Meeting

India’s
growing energy
Northern Coalfields Limited
A Miniratna Company
(A Subsidiary of Coal India Limited)

needs

Annual Report 2023-24

1
 Contents

SL. PARTICULARS PAGE NO.

1. Vision & Mission 1
2. Board of Directors 2
3. Auditors & Bankers 4
4. Notice of 39th Annual General Meeting 5
5. Chairman’s Statement 9
6. Important Financial, Operational Details and Graphical 13
Representations.
7. Director’s Report 23
8. Annexures to the Director’s Report:
I Annual Report on Corporate Social Responsibility. 79
II Information on conservation of Energy, Technology 86
Absorption, Foreign Exchange Earnings and Outgo.
III Management Discussion and Analysis Report 94
IV Profile of Directors 100
V Disclosures u/s 188(1) of Companies Act, 2013 103
VI Disclosures u/s 186(4) of Companies Act, 2013 104
VII Corporate Governance Certificate 106
VIII Secretarial Auditor’s Report and Management Replies 107
thereto
IX CEO and CFO Certification 111
X Independent Auditor’s Report 112
9. Comments of Comptroller and Auditor General of India & 126
Management Explanation thereto.
10. Balance Sheet 133
11. Statement of Profit & Loss 135
12. Cash Flow Statement 137
13. Statement of Changes in Equity 139
14. Notes accompanying Financial Statements. 141
1
Board of Directors
CHAIRMAN CUM MANAGING DIRECTOR

Shri B. Sairam

OFFICIAL PART-TIME DIRECTORS

Shri Vinay Ranjan Shri Venkateshwarlu Marapally

NON OFFICIAL PART-TIME (INDEPENDENT) DIRECTOR

Smt. Subeena Bansal

FUNCTIONAL DIRECTORS

Shri Manish Kumar Shri Rajneesh Narain Shri Jitendra Malik Shri Sunil Prasad Singh
Director (Personnel) Director (Finance) Director (Tech/Oprns) Director (Tech/P&P)

Shri Sushanta Kumar Panda

Company Secretary
Board of Directors
(During the Year 2023-24)

Chairman Cum Managing Director

Shri B.Sairam - (w.e.f. 13.03.2024)
Shri Manish Kumar (Additional Charge) - (w.e.f. 01.02.2024 upto 13.03.2024)
Shri Bhola Singh - (upto 31.01.2024)

Official Part-time Directors

Shri Vinay Ranjan - Director(Personnel & IR), Coal India Limited
(whole year)
Shri Venkateshwarlu Marapally - Director(Technical), Ministry of Coal
(whole year)

Non-Official Part-time (Independent) Directors

Smt.Subeena Bansal - (Whole Year)

Functional Directors
Shri Manish kumar - Personnel (Whole Year)
Shri Rajneesh Narain - Finance (Whole Year)
Shri Jitendra Malik - Technical (Project & Planning) (upto 04.07.2023)
Technical (Operations) (w.e.f. 04.07.2023)
Shri Sunil Prasad Singh - Technical (Project & Planning) (w.e.f. 04.07.2023)
Dr. Anindya Sinha - Technical (Operations) (upto 30.06.2023)

Company Secretary
Shri Sushanta Kumar Panda - (Whole Year)
 Auditors Bankers
Statutory Auditor
M/s. R SHAH & Co.,
Chartered Accountants,
Waidhan (M.P.)
Branch Auditors
M/s. Agrawal Mittal Co.,
Chartered Accountants, Bina
M/s. Jitendra Chander Associates,
Chartered Accountants
Gwalior (M.P.)

Lead Cost Auditor

M/s. N.D. Birla & Co.
Cost Accountants
Ahmedabad (Gujarat)

Branch Cost Auditors

M/s. Basu Banerjee Chakraborty
Chattopadhyay & Co.,
Cost Accountants
Hoogly (W.B.)
M/s. Datta Ghosh Bhattacharya
& Associates, Cost Accountants
Kolkata (W.B.)

Secretarial Auditor
M/s K.K. Patel & Associates
Practising Company Secretaries
Gandhinagar (Gujarat)
Depository: National Securities Depository Limited(NSDL)
Registrar & Transfer Agent: NSDL Database Management Limited(NDML)
ISIN Code: INE02ET01017
Registered Office
P. O. Singrauli Colliery, District Singrauli (M.P.) – 486 889
CIN- U10102MP1985GOI003160
www.nclcil.in
- cs.ncl@coalindia.in
- 07805-256581
www.facebook.com/northerncoalfields
www.twitter.com/NCL_SINGRAULI
www.youtube.com/northerncoalfields
www.instagram.com/NCL_SINGRAULI

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 NOTICE
39TH ANNUAL GENERAL MEETING
No. NCL/Board/01(AGM)/2024-25/146 Date: 02.07.2024
NOTICE is hereby given that 39th (Thirty Ninth) Annual 4. To appoint a Director in place of Shri Jitendra Malik
General Meeting of Members of Northern Coalfields Limited (DIN: 09855039), Director who retires by rotation in
will be held on Friday, 5th July, 2024 at 3.20PM at the Registered terms of Section 152(6) of the Companies Act, 2013 and
office of Northern Coalfields Limited, Singrauli(M.P.)-486889 being eligible, offered himself for re-appointment.
through Video Conferencing(“VC”)/Other Audio Visual
Means (“OAVM”) to consider following businesses:- Special Business:
Ordinary Business: To consider and if deemed fit to pass, with or without
modifications, the following resolutions as Ordinary
1. To receive, consider and adopt the Audited Financial Resolution–
Statements of the Company for the financial year
ended March 31, 2024 together with the Report of the 5. Ratification of Remuneration of the Cost Auditors for
Board of Directors, Statutory Auditor and comments of the Financial Year 2023-24.
Comptroller & Auditor General of India thereon.
“RESOLVED THAT pursuant to the provisions of
2. To confirm the payment of Interim Dividends of Section 148(3) of the Companies Act, 2013 read with
Rs.5,450/- per equity share of Rs. 1000/- each and Rule 14 of the Companies (Audit and Auditors) Rules,
declare final dividend of Rs. 200/- per equity share of Rs. 2014 (including any other statutory modification(s) or
1,000/- each for the F.Y. 2023-24. re-enactment thereof for the time being in force), the
3. To appoint a Director in place of Shri Rajneesh Narain remuneration of Cost Auditors for the Financial Year
(DIN: 09759359), Director who retires by rotation in 2023-24 as recommended by the Audit Committee in
terms of Section 152(6) of the Companies Act, 2013 and its 155th meeting held on 21/09/2023 and approved
being eligible, offered himself for re-appointment. by the Board of Directors in its 289th Meeting held on
21/09/2023 as detailed below, be and is hereby ratified:-

Sl. Name of Cost Audit Status Project/ Units Cost Audit fees TA and out Reimbursement
No. Firm No. (in Rs.) of Pocket of Taxes as per
expenses GST Act 2017
1 M/s. N.D. Birla & Co. Lead Cost Auditor Jhingurda, 4,40,000.00 At actual At actual
(FRN-000028) Dudhichua, subject to the
Amlohri, limit of 50%
Block-B, NSC, of audit fees
HQ Units and
Consolidation
of audit reports.
2 M/s. Basu Banerjee Branch Cost Jayant, Nigahi 1,62,000.00 At actual At actual
Chakraborty Auditor -1 and CWS subject to the
Chattopadhyay & Co. limit of 50%of
(FRN-000206) audit fees
3 M/s. Datta Ghosh Branch Cost Krishnashilla 1,62,000.00 At actual At actual
Bhattacharya & Auditor -2 Kakri, Khadia subject to the
Associates (FRN- including limit of 50%
000089) IWSS, Bina of audit fees
including Bina
Deshaling Plant
By Order of the Board of Directors
For Northern Coalfields Limited
Sd/-
Date: 2nd July 2024 (Sushanta Kumar Panda)
Place: Singrauli Company Secretary
M.No. 19740

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 Note: Distribution:

1. The Ministry of Corporate Affairs (“MCA”) vide (With a request to members to make it convenient to attend
its circular dated May 05, 2022 read together with the meeting personally or through Authorised representative,
circulars dated April 08, 2020; April 13, 2020; May 05, as applicable):
2020; December 28, 2022; and September 25, 2023
(collectively referred to as has “MCA Circulars”) has 1. M/s. Coal India Ltd., Member, NCL, Coal Bhawan, New
permitted convening the Annual General Meeting Town, Rajarhat, Kolkata- 700 156.
(“AGM”/ “Meeting”) through Video Conferencing
(“VC”) or Other Audio Visual Means (“OAVM”), 2. Shri P.M. Prasad, Chairman, Coal India Ltd., Member,
without the physical presence of the members at a NCL, Coal Bhawan, New Town, Rajarhat, Kolkata- 700
common venue. In accordance with the MCA circulars 156.
and provisions of the Companies Act, 2013 (‘The Act’),
the AGM of the company is being held through VC/
3. Shri Vinay Ranjan, Director (Personnel & IR), Coal India
OAVM. The deemed venue for the AGM shall be the
Ltd., Member, NCL, Coal Bhawan, New Town, Rajarhat,
Registered Office of the Company.
Kolkata- 700 156.

For attending meeting through VC or OAVM, link

4. Chairman Cum Managing Director, NCL,
shall be provided from the authorised email Id of the
Singrauli - 486 889.
Company well in advance and the facility for joining the
meeting shall be kept open at least 15 minutes before
5. All Directors, NCL Board.
the time scheduled to start the meeting and shall not be
closed 15 minutes after such scheduled time.
6. Chairman, Audit Committee/Nomination &
Remuneration Committee, NCL.
2. Members are also requested to accord their consent for
convening the meeting at a shorter Notice under Section
101 of the Companies Act, 2013 / as per Articles of 7. M/s R Shah & Co., Chartered Accountants, Statutory
Association of Company. Auditor, 432, Jasmine, New Minal Residency, J K Road,
Bhopal, Madhya Pradesh.
3. Since, this AGM is being held through VC/OAVM
pursuant to the MCA Circulars, physical attendance 8. M/s N.D. Birla & Co., Cost Accountants and Lead Cost
of members has been dispensed with. Accordingly, the Auditor, Opp. TownHall, Riverside Near Karnavati
facility for appointment of proxies by the members will Hospital Ellisbridge, Ahmedabad, Gujarat- 380006.
not be available for the AGM and hence the Proxy Form
and Attendance Slip are not annexed hereto. 9. M/s K.K. Patel & Associates, Company Secretaries,
Secretarial Auditor, 508, 5th Floor, Skyline Building,
4. Pursuant to the provision of Section 171(1)(b) and Sector 11, Gandhinagar, Gujarat-382011.
189(4) of the Companies Act,2013, the registers required
to be kept open for inspection at every Annual General Copy to:
Meeting of the company, shall be accessible during the
continuance of the meeting to any person having the 1. Company Secretary, Coal India Ltd., Coal Bhawan, New
right to attend the meeting. Town, Rajarhat, Kolkata- 700156.

5. A statement pursuant to Section 102(1) of the Act, 2. GM(Finance-Corp. Accounts), NCL, Singrauli
relating to the Special Business to be transacted at the
AGM is annexed hereto as “Annexure A”. 3. GM(System), NCL, Singrauli – for uploading the notice
of AGM on NCL’s Website.
6. Details of Director retiring by rotation and seeking
re-appointment at this meeting are provided in the
“Annexure B”.

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 Annexure-A

EXPLANATORY STATEMENT PURSUANT TO SECTION The appointment including remuneration of the Cost Auditors
102(1) OF THE COMPANIES ACT, 2013 appointed for the Financial Year 2023-24 was recommended by
the Audit Committee in its 155th meeting held on 21/09/2023
Item No. 5: Ratification of Remuneration of the Cost and approved by the Board of Directors in its 289th Meeting
Auditors for the Financial Year 2023-24 held on 21/09/2023.
Section 148(3) of the Companies Act, 2013 read with Rule Accordingly, the consent of the members is sought for passing
14(a)(ii) of the Companies (Audit and Auditors) Rules, 2014 an Ordinary Resolution as set out at Item No.5 of the notice
dealing with remuneration of Cost Auditors states that the for ratification of the remuneration payable to Cost Auditors
remuneration recommended by the Audit Committee shall appointed by the Board of Directors for the Financial Year
be considered and approved by the Board of Directors and ended March 31, 2024.
ratified subsequently by the shareholders of the company.
Therefore, the resolution as set out in Item No. 5 of the
The remuneration payable to the Cost Auditors for Coal India accompanied Notice is recommended for approval of
Limited and its subsidiaries had been fixed in Notice inviting members of the company as Ordinary Resolution.
EOI floated for the empanelment and selection of Partnership/
LLP Cost Accountant firms for appointment as Cost auditors None of the Directors, Key Managerial Personnel or their
in Northern Coalfields Limited as per guidelines circulated by relatives is concerned or interested in the resolution.
Coal India Limited.

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 Annexure-B
Details of Directors retiring by rotation & seeking re-appointment at the Annual General Meeting-
In compliance of Secretarial Standard on General Meeting (“SS-2”), the requisite details of Directors seeking re-appointment in
Annual General Meeting is as tabulated below-
Name and designation of Director Shri Rajneesh Narain Shri Jitendra Malik
Director (Finance) Director, Technical (Oprns)
DIN 09759359 09855039
Date of Birth 24/06/1970 01/06/1965
Nationality Indian Indian
Date of Appointment in the Board On 27.09.2022 vide On 27.12.2022 vide
Ministry of Coal’s letter No. Ministry of Coal’s letter No.
21/22/2021-ESTABLISHMENT dated 21/10/2022-ESTABLISHMENT dated
27.09.2022 27.12.2022
Terms and conditions of appointment/ As determined by Government of India. As determined by Government of India.
re-appointment and details of Remuneration details are disclosed Remuneration details are disclosed
remuneration sought and remuneration in Corporate Governance Portion of in Corporate Governance Portion of
last drawn Annual Report. Annual Report.
Qualification and Experience As given under “Brief Profile of As given under “Brief Profile of
Directors” in Annexure-IV of Annual Directors” in Annexure-IV of Annual
Report Report
Shareholding in the company NIL NIL
Relationship with other Directors, Not Related Not Related
Manager and Other KMP
No. of Meeting of Board attended during No. of Meetings held:10 No. of Meetings held:10
the year 2023-24 No. of Meetings attended:10 No. of Meetings attended:09
List of Directorship held in other NIL NIL
Companies
Chairman/ Membership of other Member in CSR Committee and Risk Member in Audit Committee, CSR
Committee in NCL Management Committee Committee and Risk Management
Committee.

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 CHAIRMAN’S STATEMENT

Dear Members,
On behalf of the Board of Directors of Northern Coalfields
Limited, I welcome you all to the 39th Annual General Meeting
of the company and present before you the Annual Report
of our company for the Financial Year 2023-24 comprising:
(i) Audited Annual Financial Statements, the Report of
the Statutory Auditors and the comments of Comptroller
& Auditor General of India; and (ii) Directors’ Report and
Annexures thereto.
In line with the growing energy demand of the nation, NCL
is emphasizing on coal production and productivity to the
best of its ability to meet the clean coal requirement with
focus on enhancing production, productivity with sustained
development and inclusive growth of the society and
stakeholders.
During the year 2023-24, the company scaled to a remarkable Target of 459 MCu.m.) witnessing an increase of 9.50% against
all-time high creating multiple records in production, offtake, 467.47 Million Cu.m. of the previous year.
despatches to power sector and Overburden Removal. Inspite
of odds, NCL has continued its legacy as one of the best Coal production of NCL has scaled up from 13.60 MT in
subsidiary of CIL through its best practices and operational 1986-87 to 136.15 MT in 2023-24 and it is planned to achieve
excellence. 139.00 MT in 2024-25. During the year, around 88.77% of
the coal dispatch i.e., 122.25 MT was dispatched to Power
Company Profile Sector. At the year end, there was no Thermal Power plant
Northern Coalfields Limited was formed in November, 1985 operating under “Critical” Coal category for which NCL is
encompassing Singrauli Coalfields carved out of Central a lead company. This year also witnessed highest ever coal
Coalfields Limited, with its Headquarter at Singrauli, Madhya supplies of 58.73 MT through Rail Mode and of 56.35 MT
Pradesh. The area of Singrauli Coalfields is about 2202 Sq.Km. through dedicated, eco-friendly coal transportation systems
This Coalfields is divided into two basins viz. Moher Sub- (MGR+BPC).
basin (312 Sq.Km) and Singrauli Main basin (1890 Sq.Km). Financial Performance
In Singrauli Coalfields, NCL has geological Coal reserve of
10.15 BT (6.98 BT in Moher Sub-basin and 3.17 BT in Main The company has achieved a gross turnover of Rs. 34,424.76
basin). Out of this, NCL has extracted around 2.33 BT from crore (net turnover Rs. 22,555.95 crore) during the year 2023-
Moher Sub Basin. All the coal mining operations of NCL are 24 against gross turnover of Rs. 32,965.11 crore (net turnover
at present concentrated in Moher Sub-basin through Ten Rs. 21,593.94 crore) during the previous year 2022-23. NCL
Opencast Mines. Singrauli Main basin lies in the western recorded a Profit before Tax (PBT) of Rs. 10,843.63 crore
part of the coalfields and is largely unexplored. NCL is a during the year 2023-24 against PBT of Rs. 9,506.86 crore
Mini Ratna (Category-I) company since 2007 and is a wholly during the previous year 2022-23. Profit after Tax (PAT) stands
owned subsidiary of Coal India Limited under Ministry of at Rs. 8,318.13 crore during the year 2023-24 against PAT of
Coal, Government of India. Rs. 7,123.39 crore during the previous year 2022-23. Earnings
per share (EPS) during the year 2023-24 has Increased to Rs.
Physical Performance 3,295.92 per share against EPS of Rs. 2,822.53 per share in the
During the year 2023-24, NCL recorded the highest ever Coal previous year 2022-23 (As per IND-AS 33”Earning per share).
Production of 136.15 Million Tonnes (against AAP Target Dividend
of 135.00 MT and MoU Target of 138.00 MT) with a growth
of 3.80% as compared to 131.17 Million Tonnes during the During the financial year 2023-24, interim dividend of Rs.
previous year. Similarly, NCL also achieved highest ever 3438.63 crores was paid on 63,09,405 equity share @ 5450 per
Coal Offtake of 137.63 Million Tonnes (against AAP Target share. (Rs. 1362.50 Per share on 2,52,37620 equity share after
of 135.00 MT) with a growth of 3.08% over 133.51 Million issue of Bonus share). The interim dividend paid so far will
Tonnes in the previous year. The company also achieved be treated as part of final dividend on the equity share capital.
Overburden Removal of 511.87 Million Cu.m. (against AAP In addition, a Final Dividend of Rs. 757.13 crores @ Rs 1200

