt. Sonal Mishra IAS was appointed asDirector and Prof Shailesh Gandhi was appointed as Additional Independent Director duringthe year under review. Shri Arunkumar Solanki IAS was appointed as Managing Directorafter the end of the Financial year.

34. CORPORATE GOVERNANCE

As per requirement of SEBI (Listing Obligations & Disclosure Requirement)Regulations 2015 and as per the new listing agreement entered into with the variousStock Exchanges the detailed report on the Corporate Governance is given in Annexure VII.

35. MANAGEMENT DISCUSSION AND ANALYSIS

As per requirement of SEBI (Listing Obligations & Disclosure Requirement)Regulations 2015 and as per the new listing agreement entered into with the variousStock Exchanges Management Discussion and Analysis is given at Annexure VIII and formpart of this report.

36. CORPORATE SOCIAL RESPONSIBILITY (CSR) AND CSR POLICY

The Company believes in being a social responsible corporate citizen. Being a PublicSector Undertaking the Company's business philosophy has had socio economic mandate. Ithas been sensitive towards various stake holders attached to it at various platformswhether they are people residing in surrounding places at its different project areassituated in remotest part of the State be they are investors consumers or industry atlarge. Your Corporation has tried to meet the expectation of various sections of thesociety by reaching out to them be it in the form of providing rural infrastructure inthe field of water sanitation education employment and livelihood micro irrigation orbe it continuous fuel supply to small and medium scale enterprises or be it generousdividend payout policy. During the year under review your company made special efforts tofurther strengthen its reach to various sections of the society in and around its projectareas. Your Company has charted out a focussed and holistic strategy to usher indevelopmental impacts in mineral bearing villages. This would also result in harmoniousrelationship with the society at large. These initiatives would also result in anall-round inclusive growth.

The CSR Policy of the Company is also uploaded on the website of GMDC. The CSR Policyframework of the company is available elsewhere in this annual report. A CSR Report forFiscal 2015-16 as prescribed under Section 135 of the Companies Act 2013 read with theCompanies (Corporate Social Responsibility) Rules 2014 forms part of this Report and isannexed at Annexure IX.

37. BEYOND MINING : INITIATIVES OF GMDC THROUGH VARIOUS CENTRES OF EXCELLENCE

37.1 International Centre of Excellence in Mining Safety & Automation (iCEM):

The company has taken an initiative to establish International Centre of Excellence inMining Safety & Automation (iCEM) at Dev Dholera village in the district of AhmedabadGujarat (India) with an objective to be recognized as the distinguished globalcollaborator to the Mining Industry in the fields of Skill Development and CorporateTraining Demonstration of Technology and Best Practices Education and Training Researchand Development Incubation and Entrepreneurship through continued innovation andexcellence in mining mineral development and facilitating industrial development in jointventures with Industry and Academic Partners. The

construction of Phase-I building of iCEM is completed with a total built up area of4017 sq mts at village Dev Dholera Ta. Bavla Dist. Ahmedabad. iCEM is registered asSociety under Societies Registration Act 1860. iCEM has appointed its Director.

37.2 International Stone Research Centre (ISRC):

International Stone Research Centre (ISRC) is an initiative of Govt. of Gujarat todevelop skilled human resource as Stone Artisans and development of technology for StoneIndustry. The Centre initially will focus on Skill development and Demonstration ofTechnology and Best Practises in the Stone Industry.

37.3International Centre for Entrepreneurship & Technology (iCreate):

Gujarat Foundation for Entrepreneurial Excellence (GFEE) has established iCreate withglobal vision and scope to facilitate entrepreneurial pursuits of youth that focus ontechnology applications for wealth generation employment creation and global competitionto create nurture foster and promote ecosystems for breeding entrepreneurship thatleverages various technologies innovations and creativity. GFEE in turn has set up aCentre of Excellence with a vision to create a complete ecosystem for the pursuit ofTechnology led Entrepreneurship an entity with the trademark - ‘InternationalCentre for Entrepreneurship and Technology - iCreate'. The Centre is undertakingvarious programs such as Grooming Mentoring Awareness Campaign Seminars &Workshops. GMDC has nominated three representatives representing GMDC on the Board ofGFEE.

38. ACKNOWLEDGEMENT

Your Directors are pleased to place on record their deep appreciation for the sincereservices and co-operation extended by the officers employees and workmen of the Companyat all levels. They also wish to place on record their gratitude for the confidence placedin them by financial institutions and investors. Further your Directors wish to thankvarious departments of the Central Government viz. the Ministry of Environment and ForestMinistry of Coal Ministry of Mines and various bodies of State Government of Gujarat viz.Industries & Mines Department the Finance Department Commissionerate of Geology andMining and Gujarat State Pollution Control Board. The Directors also extend theirheartiest thanks to the esteemed customers and shareholders of the Corporation for theirvalued co-operation.

For and on behalf of the Board-of-Directors

Arunkumar Solanki IAS Bhadresh Mehta
Managing Director Independent Director
Date : 24th June 2016
Place : Ahmedabad