9
 per share was also paid after declaration by members in the Indian Institute of Technology (IIT), BHU, CSIR - National
General Meeting for the year 2022-23. Environmental Engineering Research Institute (CSIR-
NEERI), Visvesvaraya National Institute of Technology
Technology Adoption (VNIT Nagpur), IIT Kharagpur, IIT ISM Dhanbad and CSIR
NCL is the largest volume handling subsidiary of Coal India CIMFR Dhanbad.
Limited (Coal Production of 136.15 MT and Overburden The duration of the sanctioned studies at NCL varies from 5
Removal of 511.87 MCu.m. in 2023-24). There are 10 months to 36 months. Scientific studies being carried out by
mechanized opencast mines worked by Large size Heavy NCL as well as R&D studies (approved by R&D board of CIL)
Earth Moving Machines. NCL deploys largest fleet of are planned to improve safety, productivity and quality of coal
Draglines, Surface Miner and some of the largest size shovel- extraction along with mitigation of the environmental impact
dumper combinations. Total stations and 3-D Laser Scanner on mining activities.
are used for survey along with SURPAC software. Training
for operators of dumpers is imparted on training simulators. During the F.Y. 2023-24, an amount of Rs. 73.81 Lakhs was
OITDS has been installed in five mines of NCL. Dispatch of released towards approved R&D studies and an amount of Rs.
coal is done through Rapid Wagon Loading Systems in SILO 65.31 Lakhs towards scientific/technical studies in NCL.
of Coal Handling Plants. The following technologies have 6th International Conference on Opencast Mining Technology
been adopted recently:- & Sustainability (ICOMS-2023) was also organised in Singrauli
during 22nd & 23rd December, 2023 to boost Research &
i) Large Capacity Surface Miners Development and Technology awareness etc.
ii) Electronic Detonators New /Expansion Projects
iii) GPS based Vehicle Tracking System (VTS) There are Ten Open Cast Mining Projects and Six Non-Mining
iv) Biometric Based Attendance Recording System Projects in operation. Out of this, five are Completed Mining
Projects and five are Ongoing Mining Projects. In addition,
etc.
there are 6 nos completed non-mining projects.
Research & Development
During the year, NCL has made a capital expenditure of
During the year 2023-24, the following activities related to Rs. 4727.24 Crores against the MOU target of Rs. 2150.00
Research & Developments were taken in NCL:- Crores. The expenditure was done mainly on acquisition/
addition of land, HEMM, other plant & machinery and on
A) R&D Studies at NCL buildings etc.
Following new R&D studies were taken up at NCL during the Towards Net Zero: Steps for Clean and alternate sources of
year: energy
• Development of Friction Stir Welding for repair • The 470kWp Grid Connected Roof Top Solar
work of high temperature materials like EN-24 Power Plant at various Non-Residential Buildings
steel through IIT BHU. of Jayant Township and plant is running w.e.f.
• Development of advanced Nano-Crystalline 02.02.2022 resulting in reduction of CO2
coatings and LASER cladding system for repair emissions, conservation of coal and reduction in
work related to Heavy Earth Moving Machineries electricity bill.
(HEMMs) and other structural components • During the year, NCL has commissioned 50 MW
through IIT BHU. Ground Mounted Solar Power Plant in two phases
• Development of an Advanced Dragline Simulation for captive use to supply power for industrial
Model for Improving the Operational Efficiency load of various mines and to townships also for
of Dragline Operations in NCL through IIT ISM domestic use.
Dhanbad. • In order to become Net Zero Company, NCL has
• Development of Sensor Based Monitoring System a target of 290 MW Solar Power Generation. NCL
for the analysis of Water Quality Parameter is exploring the option of setting up of 100MW
through IIT Kharagpur. Floating and 150MW Ground Mounted Solar
Power Plant at Rihand Reservoir Area. An MoU
B) S&T – Ministry of Coal (MoC) and R&D-CIL studies: has been signed with UPRVUNL (UP Rajya Vidyut
Various studies were taken up through MoC and CIL and are Utpadan Nigam Limited), Lucknow for signing.
being executed at NCL through CMPDIL in association with The suitable mechanism shall be developed for
various research institutes of repute like IIT ISM, SAMEER, setting up the plant by FY 2025-26.
IIT Mumbai, C- DAC, NRSC, ISRO, BIT Mesra etc.
Corporate Social Responsibility
C) Scientific Studies at NCL:
The new CSR provisions in the Companies Act, 2013
The Scientific Studies have been taken up in association with emphasizes a formal and greater responsibility on specified

10
companies to set clear framework and processes for carrying Act, 1961. During the year, NCL recruited total 101 persons
out the social responsibility of business units. As per the against compassionate appointment and appointment against
provisions of the Companies Act, 2013, Companies (Corporate land acquisition.
Social Responsibility Policy) Rules, 2014 read with the circulars
To promote sports, NCL Regularly organizing 14 different
and notifications of the Ministry of Corporate Affairs, NCL
types of games, including cricket, football, chess, kabaddi,
has established the required framework for carrying out the
and more, we provide proper sports infrastructure for all.
social responsibility activities in and around Singrauli in the
NCL encourages active participation, fosters team spirit,
areas specified by the CSR Policy of company and Coal India
and celebrate the joy of sports together. NCL is also having
Limited. The Board level CSR Committee monitors the CSR
13 Officers’ clubs, 14 workers club, 5 stadiums, 68 parks, 10
Policy, CSR programme and CSR expenditure.
playgrounds, 10 gyms, 12 badminton courts, 2 basket ball
During the year, NCL spent Rs. 157.87 Crores on CSR against courts, 7 volley ball courts, 19 table tennis facities,4 lawn
net obligation of Rs. 148.92 Crores (after adjusting carried tennis courts, 1 swimming pool and 2 sports complexes for
forward excess of Rs. 1.50 Crores of previous year) on various employees and their family members. During the year, NCL
approved activities in line with CSR Policy and Schedule-VII also organised 20 Inter Area competitions for employees and
to Companies Act, 2013 like Basic Infrastructure, improving also hosted Coal India Games for Kabadii and Carrom. In
connectivity through roads, Water Supply, Skill Development, addition, the company also launched Project Samvardhan
Healthcare, Education, Promotion of Sports, art and Culture in which Contractual Workers Athletics Meet was organised
etc. and so on. and Project Umang to address mental, physical and spiritual
health issues of employees. The competent employes are being
Corporate Governance
rewarded through Productivity Improvement Scheme and
Corporate Governance has become one of the yardsticks to Awards/Public recognition programmes.
measure the performance of a body corporate. Your company
NCL is committed for keeping its premises and surrounding
has established adequate system for monitoring compliances
areas neat and clean. In line with the Nation’s vision for
of various laws, Code of Conduct for Board Members and
Swachch Bharat, NCL played a vital role in bringing up the
Senior Management Personnel and Corporate Governance
index of Singrauli and Sonebhdara districts.
Guidelines for CPSEs issued by the DPE. A separate section
on Corporate Governance has been added to the Directors’ Environmental Management
Report and a Certificate for compliance of conditions of
Clean Environment for sustainable development is the prime
Corporate Governance has been obtained from a practicing
concern of NCL and has a well-defined & documented
Company Secretary. In addition, Secretarial Audit for 2023-24
Manual, policy, procedures and guidelines for sustainable
under Companies Act, 2013 was also conducted by Practising
development under its integrated Management system
Company Secretary who gave an unqualified Report except for
(IMS) complying with international standards of ISO
appointment of requisite number of Non-Official Part-time
9001:2015, ISO 14001:2015 and ISO 45001:2018. NCL has
(Independent) Directors on Board of Directors in compliance
obtained forest clearances to the Projects from the Govt. of
of Ministry of Coal’s directives and DPE guidelines.
India and State Governments. NCL has undertaken various
Human Resource forest and ecological mitigative measures like compensatory
afforestation in lieu of the diverted forest land for mining,
Our Company follows the concept of workers participation
biological reclamation through plantations, safety zones and
in management and maintained cordial industrial relations.
Social Afforestation. During the year 2023-24, 228.57 Ha.
NCL also pays due attention on employees welfare and social
OB dump areas have been biologically reclaimed by planting
amenities. NCL has a Central Excavation Training Institute
5.71 Lakhs plant saplings. Till 31.03.2024, total 3791.146 Ha.
(CETI) at Singrauli and 10 Vocational Training Centers
of external and Internal dumps have been technically and
(VTCs) in all the Areas. Special focus is the initiation and
biologically reclaimed by planting total 177.02 lakhs saplings.
expansion of a variety of Generic Skills training/Soft Skill
The Company has taken various necessary measures for air,
training at CETI i.e. domain independent knowledge for
water and noise pollution control.
fostering balanced skill development of our employees placed
across different job profiles, thereby converting our Institute I.T. Initiatives
into a full-fledged training institute which was till now
NCL has taken following key IT initiatives:–
focusing only on technical trainings and we had not to rely on
outside institution like IICM and other Management Institutes • SAP (an ERP) consisting of Seven (07) Modules viz.
for Generic Skill Training, which was benefitting only a few of Material Management (MM), Finance and Controlling
our employees. Advance training through Simulator is being (FICO), Production Planning (PP), Project Systems (PS),
provided to the HEMM Operators. The Company has installed Human Capital Management (HCM), Plant Maintenance
simulators for dragline, shovel, dozer and dumper. Training (PM), Sales and Dispatch (SD) is operational in entire
to Directors and senior management is also given as per the NCL.
policy of Coal India limited/MoC/ DPE. Manpower strength
of the company (excluding apprentices under the Apprentices • Operator Independent Truck Dispatch System (OITDS)
Act, 1961) as on 31st March, 2024 was 13,770 against 13753 at Jayant Area.
as on 31st March, 2023. As on 31st March, 2024, Company • Implementation of CCMP(Cyber crisis Managing
has engaged a total of 1028 Apprentices under Apprenticeship protocol)

11
 • Biometric Based Attendance Recording System for entire categories of Operational Performance Excellence, CSR,
NCL. Inclusivity-Contribution of Women & Differently abled
• E-Office and Official mail for all executives/non- in PSEs and Corporate Governance.
executives. • Award for ‘Maximum Amount of Scrap Disposed during
• E-Procurement for Goods, Works and Services through Special Campaign 3.0’ during the award ceremony held
GeM portal. for Best Performers in Special Campaign 3.0 at New
Delhi.
• Corporate Website maintenance and Updation.
• Prestigious PSU Award in the category of “Innovation
• Maintenance and availability of PCs and its Peripherals.
in Mining” in the 10th edition of Governance Now PSU
• Procurement of licensed Software such as Surpac, Awards for the year 2024.
AutoCAD, MS Office, Adobe Acrobat etc.
• “SKOCH Award 2023” for ‘Replacing road transport of
• Integration of Contractual Biometric Devices installed at coal by adopting alternative coal transport methods and
Contractors’ Site. thus reducing dust pollution in the region’ in the 97th
SKOCH Summit.
Recognitions and Awards
Acknowledgement
During the year, NCL was conferred with:-
The physical and financial results achieved by the company have
• Highest no. of 5 Star rated mines in a Company in CIL been possible due to untiring efforts made by the employees of
& in India i.e. 6 Mines with 5 Star Rating in 2022-23 and the Company, Trade Unions and Officer’s Association as well
9 mines with 5 Star Rating in 2023-24. as help extended by Coal India Limited and Ministry of Coal.
I believe that the kind of employee involvement, commitment
• Coal Minister’s Awards 2022-23 in the categories and level of expertise now available in the company would be
of Safety, Production & Productivity, and ERP a source of great comfort for the future commitments. I am
Implementation. confident that we shall continue to move for achieving greater
heights in the years to come and meet the challenges and the
• Runner up Award for Corporate Governance category at expectations of the shareholders with dedicated commitment
Indian Chamber of Commerce, PSE Awards, 2023. and performance at all levels as in the past.
• Silver National Taxation TIOL award 2023 in the I express my sincere thanks to shareholders, Ministry of
Corporate category of over ₹5000 Crore annual turnover. Coal, Ministry of Environment, Forests & Climate Control,
• NCL was awarded with Corporate Award - Star Rating other ministries and departments of Government of India,
(Best Performing Subsidiary Company) on the occasion state governments, all employees, Trade Unions, Consumers,
of 49th Coal India Foundation Day. NCL’s Nigahi Auditors, Suppliers and all other stakeholders for their
guidance, whole hearted support and relentless co-operation.
OCP (1st) and Krishnashila OCP (2nd) received the

Corporate Award of Star Rating (Best Performing Open
Cast Mines). Sd/-
• Corporate Performance Award (2nd) on the 49th Coal (B.Sairam)
India Foundation Day. Chairman Cum Managing Director
• At the 13th PSE Excellence Award, received the 4 Date: 02.07.2024
Accolades in the award ceremony held in New Delhi in

12
Important Financial, Operational Details and
Graphical Representations

Coal Production (Mill. Tes.)

160.00

140.00 136.15
131.17
122.43
120.00 115.04
108.05
101.50
100.00 93.02
84.10
80.22
80.00 72.48

60.00

40.00

20.00

-
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

13
 OB. Removal (Mill. CuM.)
600.00
511.87
500.00 467.54

400.00 373.44 362.65

338.09 326.64 323.23
316.79 318.22
300.00
210.61
200.00

100.00

-
2014- 2015-16
15 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

Composite Production (Mill.CuM.)

Coal
Coal Offtake (Mill.
Offtake (Mill. Tes.)
Tes.)
160.00
133.51 137.63
140.00 125.66
120.00 107.42 108.64
96.77 101.57
100.00
78.53 83.46
80.00 73.69

60.00
40.00
20.00
-
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

14
 Productivity - OMS
Productivity (Tes./ Manshift)
- OMS (Tes./Manshift)

50
41.38
40 35.04
28.97 28.11
30 24.34 24.03
21.24 20.18 22.92
20 13.76
10
0

3.00
Sundry Debtors as No. of Months
2.54

2.50

2.00
1.69
1.61

1.50 1.43 1.43

1.35 Gross Sales
1.21
1.17 Net Sales
0.96
1.00 0.88
0.92 0.93
0.89
0.79 0.79 0.77

0.61
0.53
0.50
0.46
0.50

-
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

Sales
Sales(Rs.
(Rs.ininCrores)
Crores)
25,000 22,556
21,594

20,000 17,641
14,906 15,557 15,148
15,000
12,048
9,855 10,252
9,453
10,000

5,000

-
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

15
 Statutory Levies (M.P.) Statutory Levies
Statutory Levies(U.P.)
(U.P.)
Other levies
5%
Income Tax (TDS)
18% 12% ROYALTY
27%

GST Compensation DMF

Cess 8%
GST
38%
10%

Statutory (TOTAL) / Contribution

Statutory Levies (TOTAL)/ ContributiontotoExchequer
Exchequer
Other levies
3%

ROYALTY
Corporate tax 20%
19%
DMF
Income Tax (TDS)
6%
5%

GST
6%

MPGATSVA
GST Compensation Cess 4%
37%

HowChart
RupeeTitle
is spent
Other Exp. (incl.
OBR Adj.)
Repairs 8%
3%
Depreciation
9%

Power & Fuel Contractual Expense

3% 31%

Employee Benefit
Expenses
23%
Cost of Materials
Consumed
23%

16
 Profit(Rs.
Profit (Rs. in crore)
in crore)
12,000
10,844

10,000 9,357

8,318
8,000
6,985 6,938 6,974
6,659
6,268
6,000
4,971 4,857
4,398
4,105 4,090 4,111
4,000 3,713
3,088
2,748 2,685
2,134 2,082
2,000

-
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

Earnings
EarningsPer
Per Share (EPS)
(EPS)(Rs.)
(Rs.)
18,000

16,000 15,467

14,000
12,012
12,000 11,053

10,000
7,879 7,698
8,000 6,971
6,101
6,000
3,933
4,000 3,296*
2,378
2,000

-
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
* Bonus issued in ratio of 3:1 in F.Y. 2023-24

Dividend (Rs.IninCr.)Cr.)
Dividend (Rs.
5,000
4,564
4,500
4,196

4,000 3,912
3,660 3,596 3,659
3,500

3,000

2,500
2,141
1,997
2,000
1,680 1,750

1,500

1,000

500

-
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

17
 IMPORTANT FINANCIAL INFORMATION
(Rs. In Crores)
2022-23
Year 2023-24 2021-22 2020-21 2019-20 2018-19
(Restated)
(A) Related to Assets & Liabilities:
(1) Shareholders’ funds
(a) Equity 2523.76 630.94 630.94 630.94 630.94 630.94
(b) Free Reserves & Suplus 12851.78 10694.93 7328.48 6067.79 3810.18 3554.67
(c) Less: Misc. Exp. not written off 0 0 0 0 0 0
Net Worth 15375.54 11325.87 7959.42 6698.73 4441.12 4185.61
(2) Redeemable Pref. Shares 0 0 0 0 0 0
(3) Loan 0 0 0 0 0 0
(4) Capital Employed 31230.17 27698.77 16589.46 14229.83 11384.94 10341.38
(5) (i) Net Fixed Assets 21307.85 17557.36 7819.27 6794.86 5242.40 5264.54
(ii) Current Assets 17417.08 17170.09 15864.04 14317.54 12425.26 9947.41
(iii) Net Current Assets(W/Capital) 9922.32 10141.41 8770.19 7434.97 6142.54 5076.84
(6) Current Liabilities 7494.76 7028.68 7093.85 6882.57 6282.72 4870.57
(7) (a) Sundry Debtors (Net) 2227.97 2471.34 1309.70 3103.94 1850.15 954.45
(b) Cash & Bank Balances 4231.97 4734.54 5219.19 2859.3 3445.46 3721.36
(8) Closing Stock of:
(a) Stores & Spares (Net) 926.55 637.00 529.18 373.09 391.65 428.81
(b) Coal (Net) 261.82 432.45 536.12 748.72 276.23 243.90
(c) Other inventories (Net) 7.72 2.93 1.59 2.48 1.66 1.32
(9) Av. Stock of Stores&Spares (Net) 781.78 583.09 451.14 382.37 410.23 428.47
(B) Related to Profit/Loss
(1) (a) Gross Margin 12243.35 10633.59 7638.73 6793.81 7480.15 7223.11
Less: Depreciation 1317.2 1066.19 644.08 472.61 440.49 539.29
(b) Gross Profit 10926.15 9567.40 6994.65 6321.2 7039.66 6683.82
Less: Interest & Financial Charges 82.52 60.54 57.01 53.42 54.21 24.66
(c) Net Profit before Tax 10843.63 9506.86 6937.64 6267.78 6985.45 6659.16
Provision for Income Tax 2525.5 2383.47 2080.59 1869.39 2014.02 2547.88
Profit after Tax 8318.13 7123.39 4857.05 4398.39 4971.43 4111.28
(2) (a) Gross Sales 34424.76 32965.11 27664.41 23822.9 24093.97 23052.51
(b) Net Sales(after levies & Dev. etc) 22555.95 21593.94 17641.40 15147.86 15556.52 14905.6
(c) Average Net Sales per month 1879.66 1799.50 1470.12 1262.32 1296.38 1242.13
(3) Cost of Good Sold (Sales - PBT) 11712.32 12087.08 10703.76 8880.08 8571.07 8246.44
(4) (a) Total expenditure 14590.48 14573.41 12604.16 10339.29 9924.88 9578.32
(b) Sal. & Wages(Gross; Rev. only) 3445.47 3368.32 2759.42 2557.05 2618.41 2556.61
(c) Stores & Spares(Gross;Rev.only) 3510.9 4099.25 2667.46 2204.38 2106.98 2031.09
(d) Power & Fuel(Gross;Rev.only) 419.66 385.94 370.64 357.03 349.2 324.49
(e) Finance Cost(Gross;Rev.only) 82.52 60.54 57.01 53.42 54.21 24.66
(f) Depreciation(Gross;Rev.only) 1317.2 1066.19 644.08 472.61 440.49 539.29
(5) Av. Cons. of Stores & Spares/month 292.58 341.60 222.29 183.70 175.58 169.26
Gross Margin (PBDIT) (Rs. Crs.) 12243.35 10633.59 7638.73 6793.81 7480.15 7223.11
Profit before Tax (Rs. Crs.) 10843.63 9506.86 6937.64 6267.78 6985.45 6659.16
Profit for the period (Rs. Crs.) 8318.13 7123.39 4857.05 4398.39 4971.43 4111.28

18
IMPORTANT FINANCIAL RATIOS/PERCENTAGES
2022-23
Year 2023-24 2021-22 2020-21 2019-20 2018-19
(Restated)
(A) PROFITABILITY RATIOS
(1) As % Net Sales
(a) Gross Margin 54.28 49.24 43.30 44.85 48.08 48.46
(b) Gross profit 48.44 44.31 39.65 41.73 45.25 44.84
(c) Net Profit (PBT) 48.07 44.03 39.33 41.38 44.90 44.68
(2) As % Total Expenditure
(a) Sal & Wages (Gross; Revenue) 23.61 23.11 21.89 24.73 26.38 26.69
(b) Stores & Spares(Gross; Revenue) 24.06 28.13 21.16 21.32 21.23 21.21
(c) Power & Fuel(Gross;Revenue) 2.88 2.65 2.94 3.45 3.52 3.39
(d) Interest(Gross; Revenue) 0.57 0.42 0.45 0.52 0.55 0.26
(e) Depreciation(Gross; Revenue) 9.03 7.32 5.11 4.57 4.44 5.63
(3) As % Capital Employed
(a) Gross Margin 39.20 38.39 46.05 47.74 65.70 69.85
(b) Gross profit 34.99 34.54 42.16 44.42 61.83 64.63
(c) Net Profit 34.72 34.32 41.82 44.05 61.36 64.39
(4) Operating Ratio [(Sales-Profit)/Sales] 0.52 0.56 0.61 0.59 0.55 0.55
(B) LIQUIDITY RATIOS
(1) Current Ratio 2.32 2.44 2.24 2.08 1.98 2.04
(Current Assets/Current Liabilities)
(2) Quick Ratio 2.16 2.29 2.09 1.92 1.87 1.90
(Quick Assets/Current Liabilities)
(3) Working Capital as % of
(a) Capital Employed 31.77 36.61 52.87 52.25 53.95 49.09
(b) Net Fixed Assets 46.57 57.76 112.16 109.42 117.17 96.43
(C) TURNOVER RATIOS
(1) Capital Turnover Ratio 0.72 0.78 1.06 1.06 1.37 1.44
(Net Sales/Capital Employed)
(2) Working Capital Turnover Ratio 2.27 2.13 2.01 2.04 2.53 2.94
(Net Sales/Working Capital)
(3) Sundry Debtors as no.of months
(a) Gross Sales 0.89 0.93 0.61 1.61 0.92 0.50
(b) Net Sales 1.35 1.43 0.96 2.54 1.43 0.77
(4) As Ratio of Net Sales
(a) Sundry Debtors 0.11 0.12 0.08 0.21 0.12 0.06
(b) Coal Stocks 0.01 0.02 0.03 0.05 0.02 0.02
(5) Stock of Stores & Spares
(a) Av. Stock/Annual Consumption 0.28 0.17 0.22 0.20 0.21 0.24
(b) Closing Stock as no. of months con. 3.39 2.06 2.65 2.35 2.57 2.89
(D) STRUCTURAL RATIOS
(1) Debt : Equity 0.00 0.00 0.00 0.00 0.00 0.00
(2) Debt : Networth 0.00 0.00 0.00 0.00 0.00 0.00
(3) Networth : Equity 6.09 17.95 12.62 10.62 7.04 6.63
(4) Net Fixed Assets : Networth 1.39 1.55 0.98 1.01 1.18 1.26
(E) SHAREHOLDER’S INTEREST
(1) Earnings Per Share (EPS) (Rs.) 3295.92 11053.00 7698.11 6971.16 7879.4 6101.22
(N.P. after tax & Pref.Div/No. of Equity)
(2) Book Value per Share (Rs.) 6092.31 17,950.77 12,615.17 10,617.06 7,038.89 6633.92
(Networth/No. of Equity)
(3) Dividend Per Share (Rs.) 1362.5* 4800.00 5700.00 3393.00 6200.00 3164.37
*During the F.Y. 2023-24 Company issued Bonus shares in the ratio of 3:1

19
 OPERATIONAL STATISTICS
2022-23
Year 2023-24 2021-22 2020-21 2019-20 2018-19
(Restated)
A. Operational Statistics:
(1) (a) Total Coal Production (Lakh Tes) 1361.48 1311.69 1224.31 1150.41 1080.53 1015.03
(b) Revenue Coal Prodn.(Lakh Tes) 1361.48 1311.69 1224.31 1150.41 1080.53 1015.03
(c) Total O.B. Removal(L. CuM) 5118.70 4675.40 3637.63 3741.65 3237.56 3223.50
(d) Revenue O.B. Removal(L. CuM) 5118.70 4675.40 3637.63 3741.65 3237.56 3223.50
(2) Raw Coal Despatch (Lakh Tes):
Power 1222.50 1204.24 1106.90 945.50 927.28 889.05
Non Power 153.80 129.59 149.7 140.94 146.95 126.65
Total 1376.30 1333.83 1256.60 1086.44 1074.23 1015.70
(3) Manpower:
As on 1st April 13753.00 14228.00 13801 14382 14456 15032
As on 31st March 13770.00 13753.00 14228 13801 14382 14456
Average 13762.00 13991.00 14015 14092 14419 14744
(4) Productivity:
(a) Average per man per year (Tes) 9893.04 9375.24 8735.71 8163.57 7493.79 6884.36
(b) Output per Manshift (Tes) 41.38 35.03 28.11 28.97 24.03 24.34
B. Related to Cost Sheet:
(1) Earning per Manshift (EMS) (Rs.) 7769.5 7190.09 6222.32 5886.84 5549.13 5576.33
(2) Av. Cost of Production of Net
Saleable Coal (Rs. per Te.) 936.49 1009.29 904.75 842.19 851.93 872.48
(3) Av. Sale Value of Net Saleable
Coal produced (Rs. per Te.) 1641.17 1655.56 1450.79 1363.84 1450.32 1431.07
1275012.41 1323875.60 1107694.47 968863.80 920535.92 885593.37

20
21
 Our Senior Management Team
HEADS OF DEPARTMENTS IN HEADQUARTER
Employee Name Designation Department
Shri Deepak Saxena GM (Mining) Production
Shri Rajender Verma GM (Mining) Safety & Rescue
Shri Rajeev Singh GM (Mining) Contract Management Cell
Shri Sanjeev Kumar GM (Mining) Environment
Shri Rakesh Kumar GM (Mining) Land & Revenue
Shri Ratanjay Kr Singh GM (Mining) Corporate Planning
Shri Rajen Mech GM (Mining) Research & Development and New Initiatives
Shri Dinesh Dandotia GM (E&M) Electrical & Mechanical
Shri Pawan Kumar Rai GM (Civil) Civil
Shri Arvind Kumar Sinha GM (MM) Material Management - Stores
Shri Bhartendu Kumar GM (Excav) Excavation
Shri Darla Sunil Kumar GM (Finance) Finance
Shri D Dhana Balan GM (MM) Material Management – Purchase
Shri Deepak Kr Maitin GM (M&S) Marketing & Sales
Shri Uday Bhanu Singh GM(QC) Quality Control
Shri Vijay Kr Sharma GM(IE) Industrial Engineering
Shri Gulshan Kr Narang Chief of Internal Audit Internal Audit & Finance
Shri Sanjeev Mohan HoD(HRD) Human Resource Development
Manpower, Recruitment, Industrial Relations, Payroll and
Shri Rajesh Chaudhary HoD(Pers./Rectt.)
Admin, etc.
Shri Victor Kujur HoD(Personnel) EE/NEE/PR/Security etc.
Shri Manoj Kr Singh HoD(Vigilance) Vigilance
Shri Ashutosh Kumar Pandey HoD (Legal) Legal
Shri Sushanta Kumar Panda HoD (CS) Company Secretary

PROJECT HEADS
Employee Name Designation Project Name
Shri Rajiv Kumar GM (Mining) Jayant
Shri A Dwivedi GM (Mining) Nigahi
Shri Manoj Kumar Agrawal GM (Mining) Khadia
Shri Arvind Kumar GM (Mining) Kakri
Shri Alok Kumar GM (Mining) Amlohri
Shri Vinod Kumar Singh GM (Mining) Dudhichua
Shri P D Rathi GM (Mining) Block-B
Shri Arun Kumar Tyagi GM (Mining) Jhingurda
Shri Indrajeet Singh GM (Mining) Bina
Shri Suman Saurabh GM (Mining) Krishnsila
Shri Prateek Sinha GM (Excav) CWS Jayant
Dr Vivek Khare CMS NSC

22
Directors’ Report
2023-24

23
24
 • Profit before Tax (PBT) of Rs. 10843.63 Crores against
previous year’s PBT of Rs. 9506.86 Crores. Profit after
Directors’ Report Tax (PAT) of Rs. 8318.13 Crores compared to previous
year’s PAT of Rs. 7,123.39 Crores.
• Efforts for green environment and pollution control
continued during the year. During the year, 228.57 ha.
To OB dump areas have been biologically reclaimed by
The Members, planting 5.71 lakhs plant saplings. Till 31.03.2024, total
Northern Coalfields Limited 3791.146 Ha. Of External and Internal dumps have been
technically and biologically reclaimed by planting total
Dear Members, 177.02 lakhs plant saplings.
On behalf of the Board of Directors of your Company, it gives • NCL continued to practice the Worker’s participation in
me immense pleasure to present before you the 39th Directors’ Management, as a result, industrial relations remained
Report of Northern Coalfields Limited (NCL) along with the healthy and harmonious.
Audited Financial Statements for the Financial Year ended • Employees’ welfare, community development and
31st March, 2024, Statutory Auditor’s Report and Comments human resource development continued to be the focus
of Comptroller and Auditor General of India thereon.
areas of Management.
ORGANISATION: 1.2 FINANCIAL REVIEW
With the formation of NCL in 1985, Singrauli Coalfields of The company has achieved a gross turnover of Rs.
CCL came under the command of NCL with its Headquarter 34,424.76 crore (net turnover Rs. 22,555.95 crore)
at Singrauli. The Coalfield has been geologically divided into during the year 2023-24 against gross turnover of Rs.
two parts namely (i) Main Basin with an area of 1890 sq. km. 32965.11 crore (net turnover Rs. 21593.94 crore) during
and (ii) Moher Sub-basin with an area of 312 sq. km. All the
the previous year 2022-23. NCL recorded a Profit
coal mining operations of NCL are at present concentrated in
Moher Sub-basin through 10 numbers of opencast mines, of before Tax (PBT) of Rs. 10843.63 crore during the year
which 05 are completed Mining Projects and 05 are Ongoing 2023-24 against PBT of Rs. 10648.63 crore during the
Mining projects. Except for Moher & Moher-Amlohri previous year 2022-23. Profit after Tax (PAT) stands at
Extension Coal Blocks allocated to Sasan Power Ltd, all the Rs. 8318.13 crore during the year 2023-24 against PAT
other coal blocks in Moher Sub-basin and 11 numbers of coal of Rs. 7123.39 crore during the previous year 2022-23.
blocks in Main Basin are retained with NCL as CIL Blocks. Earnings per share (EPS) during the year 2023-24 has
Coal production of NCL has scaled up from 13.60 MT in 1986- Increased to Rs. 3295.92 per share against EPS of Rs.
87 to 136.15 MT in 2023-24 and it is planned to achieve 139.00 2822.53 per share in the previous year 2022-23(As per
MT in 2024-25. Almost 89% of Total Coal was dispatched to IND-AS 33”Earning per share).
Power Sector. NCL is a Mini Ratna (Category-I) company
since 2007 and is a wholly owned subsidiary of Coal India The financial results for the financial year 2023-24, as
Limited under the Ministry of Coal, Government of India. compared to previous year, are given in the following
table: -
1.0 PERFORMANCE HIGHLIGHTS OF THE YEAR (Rs. in Crores)
1.1 The Highlights of Performance for the financial year Particulars For the year ended
2023-24 are as under:-
31.03.2024 31.03.2023
• Highest ever Coal Production of 136.15 MT (against Restated*
AAP Target of 135.00 MT) with a growth of 3.80% as
Financial
compared to 131.17 Million Tonnes in the previous year.
Gross Sales 34,424.76 32,965.11
• Overburden Removal of 511.87 Million Cu.m. (against
AAP target of 459.00 Million Cu.m.) as compared to Less: Levies 11,868.81 11,371.17
467.54 MCum. in the previous year with a growth of Net Sales 22,555.95 21,593.94
9.48%. Add: Other Operating 2,076.94 1,733.91
Revenue
• Highest ever Coal Offtake of 137.63 Million Tonnes
(against AAP target of 135.00 MT) with a growth of Revenue from Operation 24,632.89 23,327.85
3.08% over 133.51 Million Tonnes achieved in the Add: Other Income 801.22 752.42
previous year. Total Income 25,434.11 24,080.27
• Gross Turnover of Rs. 34,424.76 Crores (Net Turnover Less: Total Expenses 14590.48 14,573.41
Rs. 22,555.95 Crores) during the year 2023-24 against
Profit Before Tax 10843.63 9,506.86
Gross Turnover of Rs. 32965.11 crore (net turnover Rs.
21593.94 crore) during the previous year 2022-23. Less: Tax Expenses 2525.50 2,383.47

25
 Particulars For the year ended 1.5 DIVIDEND
31.03.2024 31.03.2023 During the financial year 2023-24, interim dividend of
Restated* Rs 3,438.63 crores was paid on 63,09,405 equity share
@ 5450 per share. The interim dividend paid so far will
Profit for the Period 8318.13 7,123.39
be treated as part of final dividend on the equity share
Add: Other omprehensive (72.70) (9.41) capital. In addition, a Final Dividend of Rs. 757.13
Income (net of tax)
crores @ Rs 1200 per share was also paid on declaration
Total Comprehensive Income 8245.43 7,113.98 by members in the 38th General Meeting for the year
for the Period 2022-23. Further a Final dividend of Rs. 504.75 Crores
* The company has changed it’s accounting policy on stripping @ 200/share per equity share is also recommended for
activity and restated it’s accounts as on 01-04-2022 and for the declaration by members in the ensuing Annual General
year ended 31.03.2023. Meeting.
1.3 SHARE CAPITAL 1.6 BORROWINGS
The authorized share capital of the company as on 31st No loan was taken from any government or financial
March, 2024reached at Rs.5,400.00 crores comprising institution during the year.
of 40,00,000, 10% cumulative preference shares of 1.7 CAPITAL EXPENDITURE
Rs.1000/- each and 5,00,00,000 equity shares of Rs.1000/- During the year 2023-24, NCL has made a capital
each. The paid-up share capital as on 31st March, 2024,is expenditure of Rs. 4727.24 crores against the MoU
Rs. 2523.76crores comprising of 25237620 equity shares Target of Rs. 2150 Crore. The expenditure has been
of Rs. 1000/- each fully paid-up, and Rs. 630.94 crores mainly on acquisition/addition of land, HEMM, other
comprising of63,09,405 equity shares of Rs. 1000/- each plant & machinery and on buildings etc.
fully paid-upas on 31st March, 2023.
1.8 PAYMENT TO CENTRAL/STATE EXCHEQUER
1.4 TRANSFER TO RESERVE Information in regard to contribution made by the
During the year 2023-24, a sum of Rs. 415.91 crores, company towards the central and state exchequer is
equivalent to 5% of profit after tax, has been transferred furnished hereunder:
to general reserve. (Rs. in Crores)
Particulars 2023-24 2022-23
MP UP Total MP UP Total
Royalty 2,354.04 606.12 2,960.16 2,143.79 583.87 2,727.66
MMDR Royalty 706.29 180.34 886.63 646.14 177.42 823.56
Fund (State)
MMDR Royalty 47.09 12.49 59.58 43.29 11.62 54.91
Fund(Central)
Central GST 277.03 76.73 353.75 264.74 73.93 338.67
State GST 277.03 76.73 353.75 264.74 73.93 338.67
Inter state GST 0.47 4.54 5.01 0.40 3.92 4.32
CGST(TDS) 43.96 18.10 62.06 46.79 17.65 64.44
SGST(TDS) 43.96 18.10 62.06 46.79 17.65 64.44
IGST(TDS) 22.35 19.99 42.34 10.38 11.71 22.09
GST 4,668.37 850.18 5,518.55 4,434.50 911.49 5,345.99
Compensation
Cess
Income 472.69 266.30 738.98 359.72 198.51 558.23
Tax(TDS)
Corporate Tax 2,786.30 - 2,786.30 2,439.26 - 2,439.26
Forest Cess 286.80 69.54 356.34 301.01 71.15 372.16
Professional Tax 1.99 0.02 2.01 2.26 0.01 2.27
MPGATSVA 691.02 - 691.02 633.43 - 633.43
SSDA Cess - 19.02 19.02 - 17.51 17.51
Total payment 12,679.37 2,218.20 14,897.56 11,637.24 2,170.37 13,807.61

26
1.9 Management Explanation on Statutory Auditor’s Comments issued by the office of the C&AG on Financial
Report: Statements of the company for the year 2023-24 on
supplementary audit conducted under section 143(6)
The statutory auditors of the company have given an
(a) [and also read with Sec 129(4)] of the Companies
unqualified report on the Financial Statements of the
Act, 2013, along with management explanation are also
company for the financial year 2023-24. However, they
annexed.
have drawn attention to certain matters under ,”Emphasis
of Matters”. These issues have been adequately explained 2.0 PRODUCTION PERFORMANCE
in the respective notes/footnotes in the account. 2.1 Production Performance for the year 2023-2024
1.10 Supplementary Audit of Financial Statements by against target and in comparison with the previous
Comptroller and Auditor General of India (C&AG): year is given below:

Particulars 2023-24 2022-23 Growth over

Actual previous year
Target Actual Achievement
(%)
(AAP) (%)
Coal Production (in MT) Departmental 135.00 136.15 100.85 131.17 3.80
Coal Offtake (in MT) 135.00 137.63 101.95 133.51 3.08
Overburden Removal (in MCUM) Departmental 100.00 119.18 119.18 101.04 17.95
Out-Sourcing 359.00 392.69 109.38 366.50 7.15
Total 459.00 511.87 111.52 467.54 9.48
Composite Production (Including Total 545.83 599.37 109.81 551.86 8.61
Outsourcing) (MCUM)
Achievement of Overburden Removal against AAP target CuM through outsourcing contracts (HoE) with a
during F.Y 2023-24 is as follows:- growth of 7.24% over last year target.
NCL removed 511.87 MCuM (111.52%) of the overburden 3.0 Population and Performance of Heavy Earth Moving
against AAP target of 459.00 MCuM during the F.Y. 2023- Machinery (HEMM)
24. Overburden removal by HoE was 392.69 MCuM (i.e.,
109.38%) against the AAP target of 350.00 MCuM whereas 3.1 Population of Major Heavy Earth Moving Machinery
departmental overburden removal stood at 119.18 MCuM (HEMM)
(i.e., 119.18%) against the AAP target of 100.00 MCuM. The (As on 31.03.2024)
offtake target achieved is 137.63 MT (i.e., 101.95%) against the Nos. of Total
AAP target of 135.00 MT. Nos. of
machines Working
2.2 Production Programme for the year 2024-2025 Equipment machines
S/Off but Equipment
on Roll
The Company has finalized a coal production working Population
programme of 139 Million Tonnes for the FY 2024- Dragline 18 5 23
2025 which is 2.96% more than last year target and OB
Shovel 93 15 108
removal target of 510 Million CuM has been earmarked
for the year 2024-25, with a growth of 11.11 % over last Dumper 447 70 517
year target. Out of this, OB removal by departmental Dozer 141 21 162
means has been planned for 125 Million CuM, with a Drill 129 7 136
growth of 25.00% over last year target and 385 Million
Surface Miner 13 0 13

3.2 Performance of Major HEMMs:-

Sl. Norms for % availability as per (+) incr/ Norms for % utilization as per (+) incr/
Equip.
No. availability CMPDI Norms (-) decr utilization CMPDI Norms (-) decr
2023-24 2022-23 2023-24 2022-23
1 Dragline 85 82.07 81.53 0.54 73 76.38 74.44 1.94
2 Shovel 80 76.95 73.23 3.72 58 44.86 44.47 0.39
3 Dumper 67 74.38 76.14 -1.76 50 43.21 45.32 -2.11
4 Dozer 70 71.97 71.14 0.83 45 24.93 25.93 -1.00
5 Drill 78 84.93 81.73 3.20 40 24.17 21.23 2.94
6 Surface Miner - 88.96 88.77 0.19 - 40.52 42.62 -2.10

27
 Reasons for decrease in availability w.r.t. last year
*Availability of Dumpers decreased due to poor performance of BH 100 and BH 85 Dumpers.
Dozers are auxiliary equipment and utilized as and when requirement basis.
3.3 SUPPLY ORDERS PLACED FOR HEMMS DURING 2023-24 :

Sl. No Equipment Total Qty. Project-wise Distribution

1 250 MM Drill 05 AML-02, DCH-03
2 03 AML-01, DCH-01, JNT-01
10-12 Cum F.E. Loader
3 02 KHD-01, NGH-01
4 416 HP Crawler Dozer 13 AML-07, JNT-04, BLB-02
3.4 SUPPLY ORDERS PLACED FOR PLANTS & 3.7 NEW HEMMS COMMISSIONED AT NCL DURING
MACHINERY DURING 2023-24 : 2023-24:
Sl. Total Project-wise Equipment
Equipment Sl. Qty
No Qty. Distribution Equipment running at
No. Nos.
1 Hydraulic Press 01 JNT-01 Projects
3 75 Ton Crane 01 DCH-01 Dudhichua-02,
20 Cum IZ Kartex Make
1 06 Nigahi-02,
4 40 Ton Crane 01 BLB-01 Shovel
Jayant-02
AML-02, Bina-01, Block-B-01,
CWS-03, DCH-02, PC 2000-8 (Backhoe) 12
5 MIG Welding Machine 15 2 02 Dudhichua-01,
KHD-02, NGH-03, Cum Excavator
Krishnashila-01
JNT-02
Dudhichua-02,
6 30 Ton Crane 01 CWS-01 3 EX-1900 11 cum Excavator 03
Jayant-01
3.5 Order placed by CIL against Indents of NCL 4 3.8 Cum Excavator 01 Jayant -01
Sl. Total Project-wise Dudhichua-17,
Equipment Jayant-13,
No Qty. Distribution 5 CAT 789D 190 T Dumper 44
1 20 Cum ER Shovel 02 DCH-02 Nigahi-13,
Khadia-1
10-12 Cum Hyd.
2 02 AML-01,JNT-01 EH3500AC-3 190 T
Face Shovel 6 5 Amlohri-05
Dumper
10-12 Cum Hyd.
3 02 BINA-01, BLK-B-01 Amlohri-03,
Backhoe Shovel
7 416 HP BD 355A-1 Dozer 05 Block-01,
850HP crawler Khadia-01
4 06 Bina-03, NGH-03
Dozer
Bina-03, Nigahi
8 850 HP Dozer 06
3.6 Capacity Utilization of Draglines during 2023-24 have -03
been 83.13% with growth of 15.3% which was highest Amlohri-02,
9 Drill 250 MM 05
since last 16 years. Overall Capacity Utilization have Dudhichua-03
been 86.7% with growth of 3.1%, which is highest Bina-01, Nigahi
10 Drill 311MM 02
among CIL subsidiaries. -01
System 23-24 22-23 %Growth Dudhichua-04,
Overall 86.7 84.1 3.1 Jayant-02,
694 HP CAT 24 Motor
11 10 Nigahi-02,
Dragline 83.13 79.2 4.98 Grader
Khadia-01,
Shovel Jhingurda-01
90.86 87.9 3.33
Dumper
Amlohri-01,
Surface 280 HP BG 825 Motor Dudhichua-02,
66.89 62.26 7.4 12 09
Miner Grader Jayant-04,
Nigahi-01
Bina-02,
13 L&T KSM403 05 Khadia-01,
Nigahi-02
Amlohri-01,
Bina-02,
14 Water Sprinkler 70 KL 07 Block-B 02,
Dudhichua-01,
Nigahi-01

28
3.8 NEW HEMMS TO BE COMMISSIONED AT NCL 3.9 EXPECTED MAJOR PROCUREMENT DURING
DURING 2024-25: 2024-25 FOR NCL –

Sl. Qty Project-wise Sl. Project-wise

Equipment Equipment Qty. (Nos)
No. Nos. Distribution No. Distribution
1 24/88 Dragline 02 Bina-02 AT NCL LEVEL
Dudhichua-01, Amlohri-03, Bina
2 20 Cum Shovel 02 Kakri-14, BlockB-12,
Nigahi-01 100 T Dumpers
1 47 Dudhichua-02,
PC 2000-8 12 Cum Face Bina Kakri-01, (Coal Body)
3 02 Krishnashila-04,
Excavator Block B -01
Nigahi-12
10-12 Cum Hyd. Back Hoe Amlohri -01,
4 02 Amlohri-02,
Excavator Jayant-01
Jayant-02,
100 T Dumpers (Rock 2 160 MM Drill 07
5 06 BINA Jhingurda-01,
Body) Nigahi-02
Amlohri-03, At CIL LEVEL:
Bina Kakri-14,
Sl. Project-wise
100 T Dumpers (Coal BlockB-12, Equipment Total Qty.
6 47 No Distribution
Body) Dudhichua-02,
Krishnashila-04, Amlohri -02,
Nigahi-12 190T Rear Dudhichua
1 50
Amlohri-01, Dumper -23, Jayant -08,
Dudhichua-01, Khadia-08, Nigahi-09
7 10-12 Cum FE Loader 05 Jayant-01, Jayant-02, Nigahi-04,
Wheel Dozer 460
Nigahi- 2 09 Amlohri-01, Bina
HP
01,Khadia-01 KKR-01, Khadia- 01
8 Surface Miner 01 Bina-kakri Amlohri-01, Bina-
Amlohri-07, 850HP Crawler KKR-02, DCH-03,
3 17
9 410 HP Dozer 13 Block-02, Dozer JNT-06, KSL-01,
Jayant-04 NGH-04
Bina-02, 3.10 EQUIPMENT GROUNDED IN 2023-24:
10 311 MM Drill 03
Khadia-01 Old equipment has been replaced with new equipment.
Amlohri-01, Total 68 old equipment have been grounded during
11 250 MM Drill 02
Dudhichua-01 2023-24.
Sl. Equipment Qty Model wise equipment details
No. Nos.
BE-1000(01), BE-1600(01),
1 Shovel 11 BE-195(02), L&T-300 CKD(01),
P&H 1900AL(06)
BH100(02), BH-85(01),
2 Dumper 35 CAT777D 100T(21), HD785-7
100T(08), UR-120T(03)
3 Crane 1 Escorts8E(01)
4 Dozer 11 BD-355(09), D475A5(02)
5 Drill 1 ROTACOAL(01)
CAT777D- 85T converted(01),
Water
6 6 BH-85 converted(01), GW-
Sprinkler
28(04)
7 Grader 3 BG-825(02),GD-825A1(01)
Total 68
3.11 CENTRAL WORKSHOP, JAYANT
Central Workshop, Jayant caters to the need
of highly sophisticated Heavy Earth Moving
Machineries(HEMMs) of diversified origin having wide
variety of technologies by way of ready float assemblies
of overhaul Engines, Transmissions, Wheel motors,

29
 Electrical motors, Generators, Transformers, and • CMC CWS provide help to projects in maintenance
Magnetorque assemblies of all HEMMs. management of HEMMs by analyzing oil samples
Also, repair of mechanical assemblies, reclamation by collected from sub-assemblies, repairing of Electronic
welding/manufacturing which are also having, Heat Cards, CBM inspection of Dragline and other need
treatment etc. are under taken by CWS, Jayant. based technical services at projects.
It also caters to the need of IWSS/Khadia, CHPs of • Testing of Oil analysis of samples collected from
different Projects, E&M department for their Pump, HEMMs are less than last year due to oil samples from
Motors, and Transformers etc. Also, need based all new dumpers i.e. 190T Dumpers and 100T Dumpers
machining & fabrication etc. is being carried out. are being collected and tested by the respected OEMs.
3.12 GENERAL OUTPUT FROM CENTRAL WORKSHOP, • Less nos. of Electronic cards were repaired because lesser
JAYANT IS AS FOLLOWS: number of cards were failed and received for repairing
Engine Transmission Electrical in the year 2023-24.
Section Section Section • 08 nos. Source Converters and 02 nos. Choppers of
Year Total Total Total DC Exx drive of 24/88 & 24/96 D/L of Amlohri and
Repaired Repaired Repaired Dudhichua Projects have been repaired and delivered
(nos) (nos) (nos) successfully. The cost of a new Source Converter and
2023-24 176 177 474 Chopper is very high.
2022-23 175 160 519 • CMC repairs them as per requirement and helps in
smooth operation of the Draglines.
Dipper
Welding handle • Equipment wise control cards delivered after successful
Machine Section
Section Section repairing:
Year (nos.)
Sl. No. Equipment No. of cards delivered
Manu-
Repaired Repaired Repaired, 24/96 and 24/88R
facturing 1 37
(nos) (nos.) (nos) Dragline
(Tons)
2023-24 64.8 2009 642 6 2 20/90, 15/90 Dragline 9
2022-23 69 1512 598 5 BE / Marion 182M
3 89
Shovel
Heat 4 P&H Shovel 3
Press Section Treatment Hydraulic
Year 5 BD355 Dozer 58
(nos.) Section Shop (nos.)
(Tons.) 6 TATA Hitachi Shovel 5
2023-24 410 55 6 7 DMH Drill 2
New section 8 Others 34
2022-23 481 92 introduced in
2023-24 TOTAL 237
Note: Assemblies delivered decreased as Several surveyed- • Control cards of Marion 182M Shovels and DC2000 &
off HEMMs being grounded, along with newly procured DOM II Drive system of 24/96 Draglines have become
equipment still under contract period. obsolete and are rarely being supplied in NCL. These
CWS Jayant is actively engaged in the training of 131 ITI equipments are running mainly by repaired control
apprentices, underscoring our commitment to Skill India cards from CMC.
Initiative.
• CMC lab has also successfully repaired 12 nos. LDCC
3.13 PERFORMANCE OF CONDITION MONITORING Cards and 33 nos. DCFB Cards of DC2000 Drive. Also
CENTRE, JAYANT: the cost of a new LDCC Card and DCFB Card are
Electronic Need approximately Rs. 18 lacs.
CBM
Oil card based • Different projects of NCL have been facing crisis of
inspection
year analysis & sub- services in Joysticks of BD355 Dozers. CMC lab has successfully
of
(nos.) assemblies Shovels & repaired and delivered 58 nos. Joysticks in the year
Dragline
repair Draglines 2023-24 to address their problem.
2023-24 2632 237 30 62
• CMC lab has provided assistance to other subsidiaries
2022-23 2852 343 29 92 of CIL too by repairing control cards of Marion 182M
shovel:

30
 Project/ Information with respect to coal supplies made to major
S.N. Eqpt. Name of Card Qty. consumers of power sector is given below: -
Subsidiary
AVIC Card 1 Mate-
2022- Growth
rializa-
AVSD Card 6 Con- 2023-24 (in 23 Ac- over pre-
tion of
sumer MT) tual (in vious year
TFCU Card 4 linkage/
MT) (%)
Marion ACQ(%)
1. Kathara AOAA Card 2
Shovel Link-
LOGIC Card 1 age/ Actual
TRLH Card 1 ACQ
NTPC/JV 55.87 57.30 102.56% 62.91 (-)8.92%
SCR Package 1 UPRV-
20.70 19.36 93.51% 18.21 (+)6.30%
Total 16 UNL
Other
4.0 Marketing & Sales Power 39.84 45.59 114.42% 39.30 (+)15.99%
Sector
Total 116.42 122.25 105.01% 120.42 (+)1.51%

(C) Supply of Deshaled coal from Bina Deshaling Plant

Against the annual target of 3.83 MT, Bina Deshaling Plant
has dispatched 1.74 MT of Deshaled coal to Anpara, Obra,
Paricha, MPPGCL, Kota, Suratgarh, GSECL, Prayagraj Power,
Aravali Power, NTPC power plants and other power plants
during 2023-24 as compared to 1.57 MT of Deshaled coal
dispatch during 2022-23.
4.2 CIL e-Auction Scheme-2022
(A) From 1st March 2023 onwards, CIL has directed all the
subsidiaries to offer coal only under Single Window
Mode Agnostic CIL E-auction Scheme 2022 replacing
the Spot e-auction scheme 2007. Accordingly, NCL
successfully conducted auctions under Single Window
Mode Agnostic CIL E-auction Scheme 2022 during FY
2023-24. For procurement of coal under this auction
scheme, buyers are to bid for the desired quantity at
price above the “Floor Price.” As per the approval of
Board of Directors of CIL subsidiary Boards have been
empowered to fix the floor price of all e-auction schemes.
Subsequently, Board of Directors of NCL had fixed the
Reserve price at 40% above the Notified Price of coal
to be offered under auction events of the F.Y. 2022-23
onwards.
4.1 Performance
(A) The off-take vis-à-vis the target for the year 2023-24 in
comparison to the previous financial year is furnished
below:-
2023-24 % Growth
(in Million %
2022-23 (in over
Tonnes) chievement
MT) Actual previous
of Target
Target Actual year
135.0 137.63 133.51 101.95 3.09
(B) Power Sector continued to remain the main consumer
for NCL, accounting for more than 88% of the total
dispatches (122.25 mill out of 137.63 mill tes).

31
 (B) Quantity booked along with financial gain under the 4.5 Coal Price Revision
auction events of Single Window Mode Agnostic CIL During F.Y. 2023-24, Basic Price of coal has been revised
E-auction Scheme 2022 during F.Y. 2023-24 is as under: - on dated 31.05.2023.
Notional Financial (Coal prices were last revised w.e.f. 00.00 Hrs of
Quantity
gain above Average 30/31.05.2023.)
Booked
Scheme notified price 5.0 Quality Control
( in lakh
(approx.)
tonnes) 5.1 Sampling Arrangement
(Rupees In Crores)
Single Window As per CIL policy Third Party Sampling for Coal
Mode Agnostic CIL Quality monitoring is being carried out for all type of
82.01 1663.32 Coal sale viz. FSA Power Sectors, FSA Non-regulated
E-auction Scheme
2022 (Coal) sector, Special Forward Auction, Exclusive and Spot
e-auction. Presently, following Third Party Sampling
Single Window
Agencies are empaneled to undertake Third Party
Mode Agnostic CIL
Sampling & Analysis of coal at loading end: A. CSIR-
E-auction Scheme 1.35 20.55
CIMFR (for Power, Non-Power & auctions), B. Quality
2022 (By Product R
Council of India (for Power, Non-Power & auctions), C.
by Road)
M/S Mitra S.K Pvt. Ltd. (For Power sector only). & Five
Total 83.36 1683.87 newly second round empaneled Third Party Sampling
4.3 Sector-wise and Mode-wise Offtake Agencies by PFC are:
The details of sector-wise and Mode-wise offtake of coal i) M/S Cotecna Inspection India Pvt. Ltd. ,
during the FY 2023-24, in comparison to FY 2022-23 is ii) M/S Quality Services & Solutions Pvt. Ltd.,
given below: -
(Fig in MT) iii) M/S Quality Austria Central Asia Pvt. Ltd.,

Sector/ Mode 2023-24 2022-23 iv) M/S KCS Quality Inspection Pvt. Ltd. &
Sector-wise Offtake v) M/s Inspectorate Griffith India Pvt. Ltd. (for Power,
Non-Power & auctions).
Power 122.25 120.42
Non-power 15.38 13.09 In the F.Y 2023-24, at NCL, loading end third party
sampling was carried out majorly by CSIR-CIMFR,
Total 137.63 133.51 Dhanbad & Quality Council of India (QCI), New Delhi
Mode-wise Offtake for all desirous consumers at loading ends with few cases
Rail 56.99 49.55 of sampling being undertaken by newly empaneled M/S
Mitra S.K India Pvt. Ltd. For F.Y 2023-24, CSIR-CIMFR
MGR 53.67 55.22
has conducted third party sampling for the dispatches
Belt Pipe made to power sector covering a quantity of 62.7
2.68 3.03
Conveyor million tones, QCI has undertaken sampling of 13.26
Road ( External) 22.50 24.02 million tones coal dispatched under SHAKTI-B(II),
Road (Internal)* 1.79 1.69 Special Forward e-auction, Spot e-auction and FSA
(Non-regulated sector), M/S Mitra S.K has undertaken
Total 137.63 133.51 sampling for 4.8 million tones & M/S COTECNA 5.33
*Raw coal transported by road to Bina Deshaling Plant has million tones of dispatched coal.
been considered as ‘Road (Internal).
5.2 Sizing of Coal
4.4 Wagon Loading The entire dispatch of Coal to power sector and other
Details in respect to actual average loading through I/R coal consumers during the year 2023-24 was made after
rakes against target during FY 2023-24 and as compared proper sizing as detailed below:
to actual I/R loading during previous FY is given below:- 2023-24 2022-23
Means of sizing of Coal
(in %) (in %)
2022-23 Target Variance
2023-24(Rake/ (-)200/ (-)250 mm (CHP/Feeder
(Rake/day) Achievement from last 45.3 56.2
day) Breaker/Other means)
Actual (%) year (%)
Target Actual (-) 100 mm (CHP/Surface Miner/
54.7 43.8
Mobile Crusher)
39.1 41.2 36.3 105.48 (+)13.66
Total 100 100

32
5.3 Quality complaints and action taken thereon The percentage Increase in Inventory over last year is 46%.
The main reason for Increase in Inventory is due to receipts
A. Details of complaints received during the last three
of Warranty Spares against Equipments as per CIL Contracts.
years are given below:
6.3 Disposal of Scrap:-
Nature of complaints (Fig. in nos.)
i. The Sale realization value of Scrap disposed in the year
Year Oversized Poor Foreign
Total 2023-24 is of Rs. 37.7 Crores compared to Sale Value
Coal Quality Materials
realization against Scrap Sale of Rs. 41.4 Crores in the
2021-22 5 2 0 7 year 2022-23.
2022-23 9 9 0 18 NCL was commended by the Ministry of Coal, Govt.
of India, for highest amount of scrap during Special
2023-24 6 8 0 14 Campaign 3.0.
All above feedback/observation of our esteemed Coal ii. The used oil disposed- off in the year 2023-24 is 1040.00
Consumers were taken due care and immediate corrective & KL in comparison to the Used oil disposed- off in the
preventive measures were implemented at concerned Projects. year 2022-23 of 925.00 KL. Disposal of used oil in the
NCL is making sincere efforts, right from mine face to dispatch year 2023-24 is 12.43% higher as compared to 2022-23.
points including sampling & analysis infrastructure to enhance
consumer experience in terms of quality of dispatched coal. 7.0 Safety

B. NCL is taking all the measures to ensure supply of 7.1 The accident statistics for the year is furnished
proper sized coal to all consumers. NCL is having below:
elaborate crushing arrangement and presently it has Sl. F.Y. F.Y.
Particulars
installed crushing capacity of: No. 2022-23 2023-24
i. (-) 100 mm: - 120 MT- (through Surface miner 1 No. of fatal accidents 0 3
32.4 MT, Mobile Crusher- 14.1 MT and through 2 No. of fatalities 0 3
existing CHPs- 73.5 MT). 3 No. of serious accidents 9 10
ii. (-) 200 mm: - 21 MT of installed crushing capacity 4 No. of serious injuries 9 14
of through existing CHPs 5 Fatality rate per MT output 0.000 0.022
C. While (-) 100mm sizing of 30 MT additional capacity is Serious injury rate per MT
under pipeline through following: 6 0.069 0.103
output
i. CHPs-24 MT: (9.5 MT at Bina, 4.5 MT at Block-B 7 Fatality rate per 3 lakh man shift 0.000 0.125
& 10 MT at Nigahi projects.) Serious injury rate per 3 lakh
8 0.343 0.581
ii. Up-coming Surface Miners-6 MT man shift
6.0 Stock/Inventory 9 Fatality rate per MCum output 0.000 0.005
Serious injury rate per MCum
6.1 Stock of Coal 10 0.016 0.023
output
The stock of raw coal as on 31.03.2024 was 3.338 Million
7.2 Measures taken for improving the safety standards:
Tonnes equivalent to around 09 days of coal production
in terms of average daily target for 2023-24. The stock of a) Distribution of 23201 nos. of Mining safety shoes
raw coal as on 31.03.2023 was 4.821 Million Tonnes. and 4507 nos. of Gum boots, 2285 nos of Half knee
6.2. Stock of Stores and Spares. Gum boots and 7006 nos. of safety helmets to the
employees.
Information in regard to inventory of stores and spares
as on 31.03.2024 as compared to 31.03.2023 is tabulated b) Completed Area level Bipartite and Tripartite
as under:- Safety Committee Meetings for all projects of NCL
Sl. As on As on for CY 2023.
Description
No. 31.03.2024 31.03.2023 c) Completed Company level Bipartite, Tripartite
Value of Inventory (Rs. in and Final Day celebration of Annual Mines Safety
i 934.27 639.93
Crores) Week 2023 on 25th, 26th and 27th December, 2023
Consumption (Rs. in respectively.
ii 3514.74 4096.06
Crores)
d) Organized Annual Mines Safety Week-2023 from
Inventory in term of 3.38 2.06 4th to 12th December 2023 and Annual Trade
iii
months consumption months months Test- 2023 from 27th to 30th November 2023.

33
 e) Organized NCL Inter Area First Aid Competition- phases on 21.08.2023 and 23.08.2023 for knowledge
2023 at Krishnashila on 17.12.2023. sharing and adopting suitable best practices.

f) Organized a seminar on “Latest Advancement p) A Special Meetings for review of compliance status
in Drilling-Blasting & Rock Fragmentation of Violations under the chairmanship of DT(OP) &
Technology in Opencast Mines” on 03.06.2023 at DT(PP), NCL with AGMs, GM(E&M), GM(Excv),
NCL HQ under the aegis of DGMS. SO(E&M), SO(Excv), ASOs and ESOs was held on
15.09.2023.
g) A safety animation video (5 minutes) on “Traffic
Rules and Safe Operating Procedures for Dumper q) Special Safety review meeting under the
and Tipper Operators” was circulated in projects of chairmanship of Chairman (CIL) with the Director
NCL and also with CIL. (Tech-OP/PP) of subsidiary companies along with
ED(S&R) has held on 21.11.23 through VC.
h) Completed Internal Safety Audit of all mines for
FY 2023-24 on July and August, 2023. r) Meeting with the Director (Tech-OP/PP) of
subsidiary companies and the major contractors of
i) Celebrated ILO World Day for Safety & Health at
HoE (5 Contractors from each subsidiary) under
work in all projects on 28.04.2023.
the chairmanship of Director(Tech), CIL has held
j) A Special Safety Meeting has been held on on 21.11.23 through VC.
13.04.2023 under the chairmanship of D(T/Op.),
s) Conducted family counseling and personal
NCL and D(T/P&P), NCL to review the safety
counseling in all the mines of NCL.
measures to be taken while using light vehicles
in mines, in view of major accident that occurred t) Imparted Basic training to 7295 nos of Contractual
at Garjanbahal OCP of MCL on 11.04.2023. workers and Refresher training to 222 nos of
An advisory along with an action plan of contractual workers at VTCs (from April 2023 to
implementation of guidelines has also been issued. March 2024).
k) A Special Safety Meeting under the Chairmanship u) Regularly arranged Pre-shift Safety Talks, Toolbox
of CMD, NCL along-with all FDs, Area GMs, and Safety Talks and awareness campaigns in local
associated JCC & SBMs was held on 23.05.2023 to language for sensitizing/briefing the labour force
review recent accidents and the safety status in all on mines safety related issues.
mines.
v) Continuously Organized “Roko-Toko-Likho
l) Teams from NCL, SAMEER, Mumbai and CMPDI Campaign” in all projects/mines with the theme
HQ Ranchi visited the Slope Stability Radar sites of “Zero tolerance on any unsafe act”.
Gevra and Kusmunda OCP of SECL on 21st-22nd
June 2023 for hands on experience on the existing w) Prepared the Monsoon Action Plan- 2023 for all
radar and for understanding the commercial the mines of NCL.
software, various reports, interpretation
x) Arranged Monthly Safety Drives in all projects of
methodology and to develop suitable software
NCL.
through SAMEER for indigenously developed
Slope Stability Radar installed at Dudhichua 8.0 Project Planning and Development:
Project. The status of Projects in NCL is as under:
m) DMS (Mining) and DDMS (Mining), Varanasi Non-mining
visited Bina from 25th to 26th July 2023 for review Type Mining Projects
Projects
of Safety Management Plan as per CMR 2017 and Nos. of Completed
necessary updation. 05 06
Projects
n) Officers of ISOs were trained in certified course Nos. of Ongoing
05 Nil
in “Accident Investigation based on Root Cause Projects
Analysis” at IIT(ISM), Dhanbad. Total 10 06
o) All Fire Fighting Officials (20 Nos) with ISO The detailed status of Completed and Ongoing Projects of
members visited Reliance MAME Project in two NCL is given below:

34
8.1 Completed Projects:
S. Sanctioned Sch date of Actual date of
Name of the Project Capacity (Mtpa)
No. Capital (Crs) Completion Completion
MINING

1 Amlohri Expansion OC 10.00 1670.65 Mar’16 Mar’16

2 Jhingurdah OC 3.00 63.12 Mar’87 Mar’87

3 Kakri OC 3.00 186.59 Mar’91 Mar’93

4 Krishnashila OC 4.00 741.62 Mar’13 Apr’16

5 Jayant OC 20.00 1783.09 Mar’21 May’23

NON-MINING

1 Central Workshop 68.72 Mar’02 Mar’02

2 Bina Deshaling Plant 16.69 Aug’97 Aug’97

3 Nehru Shatabdi Chikitsalaya 19.91 Apr’97 Aug’02

4 Integrated Water Supply Scheme 18.87 Mar’89 Mar’89

Water Supply Scheme Phase-I&II 9.28 Apr’99 Jun’98 & Apr’99

5 Communication Scheme 5.04 Apr’96 Mar’96

6 132 KV SS Madhauli (RCE) 5.43 Mar’01 Mar’01

One number mine i.e. Gorbi has been closed & abandoned after exhaustion of coal reserve on 01.07.1997.
8.2. Ongoing Projects:
S. Sanctioned Sch Date of Ant/Actual Date
Name of the Project Capacity (Mtpa)
No. Capital (Crs) Completion of Completion
MINING

2 Block-B Expansion (3.5 to 8.0 Mtpa) 8.00 998.71 Mar’23 Mar’25

3 Bina-Kakri Amalgamation (14.0 Mtpa) 14.00 836.42 Mar’24 Mar’25

4 Dudhichua OC 20.00 1255.17 Mar’22 June’24

5 Nigahi Expansion (15 to 25 Mtpa) 25.00 1729.68 Mar’25 Mar’25

6 Khadia Expansion (10 to 16 Mtpa) 16.00 491.67 Mar’25 Mar’26

8.3 Exploration & Drilling:

The drilling for geological exploration is done by CMPDI, RI-VI.
(in MTs)
2022-23 2023-24 2024-25
Actual Actual
Target
Non-CIL Target Non-CIL
CIL Block Total CIL Block Total (Proposed)
Block Block
CMPDI 21199 16690 37889 40000 11912 29111 41023 40000
MECL/Private - 2313.5 2313.5 - 3948.5 14440.5 18389 -

35
 8.4 Status Report for the work of Excavation/Removal of Overburden by Hiring of Equipment in NCL as on 31.03.2024

Awarded Awarded Date of

Sl. Period
Project Contract awarded to LOA/Date of Issue Quantity Rate (Rs./ Commencement
No. (Years)
(MBCM) BCM) of work
NCL/SGR/CMC/
BIPL BPL Joint
1 AML/21-22/326 Date: 95.90 119.90 3.50 01.01.2022
Venture
25.10.2021
Amlohri
M/s. Kalinga NCL/SGR/CMC/
2 Commercial AML/23-24/206 Date: 111.15 138.55 3.50 02.11.2023
Corporation Limited 14.09.2023
NCL/SGR/CMC/
M/s BGR-Deco
3 Bina BINA/20-21/207 Date: 188.64 116.16 4.50 18.10.2020
Consortium
08.09.2020
NCL/SGR/CMC/
M/s. Nilkanth Mining
4 Block-B BLOCK-B/19-20/68 Date: 95.40 99.60 6.00 03.06.2020
Co.
19.03.2020
NCL/SGR/CMC/
GSCO Infrastructure
5 DCH/22-23/245 Date: 110.58 99.91 4.00 07.10.2022
Pvt. Ltd.
17.08.2022
Dudhichua
Ram Kripal Singh NCL/SGR/CMC/
6 Construction Private DCH/21-22/192 Date: 160.42 135.50 3.00 01.11.2021
Limited 28.07.2021

M/s Kandoi Transport NCL/SGR/CMC/JNT/20-

7 44.00 88.26 3.00 06.08.2020
Ltd. 21/113 Date: 03.06.2020

VPR Mining NCL/SGR/CMC/JNT/21-

8 Jayant 92.34 154.53 3.00 07.10.2021
Infrastructure Pvt Ltd 22/262 Date: 15.09.2021

M/s Caliber
NCL/SGR/CMC/JNT/23-
9 Mercantile Private 122.00 135.77 2.67 10.10.2023
24/200 Date: 09.09.2023
Limited
Ram Kripal Singh
NCL/SGR/CMC/JRD/21-
10 Construction Private 48.98 125.78 4.00 17.09.2021
22/193 Date: 28.07.2021
Limited
Jhingurdah
M/s. Kalinga
NCL/SGR/CMC/JRD/23-
11 Commercial 59.14 132.30 4.00 09.11.2023
24/231 Date: 03.10.2023
Corporation Limited
M/s VPR Mining NCL/SGR/CMC/
12 Infrastructure Pvt. KHADIA/19-20/274 98.88 111.86 5.00 03.10.2019
Ltd. Date: 17.08.2019
Khadia
NCL/SGR/CMC/
M/s. ISC-S.A.Yadav
13 KHD/22-23/217 Date: 158.55 114.02 5.00 15.08.2022
(JV)
18.07.2022

NCL/SGR/CMC/KSL/22-
14 KNIL-SIPL (JV) 28.88 97.06 3.00 02.02.2023
23/08 Date 11.01.2023
Krishnashila
NCL/SGR/CMC/KSL/21-
15 S. A. Yadav 22.00 80.25 3.00 04.10.2021
22/194 Date 28.07.2021

36
 NCL/SGR/CMC/
M/s Dilip Buildcon
16 NIGAHI/19-20/383 Date 186.23 113.98 4.25 03.01.2020
Ltd.
18.11.2019
NCL/SGR/CMC/
P.C.Patel Infra Private
17 Nigahi NIGAHI/22-23/120 Date 104.99 124.18 5.00 04.05.2022
Limited.
03.04.2022
NCL/SGR/CMC/
18 M/s. SLL SIPL JV NGH/23-24/294 Date 175.50 151.39 5.00 31.12.2023
30.11.2023

8.5 Status Report for the work of loading and Transportation of coal as on 31.03.2024
Executed
Executed Qty as Awarded
Sl. Contract Details/ Period of Qty as on
Project on 31.03.2024 (in Quantity Period of Contract
No. Name of Work Contract 31.03.2024
Tes) (in tes)
(in Tes)
Coal Stock Yard No. NCL/CMC/CT/
M/s RA Mining
1 1 & 3 to Semi Mobile AML/2023/115 11000000 Not Starded 0
Private Limited
Crusher dt:08.07.2023
Amlohri
Loading And
M/S NCL/CMC/CT/
Transportation Of
2 KSMAHADEV- AML/2023/42 6000000 05.04.2023 04.04.2026 2185800
Coal At Old And
BPCPL (JV) Dt:04.03.2023
New Chp Crusher,
M/s Shah Coal NCL/CMC/CT/
Surface Miner-M 2
3 Private Limited NGH/2021/88 9000000 20.11.2021 19.11.2024 5116500
face to wharfwall
(Shah - 2) Dated 07.09.2021
Loading ,
Transportation of
ROM Coal and
NCL/CMC/CT/
Crushing of ROM M/s RA Mining
4 NGH/ 2022/102, 2500000 20.09.2022 21.03.2025 1288000
coal , Loading and Private Limited
Dated 05.08.2022
Nigahi transporting of
crushed coal and
Loading in wagons
Loading and
Transportation
of surface miner NCL/CMC/CT/
M/s RPL Project
5 Coal, unloading in NGH/2023/111, 16200000 19.07.2023 19.07.2026 1381860
Limited
hopper/R Pit/coal Dated 04.07.2023
yard and loading of
coal in wagons
NCL/CMC/CT/
Surface Miner Face M/s Sanjay
6 Bina/2021-22/33 7000000 17.05.2021 16.05.2024 4778200
to Wharfwall Udyog Pvt. Ltd.
Dt. 28.04.2021
Purewa Top &
M/s K S NCl/CMC/CT/
Bottom seam of
7 Bina Mahadev- BINA/2023/165 6750000 06.12.2023 06.12.2026 733725
north section to new
Paradise (JV) dated : 30.10.2023
coal yard no 4
Purewa Top &
NCl/CMC/CT/
Bottom seam of M/s Khemka
8 BINA/2023/163 2250000 15.12.2023 15.12.2026 191475
north section to new Carriers
dated : 30.10.2023
coal yard no 4

37
 Bina stockyard
(ROM Coal) to NCL/CMC/
M/s Hindustan
Mobile Crusher and CT/ Bina/
9 Trade Oversea 7500000 21.09.2021 19.09.2024 3642000
Transportation of CMC/2021/79 Dt.
Pvt. Ltd.
Crushed Coal to 15.08.2021
Bina Wharfwall
Transporting and
NCL/CMC/CT/
loading of ROM
10 M/s OT-PDE JV DCH/2023/60 9000000 21.04.2023 20.04.2026 2817000
Coal from Surface
dt:13.04.2023
Miner to DCH WW
NCL/CMC/CT/
DCH Stock yard No.
11 M/s KSFRC DCH/2023/114 3655000 26.07.2023 26.07.2025 1033268.5
1 & 12B to KSL CHP
dated : 04.07.2023
NCL/SGR/
DCH Stock yard to M/s OT PDE CMC/CT/
12 3000000 02.10.2022 28.04.2024 1707000
Khadia (JV) DCH/2022/117
Dt. 03.09.2022
Coal Transportation
NCL/CMC/CT/
of 78.00 L.Tes from
M/s KTL-OT- DCH/Mobile
13 East Coal Stockyard 11100000 08.09.2020 08.06.2024 10824720
Dudhi- BDEPL (JV) Crusher/2020/02
to Mobile Crusher to
chua Dt.04.01.2020
Dch W/w.
NCL/SGR/
Transportation of
M/s RPL OT CMC/ CT/DCH/
14 coal from purewa 7155000 13.04.2021 27.12.2024 5356948.5
(JV) (SM)/2020-21/14
east S/Y to CHP
Dt.08.05.2021
Transport and
NCL/SGR/
loading coal &
M/s Chadda CMC/ CT/DCH/
15 ROM from SM to 2385000 13.06.2021 11.06.2024 1514475
Trading Co. (SM)/2020-21/13
DCH W/W & R/pit/
Dt.08.05.2022
Coalyard No.1
NCL/SGR/
Dudhichua M/s Maa
CMC/ CT/
16 Mobile crusher to Parwati 4384000 02.01.2023 02.01.2026 1414716.8
DCH/2022/144
Jhingurdah WW Transport
Dt. 01.12.2022
NCL/CMC/CT/
Krish- KSL Surface Miner M/s Khemka
17 KSL/2022/92 10960000 07.08.2022 06.08.2025 4955016
nashila to Stock yard no.4 Carriers
dated 15.07.2022
Jhingurda S/Y NCL/CMC/CT/
Jhin-
18 to Semi Mobile M/s RA Mining JRD/2022/180 6576000 14.04.2022 13.04.2025 6663460.8
gurda
Crusher Dt.28.01.2022
NCL/CMC/CT/
Jayant to Morwa M/s K S R
19 JNT/2023/25 10250000 01.03.2023 01.03.2025 4265025
Spur Siding Freights Carriers
Dt.03.02.2023
Transportation of
NCL/CMC/CT/
Coal from Purewa M/s Ashoka
20 JNT/2022/88 10800000 27.07.2022 26.07.2025 3776760
East Stockyard to Constraction Co.
Dt. 07.07.2022
CHP
Jayant M/s Shanker NCL/CMC/CT/
Crushing of coal
21 Fuels Private JNT(E)/2021/75 6000000 14.01.2022 12.05.2024 3780600
from East Stockyard
Limited dt:11.08.2021
East Stockyard no. M/s Shanker NCL/SGR/CMC/
22 23 & 24 to Spur - II Fuels Private JNT/23-24/164 dt: 900000 05.11.2023 03.05.2024 595710
siding Morwa Limited 30.10.2023
NCL/CMC/CT/
Jayant to Morwa M/s Bharat Road
23 JNT/2023/54 6008820 14.06.2023 14.06.2025 779944.836
Spur Siding Carriers Pvt Ltd
dated 29.03.2023

38
 NCL/CMC/CT/
M/s K S Mahadev
24 Khadia S/Y to CHP KHD/2023/26 10800000 12.02.2023 11.02.2026 4312440
BPCPL JV
dated 03.02.2023
NCL/CMC/CT/
Khadia stock yard to
25 M/s S.K.Muraka KHD/2022/109 4000000 14.09.2022 13.09.2024 3403600
KSL CHP
Dt. 17.08.2022
Khadia NCL/CMC/
SY No. 6a and 6b to CT/ KHD/2023-
26 M/s S.K.Muraka 4380000 10.01.2024 08.01.2026 119574.00
KSL CHP 24/174 dt:
20.12.2023
NCL/CMC/CT/
Surface Miner face to
27 M/s S.K.Muraka KHD/2023/117 6000000 02.02.2024 01.02.2026 335400.00
Coal Stock Yard
dt: 3.07.2023
M/s Shanker NCL/CMC/CT/
SM face to Old/New
28 Fuels Private BLB/2023/110 6000000 18.07.2023 17.07.2025 882000.00
CHP
Limited dt:03.07.2023
23.03.2024
work in
Block-B gress(work
Stock yard no-1 to NCL/CMC/CT/ Suspended
M/s Vijay Kumar
29 Old CHP via weigh BLB/2022/39 2190000 26.03.2022 from 15- 1341156.00
Singh
bridge. Dt.07.03.2022 12-2023 to
31-03-2024
for reason
of EC)
8.6 Change in Nature of Business reporting as per Rule 8 (CA), reclamation of mined out areas, creation of
of The Companies (Accounts) Rules, 2014 - safety zones around mining areas, meeting fuel wood
There is no change in the nature of business. needs of labourers and employees engaged in mining
activities etc. The basic objectives of these conditions
9.0 Environmental Management- are to ameliorate/mitigate the impacts on forests and its
Clean environment for sustainable development is various ecosystem attributes (wildlife, flora, fauna, bio-
the prime concern of NCL and it is achieved by each diversity etc.) resulting from coal mining activities. Brief
employee’s contribution and responsibility towards details of various forest/ecological mitigative measures
environmental protection. To achieve this objective, undertaken by the NCL projects are given below:
various participative initiatives are being practiced and (A) Compensatory Afforestation:
promoted. NCL has well defined & documented Manual, The compensatory afforestation (CA) is the afforestation
Policy, Procedures and Guidelines for Environmental done in lieu of the diverted forest lands for coal mining
Management and sustainable development under its and other purposes. Before the introduction of new
Integrated Management System (IMS) complying Van(Sanrakshan and Samvardhan), Rules 2023, a
with international standards of ISO 9001:2015, ISO special provision was there for projects of the Central
14001:2015 and ISO 45001:2018. Government/Central Government Undertaking for
9.1 Forest/Ecological Mitigative Measures: taking up CA in double degraded forest land. As per
Forest Clearances (FC) have been accorded to the the new rules CA has to be taken up in equivalent
NCL projects by the GoI, MOEF/ concerned State non-forest land. The State Forest Departments take up
Governments (of UP & MP). Till 31.03.2024, total the CA in the land identified and the user agency has
8918.59 hectares forest land has been granted forest to deposit the amount for compensatory afforestation
clearances, out of which, total 8232.28 hectares forest with the concerned State Forest Departments. NCL has
land have been handed over to the NCL projects by paid Rs. 19267.41 lakhs for compensatory afforestation
the concerned State Forest Departments. Stage I FC for against the total Forest Land diverted till date.
229.348 Ha forest land was obtained during the year (B) Net Present Value (NPV):
2023-24 for Nigahi Expansion OCP. NPV is a mandatory one-time payment that a user has to
In these clearance letters, certain conditions have make for diverting forestland for non-forest use, under
been stipulated to be complied by the user agency. the Forest (Conservation) Act, 1980. NPV is calculated
These conditions basically relate to payment of Net on the basis of the services and ecological value of the
Present Value (NPV), compensatory afforestation forests.

39
 NCL has paid total Rs. 41529.828 lakhs till 2023-24 roads, coal transportation roads and colony roads.
towards Net Present Value (NPV) as per the stipulated In addition to this, around coal stockyards and
condition of forest clearances. wharf walls 44 nos. fixed type fog cannons have
(C) (Biological) Reclamation of Mined Out Areas: been deployed in different projects.
External over burden dumps(OBD) and internal over iii. Deployment of 14 nos. of Road Sweeping Machines
burden dumps, which are made by back filling of mined for effective dust control through sweeping of
out areas, after having achieved the planned heights, colony and public roads.
are technically reclaimed by means of retaining walls, iv. Transportation of coal to thermal power plants
terraces/steps etc. Afterwards, biological reclamation and other coal consumers is being done by MGR/
works are carried out through plantations of suitable Indian Railway wagons through silo loading. At
local species. Till 31.03.2024, total 3791.146 Ha. of Krishnashila project, coal is being transported to
External and Internal dumps have been technically and Renusagar Thermal Power Plant through Belt Pipe
biologically reclaimed by planting total 177.02 lakhs Conveyor (BPC) system also.
plant saplings. v. Drills are operated with high efficiency cyclonic
During the year 2023-24, 228.57 Ha OB dump area has dust extractors and dust guards.
been biologically reclaimed by planting 5.71 lakhs plant
vi. 9 nos. of Continuous Ambient Air Quality
saplings.
Monitoring Stations (CAAQMS) for real time
(D) Safety Zones: monitoring of meteorological parameters and
NCL has paid the costs of afforestation over degraded concentration of PM10, PM2.5, SO2, NOx and
forest lands to the extent of one and half times the safety CO in ambient air. These CAAQMS units are
zone areas. connected with CPCB / SPCB servers.
(E) Social Afforestation: vii. Approach roads and service roads of mines have
NCL has undertaken extensive afforestation in been provided with black topping to reduce dust
residential colonies, along road sides and other plain generation. Permanent internal haul roads inside
areas. This has resulted into development of extensive mine are being converted into CC roads.
green cover all around, which helps in checking air, viii. Automatic water sprinklers at CHP receiving pits
water and noise pollution. Till 31.03.2024, total 96.86 and these are actuated through sensors. Fixed
lakhs plant saplings have been planted under social sprinklers provided for coalbunkers, transfer
afforestation programme. Also NCL has done plantation points, loading points, these are operated through
in 840 Ha outside the leasehold area with 6.28 laks valve controls.
saplings. ix. Routine maintenance and periodic over hauling of
During the year 2023-24, total 1.82 Lakhs plant saplings HEMMs to reduce gaseous emission etc.
have been planted under social afforestation programme B. Water Pollution Control Measures-
within leasehold area of NCL including 3.2 Ha Miyawaki
Following arrangements exist in NCL mining areas to
plantation.
control Water Pollution-
A total 273.88 lakhs plant saplings have been planted by
NCL for biological reclamation and social afforestation till (i) Effluent Treatment Plants (ETPs) -
31.03.2024. In NCL mines, 12 Nos. of Effluent Treatment Plants
(ETPs) are operational for treatment of Mine Water
9.2 Pollution Control Measures-
and effluent from Workshops & Coal Handling
A. Air Pollution Control Measures- Plants. These plants have oil and grease recovery
Particulate Matter is the main air pollutant in NCL system through traps, removal of suspended solids
mines. For assessment of ambient air pollution in and through clarifiers after chemical dosing at flash
around opencast mines of NCL, monitoring of ambient mixers, sludge drying beds, conveyance line and
air quality is carried out regularly. The following pumping arrangements. Treated water is being
mitigation measures are being taken to control air reused in mines itself for plantation inside mine,
pollution in NCL mines: dust suppression on haul roads & at Coal handling
plants, washing of Heavy Earth Moving Machine
i. Deployment of about 160 nos. of water sprinklers
(HEMMs) in workshops and fire fighting.
of different capacities (12 KL, 28 KL, 42 KL & 70 KL
etc.) for dust suppression on haul roads, approach (ii) Silt Arrestor–
roads and coal transportation roads. Substantial amount of silt is carried along with the
ii. Deployment of 20 nos. of Truck Mounted Mist runoff water during rainy season. Catch drains
Guns (mobile) for dust control along approach with silt arrestors are provided to arrest silt within

40
 mine. Gabions (loose stones packed in wire crates) 9.3 Special Activity:- Measures for Control of Air
with filter pad are provided at toe of the active Pollution
dumps and across water course, protect nearby • 34 nos. of Fixed Type Fog Cannons have been
water bodies from runoff of silt. deployed at different projects of NCL on hiring basis
(iii) Sewage Treatment Plants (STPs)- for duration of 3 years.

In NCL areas, 9 nos. of Sewage Treatment Plants • Supply order was placed on 08.01.2024 through
are operational based Activated Sludge Process GeM portal for procurement of 2 nos. of Continuous
Ambient Air Quality Monitoring System (CAAQMS)
in the residential colonies. These plants have grit
for installation Amlohri Area (1 no.) and Bina Area
removal facilities, sewer lines, manholes, pump
(1 no.).
houses, control room, aeration units for oxidation,
clarifiers for removal of suspended solids, sludge • Supply order was placed on 04.01.2024 through
drying beds etc. Treated water is reused in GeM portal for procurement of 8 nos. of Continuous
plantation & horticulture works. Dried sludge Effluent Quality Monitoring System (CEQMS).
is used as valuable manure for plantation and 9.4 Environmental Clearances-
horticulture activities.
Environmental Clearances (EC) are accorded by Ministry
C. Noise Pollution Control Measures– of Environment, Forest & Climate Change (MoEF&CC)
for coal mines of NCL. Consents to Operate (CTOs)
Following arrangements exists in NCL mining areas to
are accorded by concerned Madhya Pradesh Pollution
control noise pollution -
Control Board/ Uttar Pradesh Pollution Control Board.
• Controlled blasting operations are carried out in Following 4 nos. of Environment Clearances were
day hours only i.e. during change of shift as per accorded by MoEF&CC during FY 2023-24 w.r.t. NCL
prescribed by DGMS. mines :
- Nigahi OCP : EC for revalidation of production
• Ear-muffs and ear-plugs are provided to employees
capacity from 21.0 to 22.5 Mtpa
wherever required.
- Khadia OCP : EC for revalidation of production
• Thick curtain plantation exists in and around capacity from 14.0 to 15.0 Mtpa
colonies and along mine boundaries. - Jhingurda OCP : EC for validity extension upto
• To reduce unwanted noise, routine maintenance of 2031-32 for production capacity of from 5.0 to 4.0
equipment is carried out on regular basis. Mtpa.
- Bina OCP : EC for validity extension upto 2030-
D. Disposal of Hazardous Waste – 31 for production capacity of 10.5 Mtpa and
(i) Recovery of Used/Waste Oil amendment of ML area from 1798.00 ha to
1790.377 ha.
Routine maintenance of HEMMs is done to
minimize oil leakages. Secondary containments Total coal production capacity as per
like trays and trolleys are used at workshops Environmental Clearances of NCL mines as on
during maintenance to stop the spillage of oils. 31.03.2024 is 138.97 Million Tonne Per Annum
(Mtpa).
Used oil collected during maintenance of vehicles
& HEMMs and floating oil recovered from oil & 9.5 Environmental Monitoring:
grease traps at workshop ETP is stored in lid tight
• Routine monitoring of ambient air quality, water
leak proof drums. These oil containing drums
quality and noise level carried out by CMPDIL
are stored in a raised paved area having drains throughout the year as per prescribed guidelines by
to collect back spillages. The waste oil collected CPCB / MoEF&CC.
in drums is sold through e-auction for disposal
through recyclers authorized by SPCBs. • Real time monitoring of ambient air and meteorology
carried out through CAAQMS.
(ii) Waste containing oil residues
• Monitoring of ground water level and quality carried
Wastes containing oil residues are stored in
out by CMPDIL through established piezometers
specifically constructed sheds at projects. It is
and dug wells nearby mines.
disposed off through SPCB’s authorized Common
Hazardous Waste Treatment, Storage & Disposal • Monitoring reports are submitted to concerned
Facility (CHWTSDF), available in the respective regulatory authorities.
state.

41
 9.6. Functions/ Seminars for awareness of Environment 11.0 HUMAN RESOURCE DEVELOPMENT
Laws and Conservation:
11.1 Bridging Skill Gap
World Environment Day was organized on 5th June,
2023 at all units/projects of NCL. On this occasion, A. Manpower
different activities like planation, quiz and drawing Total Manpower of the Company (excluding Apprentices
competition etc. on environment awareness were under the Apprentices Act, 1961) as on 31st March 2024
conducted. was 13770 as against 13753 as on 31st March 2023. The
9.7 Awards & Recognition breakup of Manpower is mentioned below:
During the year, NCL was conferred with:- Skill-wise Manpower as on 31st March, 2024

• NCL was conferred with SKOCH ESG Award Sl.

Particulars Male Female Total
2023 (Silver) by SKOCH Group during SKOCH No.
India Involved Summit held at New Delhi on 1 Executive 1582 80 1662
29th March 2024 for replacing road transport of 2 Supervisory 2324 153 2477
coal by construction of First Mile Connectivity
3 Clerical Staff 779 67 846
(FMC) projects and thus reducing dust pollution in
Singrauli area. Highly Skilled/
4 6830 64 6894
Skilled
• NCL won the 2nd Prize in the prestigious Coal
5 Semi-Skilled/Skilled 1645 246 1891
Ministers Award for Exemplary Performance in
Safety. Total 13160 610 13770

• NCL has achieved highest 5 Star rated mines in a Breakup of Manpower

company in CIL & in India i.e. 6 Mines with 5 Star
Rating in 2022-23 and 9 mines with 5 Star Rating in
2023-24.

Employment Generation in NCL

Miyawaki Plantation
10. Accreditation:
For continual improvement in management system
and processes, the company has implemented globally
recognized Quality, Environment and Occupational
Health & Safety Management System conforming to
requirement of ISO 9001:2015, ISO 14001:2015 and
ISO 45001:2018 standards at all its Projects and Units. B. Employment Generation
This reflects NCL’s intensive efforts to improve the In FY: 2023-24, total 689 appointments have been given
quality of service and further enhance performance of by NCL through Direct Recruitment Process.
occupational health & safety and environment systems. In addition to above, NCL has given 101 appointments
This achievement has added to NCL’s track record of to dependents of deceased employee (Compassionate
corporate excellence and international recognition of its Employment) and 77 appointments against land
high performance levels. acquisition during the F.Y. 2023- 24.

42
C. Career Building SC/ST/OBC /PwBD/Female Employees Representation
NCL promoted 1133 no. of employees to higher S Cat./Group As on 31.03.2023 As on 31.03.2024
positions during the FY 2023-24. Out of 1133 no. of No. Manpower % Manpower %
employee promoted to higher grades 185 SC and 136 ST 01 SC 2314 16.83 2288 16.62
02 ST 1589 11.55 1696 12.32
category employees were promoted during the FY 2023- 03 OBC 2808 20.42 2972 21.58
24. 04 PWBD 75 0.55 64 0.46
05 Female 612 4.45 610 4.43
Promotion in FY: 2023-24 Total Manpower 13753 - 13770 -
E. Talent Development
CETI/HRD, located at NCL HQ, Singrauli, is a multipronged
training institute providing training and development
opportunities to its human resource, consistent with
operational requirements, occupational categories, skill
requirements and career growth opportunities for individual
and organizational success and to remain competitive and
relevant in the marketplace.

Training is not provided only to its own employees (Executives

and non-executives employees of NCL), Project Affected
Persons (PAPs), HEMM operators of other subsidiaries of
D. Employee Representation (SC/ST/OBC PwBD/ Female CIL but Local Youth of Singrauli and its surrounding region
employees): are also being trained by way of engaging them as Apprentice
The reservation rules/ guidelines issued by Government Trainee in pursuance to the provisions of the Apprentice Act
of India in favor of SC/ ST/OBC/PwBD candidates (as 1961. Additionally students of the University/College are also
applicable from time to time) are followed in NCL in being trained as requirement of their curriculum following
their written request.
Promotion and Recruitment.
The representation of different categories of Employees No. of Employees Trained Manhours
in total Manpower as on 31st March 2024, is mentioned
below against 31st March 2023. Executives 2215 48396
Non Executives 5768 184044
Manpower Distribution 2023-24 Contractual 7580 791424

Classification of Executive trainees on basis of category

Inhouse Outside IICM
General 1037 237 210
OBC 361 64 133
SC 196 48 38
ST 44 7 13
Total 1638 356 394

43
 Simulator training is not just a tool for skill development; it
Average Training Hours Per Employee is a vital component of a comprehensive safety and efficiency
strategy that benefits both operators and the organization as
a whole.
Training on Preventive Vigilance
4866 Man-hours Spent on Training of executives on
Preventive Vigilance
Northern Coalfields Limited (NCL) has undertaken a
significant initiative to train its personnel on preventive
vigilance. A total of 811 employees participated in this
training, dedicating 4,866 man-hours to learning various
topics related to preventive vigilance.
Investing in preventive vigilance training is not just about
compliance; it is about building a resilient and trustworthy
organization. The positive impact of such training on employee
behaviour, organizational processes, and stakeholder trust
underscores its importance in achieving operational excellence
and ethical integrity.
Training for post-retirement
Training of HEMM Operators on Simulator 3,666 man-hours of training was imparted to the executives
22,368 Man-hours Spent on Training of HEMM Operators on & Non Executives of NCL
Simulator
Northern Coalfields Limited (NCL) has conducted a
comprehensive training program focusing on post-retirement
Training of HEMM
fund management planning and income tax planning with
Operators on Simulator the National Pension System (NPS). A total of 611 employees
participated in this training, contributing 3,666 man-hours.
This training program not only benefits individual employees
but also contributes positively to the organization by fostering
a more satisfied, productive, and loyal workforce. Investing
in such training initiatives reflects NCL’s commitment to the
holistic well-being of its employees, ensuring they are well-
prepared for their post-retirement years.
Various trainings imparted to HEMM Operators
3432 Manhours Of Training Is Being Imparted To HEMM
Operators
Northern Coalfields Limited (NCL) is committed to the
continuous development and safety of its Heavy Earth Moving
Machinery (HEMM) operators through diverse training
The training of Heavy Earth Moving Machinery (HEMM) programs. These programs cater to operators of dumpers,
operators is crucial for ensuring both operational efficiency draglines, drills, and shovels, providing basic training, refresher
and safety in mining operations. Northern Coalfields courses, and specialized modules. A total of 572 HEMM
Limited (NCL) has adopted simulator-based training as a key operators have undergone training, accumulating 3,432
component of their operator training programs. A total of 625 man-hours. This training enhances safety and operational
HEMM operators from NCL and 220 operators from other
CIL subsidiaries have undergone this training, accumulating
a combined total of 22,368 man-hours.
The adoption of simulator-based training for HEMM
operators by NCL and other CIL subsidiaries has proven to
be highly beneficial. By providing a safe, cost-effective, and
standardized training method, simulators have significantly
enhanced the safety and operational efficiency of HEMM
operators. The investment in this training technology is a
forward-thinking approach that underscores the commitment
of NCL and CIL to maintaining high safety standards and
operational excellence in their mining operations.

44
efficiency, reducing downtime and operational costs, and communities. The training programs, organized by OEMs,
extending equipment longevity. New operators receive cover a wide range of topics tailored to each role’s demands,
comprehensive training on various topics, including safety, including equipment operation, safety protocols, maintenance
machinery, and troubleshooting. First aid and fire prevention procedures, electrical systems, troubleshooting techniques,
classes, yoga, and health sessions further promote well-being and mechanical maintenance. Emphasis is placed on safety
and emergency preparedness. Continuous refresher training and regulatory compliance, ensuring participants are prepared
ensures operators stay current with the latest techniques, safety for the challenges of their future roles. NCL remains dedicated
protocols, and technological advancements, maintaining high to supporting the professional advancement of PAPs through
standards of efficiency and safety and contributing to NCL’s continued collaboration with OEMs, contributing to regional
overall effectiveness and productivity. prosperity and reinforcing its status as a responsible corporate
entity in the mining sector.
Training Programs for Electricians and Fitters at NCL
Training Imparted to General Mazdoor Recruited in NCL
Northern Coalfields Limited (NCL) conducts specialized from R&R Policy of CIL
training programs for electricians and fitters to ensure the
safety and efficiency of mining operations. The training covers Northern Coalfields Limited (NCL), a subsidiary of Coal India
various aspects of electrical installations, safety regulations, Limited (CIL), follows the Resettlement and Rehabilitation
and hazard prevention, including insights into the latest safety (R&R) policy of CIL to manage the impact of land acquisition
regulations mandated by the Central Electricity Authority and on displaced persons. One significant aspect of this
the DGMS Technical Circular on Lockout/Tagout (LOTO) policy is the recruitment of displaced persons as General
and Lightning Protection. Participants learn to identify and Mazdoors (unskilled laborers) in NCL. Ensuring that these
mitigate potential hazards in electrical installations, analyze recruits are adequately trained is crucial for their effective
past accidents for preventive strategies, and implement safety integration into the workforce and for maintaining safety
techniques specific to mining operations. The program also and productivity standards. The training imparted to General
includes training on equipment used in HEMM operations Mazdoors recruited from the R&R policy of CIL at NCL is
and preparedness for the monsoon season. By providing a comprehensive program designed to equip them with the
a comprehensive understanding of electrical safety and necessary skills and knowledge. This training not only ensures
operational efficiency, the training equips participants with their safety and efficiency but also facilitates their smooth
the necessary knowledge and skills to effectively fulfill their transition into the mining industry, contributing to the overall
roles in mining operations. success and sustainability of NCL’s operations. Continuous
improvement and adaptation of the training modules are
Training Programs for Supervisors at NCL essential to keep pace with technological advancements and
Northern Coalfields Limited (NCL) prioritizes the ongoing evolving industry standards.
professional development of its supervisors to uphold safety Training Imparted by Vocational Training Centres (VTCs)
standards and operational efficiency. Collaborating with in NCL
Original Equipment Manufacturers (OEMs) and expert
organizations, NCL conducts comprehensive training Northern Coalfields Limited (NCL) operates ten Vocational
programs covering safety, maintenance, and operational Training Centres (VTCs) aimed at enhancing the skills of non-
excellence. Supervisors undergo specialized training on Heavy executive employees for effective and safe mining operations.
Earth Moving Machinery (HEMM) safety and maintenance, In the past year, these VTCs trained 1,816 regular employees
crucial for accident prevention and machinery performance for 75,888 manhours and 7,580 contractual employees for
optimization. Additionally, they receive training on Coal 791,424 manhours. The training covered technical skills, safety
Handling Plants (CHP) operations and monsoon planning protocols, and emergency response measures, emphasizing
to ensure smooth coal processing and mitigate risks during safety and productivity. For contractual employees, training
adverse weather conditions. Furthermore, supervisors are addressed equipment handling, maintenance, safety measures,
equipped with skills for transformer maintenance to ensure and environmental management. The comprehensive
a reliable power supply. These initiatives enable supervisors to training combined theoretical and practical sessions with
regular assessments, ensuring employees could apply learned
effectively manage their responsibilities, minimize downtime,
concepts effectively. NCL’s investment in training reflects
and enhance productivity, contributing to NCL’s overall
its commitment to workforce development, safety, and
success in mining operations.
operational excellence, benefiting employee competencies,
Training for PAPs (Project Affected Persons) career prospects, and overall operational success. The
significant training hours dedicated to both regular and
Northern Coalfields Limited (NCL) facilitates comprehensive contractual employees underscore NCL’s proactive approach
training for Project-affected persons (PAPs) in collaboration to skill development and safety, contributing to a culture of
with original equipment manufacturers (OEMs). This excellence in mining operations.
initiative aims to empower PAPs as potential Heavy Earth
Moving Machinery (HEMM) operators, electricians, and Apprenticeship and Training Initiatives at NCL
fitters, enhancing their employability within the mining or
NCL has successfully implemented the Apprenticeship training
other industries. By partnering with OEMs, NCL demonstrates Scheme (ATS) as per The Apprenticeship Act, 1961 for Trade
its commitment to social responsibility and sustainable Apprentices and engaged its 1st, 2nd, 3rd, 4th, 5th, 6th & 7th
development, fostering inclusive growth in project-affected

45
 batch of Trade Apprentices i.e. 311, 313,1092, 427, 205, 466 & manhours. These programs enhance executives’ technical
1028 candidates respectively for Apprenticeship Training in proficiency, interpersonal skills, and leadership capabilities,
various designated ITI trades viz. Welder, Electrician , Fitter, ensuring they are equipped to handle diverse responsibilities
Auto Electrician & Motor Vehicle Mechanic. This is the first and drive organizational success. NCL’s significant investment
year NCL has engaged Graduate & Diploma Apprentices. in training demonstrates its commitment to fostering a skilled
HRD, NCL has planned the engagement of Apprentices workforce essential for long-term sustainability and success.
qualified in various degrees and diploma falling under
Paramedical Discipline during the FY 2024-25. Vocational Training to Students

As on 31 st March, 2024, overall a total of 1028 Apprentices Northern Coalfields Limited (NCL) imparted vocational
have been inducted in 07th Batch of Apprentices. At present training and internships for 809 students, including those
this is 2.81 % of the total population of NCL in compliance from prestigious institutions like IITs and IIMs, enhancing
of the present directives (2.5% - 15% of the total Manpower their employability and competencies. Specialized training
including Contractual and outsourced workers). However, it for nurses at NSC Jayant focused on clinical skills. The
would be worthy to mention that the 7th batch was inducted program’s diversity underscores its appeal to various academic
against the notified 1840 vacancies out of which only 1028 backgrounds, providing real-world insights and preparing
could be filled. students for career challenges. NCL’s initiative invests in future
workforce readiness, benefiting both students and industry,
NCL has signed a MOU with the SCMS and representatives and aligns with broader workforce development goals.
of District Collector for implementing SANKALP scheme of
Madhya Pradesh Government during FY 2024-25. More than 11.2 Improving Quality of Work-Life
500 fresher (Non-ITI) apprentices are likely to join during the Welfare amenities in NCL enhance quality of life by
FY 2024-25. providing essential services and facilities. Access to
Executive Training healthcare services ensure physical well-being, while
education opportunities contribute to personal growth
No of Executives Trained Manhours
and development. where Recreational facilities promote
Abroad 01 social interaction and leisure activities, fostering a
Outside 357 13920 sense of community, the adequate housing options
IICM 562 25884 ensure shelter security and comfort. Additionally,
transportation infrastructure facilitates mobility and
In-House 1445 12222
connectivity, enhancing overall convenience. Together,
TOTAL 2365 52026 these amenities create a conductive environment for
residents to lead balanced lives in NCL.
Manhours of Training imparted to executives Welfare Amenities focuses on two things:-
1.) Quality Of Work Life

2.) Quality Of Life

Northern Coalfields Limited (NCL) prioritizes comprehensive HOUSING

FACILITY
EDUCATIONAL
FACILITIES
CIL SCHOLARSHIP
SCHEME
CHILDREN
PARKS/ GARDENS
ATHLETICS
ACADEMY

training for its executives, encompassing technical/functional, 17409 company quarters

77 new quarters underway
11 deficit funded schools 8
DAVs, 2 Kendriya Vidyalayas,
01 DPS institution
In FY 2023-24, 28 deserving
Students were awarded
scholarships totaling Rs.
68 Parks/gardens
From Vibrant play areas
to serene nature spots,
With residential facilities
and top notch amenities
including a well equipped

behavioral, and managerial aspects. Management Trainees infrastructure support to

11 schools and 02 schools
52,600 students everyone can enjoy
nature’s beauty.
zym, playground and
sports facilities

undergo induction, Technical Skill Development Program

receiving occasional grants

(TSDP)/Functional Skill Development Program (FSDP), Quality of work life:-

and Managerial Skill Development Program (MSDP) to
prepare them for organizational roles. Both in-house and Welfare amenities in NCL enhance quality of work life
external training are provided, with 2,365 executives trained by providing childcare services, easing the work-life
for 52,026 manhours. External training, excluding overseas balance for parents. The presence of on-campus dining
sessions, engaged 357 executives for 13,920 manhours, options ensures convenience and fosters a sense of
while 562 executives participated in Indian Institute of Coal community among employees. Such welfare amenities
Management (IICM) programs, totaling 25,884 manhours. contribute significantly to employee satisfaction,
In-house training involved 1,445 executives for 12,222 productivity, and overall work-life balance at NCL.

46
1. Canteens:- NCL offers 39 meticulously equipped
canteens across office premises and mining areas,
complete with amenities like specially abled washrooms,
RO Systems, water coolers, AC and comfortable seating
ensuring optimal comfort and convenience for all
employees.

Yoga

1. Housing Facility:- NCL committed to provide quality

living spaces. With 17409 company quarters catering to
Canteens
officers, supervisory staff and employees across diverse
2. Rest Shelters:- NCL proudly offers 30 Rest shelters for sectors, along with 77 new quarters underway.
our dedicated mining workforce ensuring their well
being amidst the core mining endeavors across all areas/
units.

Rest Shelters Housing Facility

3. Drinking water:- NCL delivers a staggering 18 MGD 2. Educational Facilities:- Ensuring access to quality
capacity of water supply via its integrated water supply education, NCL empowers employees’ children
scheme, boasting more than 221 ROs installation across with educational; opportunities on par with urban
residential colonies, mines, workshops, club, stadiums, schools, fostering a conducive learning environment.
Offices and employees premises for unparalleled Educational Landscape of NCL, features 11 deficit
accessibility and convenience. funded schools comprising 8 DAVs, 2 Kendriya
Vidyalay, 01 DPS institution. Additionally our company
4. Creche:- NCL empowers women with 5 fully equipped
provides infrastructure support to 11 schools and 02
Creche facilities, enabling them to work freely while
schools receiving occasional grants.
nurturing their babies. Excitingly, new creches are to
be on the horizon, even in mining areas, supporting
women in core industries and security roles.
Quality of life:-
Welfare amenities in NCL enhance quality of life by
providing essential services and facilities. Access to
healthcare services ensures physical well-being, while
education opportunities contribute to personal growth
and development. Recreational facilities promote social
interaction and leisure activities, fostering a sense of
community. Adequate housing options ensure shelter
security and comfort. Additionally, transportation
infrastructure facilitates mobility and connectivity,
enhancing overall convenience. Together, these
amenities create a conducive environment for residents Educational Facilities
to lead fulfilling and balanced lives in NCL.

47
 3. Financial Support for Higher Education:-
i.) Reimbursement of higher technical tuition and hostel
fees:-
NCL extends financial assistance to the children of its
employees, aiding their pursuit of higher technical
education in fields like B.Tech, MBBS, B.Arch and more.
In FY 2023-24, a total of Rs. 71 Lakh 54 thousand seven
hundred thirty two (Rs. 71,54,732) was disbursed to
95 students, enabling them to realize their academic
aspirations. Medical Facilities:

ii.) CIL Scholarship Scheme 11.3 Aiming Diversity & Inclusiveness

Recognizing academic excellence from as early as class 1. Specially Abled Employees:- NCL prioritizes inclusivity
5, CIL Scholarship scheme supports the children of our by offering specialized software for differently-abled
employees who excel academically. In FY 2023-24, 28 employees, ensuring ease of work. Barrier-free access
deserving Students were awarded scholarships totaling is ensured with ramps and accessible washrooms.
Rs. 52,600 to keep students strive for excellence. Preferences are extended across all aspects, from
4. Children Parks/ Gardens:- NCL offers 68 Parks/ quarter allotment to posting and transfers, fostering
gardens across all areas, designed to blend with city life an environment of equal opportunity and support.
and cater to all ages. From Vibrant play areas to serene Our commitment to accessibility goes beyond physical
nature spots, everyone can enjoy nature’s beauty. accommodations, empowering all employees to thrive
in their roles and contribute to our collective success.
5. Recreational Facilities:- NCL ensures that everyone,
including families and locals, can enjoy city life like 2. Project Samvardhan:- “Samvardhan: Joy of Celebrating
amenities despite operating in remote areas. NCL is Togetherness,” a groundbreaking initiative by NCL to
dedicated to enhancing the well being of its employees foster the well-being and engagement of contractual
and surrounding communities through a wide array of workers beyond their daily tasks. This athletic
recreational facilities. With 13 Officers’ clubs, 14 workers meet, open to all genders, aims to cultivate a deeper
club, 5 stadiums, 68 parks, 10 playgrounds, 10 gyms, 12 connection with the company and enhance teamwork,
badminton courts, 2 basket ball courts, 7 volley ball ultimately bolstering commitment. By providing a
platform for camaraderie and shared experiences,
courts, 19 table tennis facilities,4 lawn tennis courts, 1
NCL underscores the importance of every individual’s
swimming pool and 2 sports complexes.
contribution, instilling a sense of belonging and unity.
6. Athletics Academy:- NCL provide Atheletics academy Through “Samvardhan,” NCL reaffirms its commitment
at Jayant Area where we offer residential facilities to inclusivity and recognizes the invaluable role that
and top notch amenities including a well equipped contractual workers play in the company’s success.
zym, playground and sports facilities. Our aim is to
3. Aarohan Summer Camp:- NCL’s Aarohan summer
train sportsperson for international-level sports and
camp has an enriching 30-day experience. Designed for
Olympics. Sportspersons are attracted to join and
children up to 18 years, our camp offers coaching in 16
unleash their potential.
diverse activities, including sports like cricket, football,
7. Medical Facilities:- NCL’s medical facilities boast 10 and athletics, as well as arts and cultural pursuits such
dispensaries, 226 beds, 94 doctors, and 42 ambulances as painting, dancing, and singing. Our goal is to foster
across 3 hospitals. With well-established infrastructure a love for extracurricular activities, enhance fitness
and top-notch services, we ensure prompt and reliable levels, and reduce screen time, promoting physical and
medical care. Our dedicated team guarantees swift mental well-being. With activities ranging from yoga to
assistance, ensuring the health and well-being of all swimming, participants will develop valuable skills and
patients. NCL is trusted for comprehensive medical forge lifelong friendships. NCL’s Aarohan summer camp
support, backed by efficiency and excellence. embarks a journey of growth and discovery.

48
 Welfare Fortnight and Housekeeping Audit. These
inspections guarantee the provision of top-notch welfare
amenities, underscoring NCL’s unwavering dedication
to never compromising on quality standards.
1.) Welfare Fortnight Visit:-
During the Welfare Fortnight visit by NCL, thorough
assessments of amenities such as the canteen, creche,
rest shelters, washrooms, drinking water facilities,
colonies, parks, and contractual camp houses are
conducted. Hygienic conditions take precedence, with a
dedicated committee formed for meticulous inspection.
Outstanding performance areas or units are recognized
and awarded. This comprehensive evaluation ensures
the well-being of all personnel and fosters a culture of
Arohan summer camp
excellence in welfare provisions across the board.
4. Housewives Talent Show:- “From kitchen queens 2.) Housekeeping Audit:-
to stage sensations”, NCL proudly presents a flagship
program honoring the unsung heroes of every The Housekeeping audit team, appointed by NCL, is
household. In the heart of Singrauli, where the spirit of tasked with inspecting various areas including
resilience thrives, we celebrate the multifaceted talents workplaces, colonies, entertainment facilities,
of housewives who are the backbone of our community. workshops, and sheds. The audit instrument
Their invaluable contribution to the well-being of encompasses 141 parameters organized into 11 themes,
our employees’ families deserves recognition, and ensuring a comprehensive evaluation of cleanliness and
this platform offers them the spotlight they rightfully safety. Each aspect, from sanitation to organization,
deserve. NCL tribute to their dedication, creativity, and is meticulously examined to uphold standards and
unwavering support, transforming ordinary moments promote a secure environment for all. Through diligent
into extraordinary memories. scrutiny, the team aims to identify areas for improvement
and implement effective strategies for maintaining a
pristine and hazard-free workplace, fostering a culture
of cleanliness and well-being within the organization.
3.) Promotion of sports & Games
Our initiative to promote sports and games at NCL, aimed
at enhancing the overall well-being of our employees and
their families while establishing a clear footprint at the
national level. Regularly organizing 14 different types of
games, including cricket, football, chess, kabaddi, and
more, we provide proper sports infrastructure for all.
NCL encourages active participation, fosters team spirit,
and celebrate the joy of sports together. By investing in
sports, we invest in our collective health, happiness, and
success.

5. Pankh Prasar:- “Pankh Prasar” Women’s Sports Event,

soaring with the tagline “Hausalon ki Udaan.” Our aim
is to foster a culture of fitness through sports and to
encourage women to carve out time from their daily
routines for sports, enabling them to prioritize their
health and well-being. By engaging in physical activities,
participants can enhance their overall health, find
balance, and boost efficiency in the workplace.
11.4 Assessment of Welfare Facilities
To ensure NCL’s commitment to quality, biannual
Promotion of sports & Games
assessments and timely visits are conducted, including

49
 4.) Celebrations & Events
NCL proudly organized a series of public functions
last year, fostering integration with national ideals and
Indian values. These events were not just celebrations
but a strategic communication initiative, aligning with
our company’s mission and vision. Through inspiring
sessions, captivating visuals, and leaders’ speeches,
we connected with employees and their families
on significant days . These efforts underscore our
commitment to nurturing a sense of belonging and 2. Special Campaign 3.0:- Special campaign 3.0 Initiative
patriotism among our workforce, strengthening our was took place from 1st oct to 30th oct 2023. The major
bond with the rich cultural tapestry of our nation. In FY activities done during this campaign was-Identification
2023-24 notable days celebrated are as follows:- of campaign sites for cleanliness.(High-resolution
before-after pics),Planning space Management
S.N Welfare Event Date
and beautification of office. .(High-resolution
1 Ambedkar Jayanti 14th Apr, 2023 before-after pics),Disposal of redundant materials/
2 May Day 1st May, 2023 Scrap,Identification of pending VIP reference and
redressing it,Identification of pending PMO reference/
3 International Yoga Day 21st Jun, 2023 CPGRAMS and redressing it,Recording and weeding
4 Independence Day 15th Aug, 2023 of files/closing of e-files and submission of weekly
report,Identification of redundant circulars and their
5 Gandhi Jayanti 2nd Oct, 2023 subsequent updation,Zero Plastic usage,Implementation
6 Unity Day 31st Oct, 2023 of water-conservation initiatives,Beautification of
office place through plantation, converting into garden,
7 Coal India Foundation Day 1st Nov, 2023
New initiative different from last time’s campaign,
8 NCL Foundation Day 28th Nov, 2023 Documentary video of feedback from beneficiaries.
9 Republic Day 26th Jan, 2023 NCL Got 1st prize in scrap Disposal criteria in this
campaign.
5.) Mahila Mandal
Mahila Mandal, the organization of female counterpart
of officers of NCL has been an active partner in
implementing various initiatives of NCL. It organized
programmes for Skill development; distributes furniture,
school bags & stationary chairs in schools; distributes
blankets, Jute bags, sewing machines, umbrellas etc to
needy persons. It also carried out swachchta related
activities like distribution of swachchta kit & dustbins
under Swachch Bharat Campaign, Medical camps, etc.
11.5 Flagship Programmes under Ministeries:
Special Campaign Award
• Under Ministery Of Coal:-
• Under Ministery Of Culture:-
1. Swachchhta Pakhwada:- NCL undertook the Swachchta
Pakhwada event from 16th June, 2023 to 30th June, 2023 1. Har Ghar Tiranga Campaign:- The NCL proudly
as part of the Ministry of Coal was alloted Swachhta celebrated the “Har Ghar Tiranga” campaign from 13th
Campaign in this regime. The key activities undertaken Aug to 15th Aug 2023, a fervent tribute to our nation’s
during this phase were Stakeholder Engagement, tricolor, symbolizing unity and pride. This campaign,
Resource Allocation, Awareness and Training Programs. undertaken with unwavering patriotism, aimed to foster
The objective was to make community Swachh (neat a deeper connection with our national identity while
and clean) and spreading awareness towards Swachhta. engaging employees, stakeholders, children, housewives,
We firmly believe that such initiatives not only improve and nearby villagers etc in meaningful activities that
our workplace environment but also reflect our embodied the spirit of our nation. The primary objectives
commitment towards our larger social responsibility. of the Har Ghar Tiranga campaign were to instill a sense
We encourage all teams to sustain the momentum and of patriotism, encourage community involvement, and
continue practicing cleanliness and hygiene measures in create a lasting impact by spreading awareness of our
their daily work routines. national flag’s significance.

50
 was evident in the remarkable participation of 3500
individuals who eagerly contributed to the cause. The
collected Kalashes served as a powerful representation
of the collective spirit and love for the nation, and they
were subsequently submitted to designated authorities
as per ministry instructions, ensuring their meaningful
utilization.The Amrit Kalash Yatra campaign
exemplified the strength of community involvement
and the commitment of citizens to the prosperity and
well-being of their homeland. It was a memorable and
impactful nationwide endeavor that reinforced the
Har Ghar Tiranga Campaign: values of unity, patriotism, and service to the nation.

2. Meri Maati Mera Desh:-The “Meri Maati Mera Desh” • Under Ministery Of Jal Shakti:-
campaign, organized by the Government of India as
Swachchhta Hi Sewa:- The Swachhta Hi Sewa Campaign,
a part of the Azadi Ka Amrit Mahotsav, stands as a
organized by Jal Shakti Mantralay, aimed to promote the
remarkable tribute to the brave souls who made the
theme of a “Garbage-Free India.” Northern Coalfields
ultimate sacrifice for our nation. This campaign was
Limited (NCL), a key participant in this nationwide
designed to evoke a sense of patriotism and respect
initiative, undertook a series of activities to contribute to
towards the motherland and to acknowledge the debt
this noble cause. The primary objective of the “Swachhta
we owe to those who have protected our sovereignty.
Hi Sewa” Campaign was to raise awareness about
The campaign symbolizes the unity and devotion of
the importance of cleanliness, sanitation, and waste
the citizens towards their motherland, with the aim of
management to create a cleaner and healthier India.
honoring our heroic martyrs and nurturing a sense of
patriotism among all sections of society. • Under Ministery of Sports & Youth Affairs:-
FIT INDIA Swachhta Freedom Run 4.0 :- In accordance
with the directive from the “Ministry of Youth Affairs
and Sports” as per their DO letter dated 27th September
2023, it has been mandated that the Fit India Swachhta
Freedom Run 4.0 campaign is to be organized in all PSU
entities, including NCL. The Fit India Movement is a
campaign launched by Indian Prime Minister Narendra
Modi to encourage Indians to become more active and
healthy. The campaign focuses on promoting fitness
and healthy living habits and encourages people to get
involved.

Meri Maati Mera Desh

3. Amrit Kalash Yatra:- The Amrit Kalash Yatra

campaign, conducted from September 1st to September
30th, was a transformative initiative undertaken by the
Government of India to foster unity, patriotism, and
community engagement. This campaign saw widespread
participation and enthusiastic support across the nation.
The primary objective of the campaign was to collect
sacred Kalashes filled with rice and soil, symbolizing
devotion to the motherland and honoring the sacrifices
of our martyrs. It aimed to engage citizens from
diverse backgrounds, including employees of various Archery Training
organizations, anganwadi workers, children, women,
youth, and ground staff. During this month-long 11.6 Productive and Proactive Industrial Relation
journey, numerous villages were covered, and countless Initiatives
households were visited, totaling an impressive 763 Inclusiveness is at the heart of the business process
houses across 10 villages. The campaign’s success of NCL especially when the matter comes to about

51
 employees; we have cultivated a culture of inclusiveness • Formation of Contract Labour Compliance Cell
in decision making and partnership with trade unions (CLCC) in all the Area/Units of NCL, for monitoring
for best industrial relations. the level of compliance under the various Labour
Laws and welfare amenities being provided to the
a. Industrial Relations at NCL
contractual workmen engaged by the contractors in
Northern Coalfields Limited maintains NCL.
harmonious and productive Industrial Relations • ERP- HCM Module has been successfully
with all the operating trade unions and ensures high implemented in NCL. It is playing a pivotal role in
level of stakeholder’s satisfaction through bilateral Employee Management with introduction of various
IR process across the Company. Participative key processes such as payroll, ESS/ MSS, terminal
style of management is encouraged at all levels benefit payments with precision within a minimum
and we also have system of bipartite negotiation time period. The trade unions of NCL have also
to discuss and address the issues pertaining to played a key part in the implementation of ERP
grievance of employees as well as other issues by showing their confidence and encouraging the
related with the production and productivity of the employees to be a part of this constructive change.
organization. The participative way of functioning
of management resulted in settling the disputes / 11.8 Socio-Economic Contribution
grievances amicably through bi-partite discussions (A) Rehabilitation & Employment to Land oustees:
and IR meetings at different levels.
(i) The company has developed six rehabilitation
Some of the glimpses of major achievements of sites, viz. 3 in UP state (Rehta, Ambedkar Nagar
NCL Industrial Relations System in the year 2023- and Jawahar Nagar), 3 in MP state (Chandrapur,
24 are as follows:- Nandaon and Jaitpur) and one Resettlement site
1. Industrial Relations have been best during 2023- linked with Block-B project.
24. There was no loss of production due to any (ii) Total 4559 number of families has been rehabilitated
IR issue. The IR team proactively works to ensure up to 31st march 2024 since inception.
that the operations are normal and no loss of (iii) Competent approval for 374 employments to land
production, which ascertain achievement of loser, against their acquired land has been accorded
Company’s Production, Dispatch and OBR target. in the year 2019-20, 2020-21 , 2021-22, 2022-23 &
2. On exceeding production target for the year 2022- 2023-24 (up to 31.03.2024).
23, the issue of profit sharing with employees has (B) Compensation payment of Land & House, and R&R
been successfully negotiated and resolved amicably Benefit:
by the decision of Joint Consultative Committee
of NCL to provide financial assistance to all the (i) The physical possession of 25.79 hectares of tenancy
eligible employees to procure utility item regarding land & 2.75 Ha Government Land has been taken
health awareness. during the year 2023-24 by paying compensation
of the acquired tenancy land (remaining
b. Prevention of Sexual Harassment of women at compensation out of total compensation amount,
workplace: deducting the part of compensation amount
An Internal Complaints Committee is in place in paid earlier in lieu of land) and payment of
compliance with the “The Sexual Harassment of compensation of property/house. In the year
Women at Workplace (Prevention, Prohibition 2023-24, total Rs. 255.07 crores compensation has
and Redressal) Act, 2013”. Workshops have been
arranged at different Area/Units of NCL for all
the female employees and contract workers for
creating awareness among all. No complaints of
sexual harassment have been received during the
year 2023-24.
11.7 System Improvement Initiatives
• NCL has taken a step forward towards System
improvement and introduced Biometric Attendance
System for Contractors’ workers engaged by HOE
companies in NCL. The attendance data is being
fetched at the Central Server established in NCL
HQ, Singrauli.
Nehru Shatabdi Chikitsalaya, Jayant

52
 been disbursed in lieu of tenancy land and house/ Labor Unions etc., discussions were held in Hindi and
property. the minutes and agenda of the meetings were issued in
Hindi. The libraries of NCL Headquarters and Area/
(ii) During the financial year 2023-24, Rs. 32.32 Crores
Units are rich with books of important Hindi Writers/
have been paid to 393 displaced persons towards
Litterateurs.
R&R Benefits and plots of size 60ft. X 40ft. have
been provided to 3 displaced persons. 12.6 Facility to do typing work in Hindi through Unicode
12.0 Rajbhasha Implementation (Official Language) is available in 1803 computers available in Areas/Units
including NCL Headquarters. NCL’s website is bilingual
12.1 Northern Coalfields Limited (Mini Ratna Company) is (Hindi and English). Efforts were made in the company
a subsidiary company of Coal India Limited which is to ensure 100% compliance with Section 3(3) of the
located in Singrauli of Madhya Pradesh and Sonbhadra Official Language Act 1963 and Rules 5 and 11 of the
district of Uttar Pradesh. From the point of view of Official Language Rules, 1976. Correspondence with
official language, NCL completely comes under ‘KA’ various offices of the Central Government and State
zone, where it is mandatory to do 100% official work in Government was done in Hindi.
Hindi. The officers/employees working in this company
have proficiency/working knowledge in Hindi and there 12.7 On the occasion of Hindi Diwas, ‘RAJBHASHA
is a favorable environment for working in Hindi. PAKHWADA’ was celebrated from 14 to 28 September
2023 in the Company Headquarters and Areas/Units,
12.2 NCL has achieved significant success in the field of under which an appeal was issued by the Chairman-
official language implementation and achievement of cum-Managing Director (CMD) to do as much official
the targets set in the annual program 2023-24 issued work as possible in Hindi and During the PAKHVADA,
by the Department of Official Language, Ministry to speed up the implementation of Hindi, various
of Home Affairs, as a result of 100% compliance with competitions like Noting-drafting, Hindi typing, Slogans
the Official Language Policy, Official Language Act/ and Quizzes related to official language implementation,
Rules and Instructions of the Government of India. In elocution, question forum, essay, poetry recitation etc.
compliance with the above annual programmer, official were organized for Hindi and Non-Hindi speaking
language workshops were organized and quarterly officers/employees. As an incentive, the winners of
Official Language Implementation Committee meetings the competitions were awarded and honored with
were organized to further accelerate the official language certificates. Under the closing ceremony of RAJBHASHA
work in NCL. PAKHWADA-2023. Late Shankar Dayal Singh Smriti
12.3 Hindi Implementation Competition was organized on Puraskar Scheme, three Areas (1st Krishnashila, 2nd
the occasion of “Vishva Hindi Diwas” in the Area/Unit Amlohri and 3rd Khadiya) doing excellent work in
including NCL Headquarters on January 10, 2024 and Hindi were honored by providing them Rajbhasha
the participants who obetained first, second and third Shield and Citation.
positions in this competition were awarded. Also, the 12.8 To promote the progressive use of the official language
participant obtaining first and second position were in the Central Government offices, undertakings, banks,
included in the company level competition. institutions etc. located in Singrauli and to remove the
12.4 On the occasion of ‘International Mother Language difficulties coming in the way of implementation of
Day’, a Hindi Karyashala was organized at CETI on 21 the Official Language Policy, the Government of India,
February 2024 in which participants from all Areas/ Department of Official Language, Ministry of Home
Units at NCL Headquarters and also from NARAKAS Affairs, Regional Implementation The first half yearly
Member Office participated. After the Karyashala, three meeting of Singrauli Nagar Rajbhasha Karyanvayan
types of competitions were organized. Samiti (MP) constituted by the Office, Central Bhopal
1. For the participants appearing from the Area/ was held on 24.06.2023 and the second half meeting was
Units including NCL Headquarters. held on 23.01.2024 and the minutes of the meeting were
released in Hindi for appropriate action. Instructions
2. For the office of the member of Nagar Rajbhasha
were given.
Karyanvayan Samiti (NARAKAS).
3. In the competition organized on the occasion 12.9 A total No of four Hindi Karyashala were organized in the
of Vishva Hindi Diwas, a joint quiz competition financial year, first on 26.04.2023, second on 30.06.2023,
was organized for all the participants, of the three third on 10.01.2024 and fourth on 21.02.2024, in which
competitions for the participants who got first and a total of 221 personnel were trained.
second place.
12.10 NCL is committed to implement 100% of the official
12.5 In the high level meetings of the company like Joint work in the official language towards the implementation
Consultative Committee (JCC), Welfare Board and of Hindi in all its offices.

53
 13.0 Medical Service Child Health) block, healthcare of mother and newborn
will take a quantum jump.
13.1 Medical Discipline of Northern Coalfields Limited is
providing a holistic healthcare to Providing a holistic  Diabetic Clinic & Wellness Centre: Due to rising
healthcare to: incidence of life Style diseases a Wellness Clinic has
been established at NSC and Central Hospital Singrauli.
o Employees, Here patients are treated and offered consultations
o Their dependent family members for diabetic foot care, Kidney and eye care. Regular
Counseling for diet, lifestyle and occupational diseases
o Retired Employees (Executive& Non- are being done here.
Executive) with spouse
 Physiotherapy and Rehabilitation are essential and
o Local people residing in the vicinity and integral part of treatment, especially after injury and
o The poor and needy people living below poverty Surgery. Well-equipped Physiotherapy department runs
line. at NSC, Jayant& Central Hospital Singrauli. In 2023-24
a total of 8106 Patients were treated at these centres NSC
The aim is to keep a healthy and productive work force & CH, Singrauli.
for the company through preventive, primary, secondary
and tertiary healthcare in some of the disciplines 13.4 Key performances:
of medicine. In achieving this great task, Specialist 1. Routine Surgical Procedures:
Doctors, General Duty Medical Officers, Paramedical
Department Major Surgeries Minor Surgeries
staff, Nursing Staff, Technicians & Non-Medical staff
play a vital role. 2022-23 2023-24 2022-23 2023-24

13.2 NCL has 3 hospitals with total strength of about 207 Gen. Surgery 529 798 365 371
beds. Orthopedics 291 477 157 162
o NSC, Jayant is the main hospital having bed strength of Eye 665 756 57 55
150. ENT 76 142 35 40
o Central Hospital Singrauli has bed strength of 35 Gynae. & 144 1033 0 14
Obstetrics
o Regional Hospital Bina- Krishnashila Hospital (Atal) TOTAL 1705 3206 614 642
Hospital has 22 beds.
2. Special Activities
13.3 Besides, there are 9 dispensaries in each of the 09
projects with the exception of Dudhichua which has 2 Procedure 2022-23 2023-24
dispensaries. Hemodialysis 1606 1674
 OPD facility and 24-hr Emergency facility in all CAPD 12 14
hospitals and dispensaries along with ambulance service HOLTERS 77 40
for urgent referral.
CT Scan 0 3265
 Patients of projects requiring consultations with
MRI 0 839
Specialist or admission in hospitals are being referred to
NSC, Jayant and Central Hospital, Singrauli. USG 8676 8214

 NSC, Jayant has evolved from Secondary care hospital Echocardiography 1738 1694
to Tertiary health care hospital. With the addition of with Color Doppler
latest equipments like Arthroscopy, New Generation CT TMT 383 342
Scan, PHACO surgery, Spine surgery, Colour Doppler, CYSTOSCOPY 72 78
Lithotripsy, EEG, Nerve conduction test, most of the
routine & critical cases are dealt with expertise. EEG 183 190

 Form 150 bedded hospital with dialysis, Cardiac Care CCU & NICU 1893 1921
Unit, NSC is going to be 250 bedded hospital with the Endoscopy 190 123
implementation of HLL. With new MCH (Mother &

54
3. OPD and Indoor Activities
HOSPITALS OF NCL FOR F.Y. 2022-23 2023-2024
Nehru Shatabdi OPD CASES Entitled 135076 125475
Chikitsalaya Non-Entitled 45047 39354
TOTAL 180123 164829
INDOOR Entitled 7561 7608
ADMISSIONS Non-Entitled 6931 7749
TOTAL 14492 15357
Central Hospital OPD CASES Entitled 26492 23130
Singrauli Non-Entitled 7926 10967
TOTAL 34418 34097
INDOOR ADMISSIONS Entitled 661 295
Non-Entitled 734 316
TOTAL 1395 611
Bina Krishnshila
Hospitals
(Atal Hospital) OPD CASES Entitled 30290 35673
Non-Entitled 960 975
TOTAL 31250 36648
INDOOR ADMISSIONS Entitled 215 110
Non-Entitled 72 15
TOTAL 287 125
Other OPD CASES Entitled 166868 171425
Dispensaries
Non-Entitled 8139 7885
TOTAL 175007 179310
Grand Total Entitled 358726 355703
(OPD Cases)
Non-Entitled 62072 59181
TOTAL 420798 414884
Grand Total Entitled 8437 8013
(Indoor)
Non-Entitled 7737 8080
TOTAL 16174 16093

Division of Entitled and Non-Entitled Patients

Year OPD cases Indoor Cases
Entitled Non-Entitled Entitled Non-Entitled
2022-23 82.75 14.75 52.16 47.84
2023-24 87.39 24.98 50.10 49.9
4. IME & PME of NCL employees:
IME & PMEs are done as per 11th safety committee recommendation at project dispensaries and regional hospitals of
NCL.
PME: to be done for 1/5th of total manpower of NCL. 5. Continuing Medical Education (CME):
Year Target Done Achievement Experts from different disciplines of medicine from
2022-23 3873 3601 92.77% reputed hospitals of India were invited to deliver
2023-24 2754 3690 133% lectures and conduct workshops on latest topics and
IME: techniques of medical science. Doctors from External
Faculties deliver lectures on various topics of medical
Year IME interest. A total of 10 CMEs were conducted in
2022-23 2321 2023-24.
2023-24 3527

55
 13.5 Corporate Social Responsibility (all hospital & dispensaries):
A. Waiver of treatment costs:
Year Poor & needy Patients Thalassemia and Sickle cell Disease patients
2022-23 Rs. 11,70,000.00 Rs 1,78,224.00 (167 patients)
2023-24 RS. 13,46,000.00 Rs 2,77,841.00 (191 patients)
B. Health Camps: is running its own CSR Dispensary where free medical
NCL regularly organizes various Health camps, free consultation is provided for poor patients in regular
of cost for the poor and weaker section of the society
OPD. Dispensary on Wheels (Mobile Medical Van)
living in nearby villages around NCL. The camps are
organized throughout the year. Every Project dispensary regularly visits the villages near Singrauli.
Break-up of CSR Camps are given in the following table.
Year Dispensary on Wheels CSR – No. of Camps CSR – No. of CSR – No. of
Total No of Total No of Beneficiaries in Beneficiaries at regular
visits Beneficiaries camps OPD
2022-23 16 696 51 6,106 11,557
2023-24 30 896 65 7,754 12,553
CSR patients referred to higher Centre under NCL/NSC (Total-3507) are availing the benefits of CPRMS of CIL.
CRS policy: Payments are made directly to the empanelled hospitals
a) Mahi Kushwaha: 10 yrs. old girl with developmental and to the retired employees online. Total number of
dyslexia, the patient Tt was planned in 4 phases, in referrals in 2022-23 was 4157. Total number of referrals
which the patient has undergone 2 phases. in 2023-24 was 3328.Total number of Credit Facility
given in 23-24 to CPRMSE beneficiaries were 807.
Treating Hospital: Fracture Clinic, Varanasi
Total Expenditure: Rs. 11,08,788.00 13.7 Family Welfare:
b) Master Priyansh: 1.5 years old male child The following data are all inclusive of entitled and non-
(Reference DM Sonebhadra) received Tt for entitled cases:
Colostomy closure. Year Normal Delivery LSCS IUCD Tubectomy
Treating Hospital: Popular Hospital, Varanasi 2022-23 808 925 47 141
Total Expenditure: Rs. 2,58,334.00 2023-24 771 926 51 162
c) Satyendra Vaish: 35 years old male, C/O Leg
deformity 13.8 National Health Programs:
Treating Hospital: Venkateshwara Hospital, Govt. sponsored National Health Programs are also
Faridabad running in NCL e.g.
Total Expenditure: Rs. 7,02,685.00 1. Revised National Tuberculosis Control Program
(RNTCP)
d) Krishna Kumar Panika: C/O Complex
Neurological Problem with bilateral paralysis 2. Integrated Counseling and Testing Center for HIV
/ AIDS (ICTC)
Treating Hospital: Apex Hospital, Varanasi
3. Universal Program on Immunization
Total Expenditure: Rs. 1,00,000.00
4. Blindness control Program
As informed by the concerned department, there are
10 patients who are in the pipeline for treatment under 5. National family Welfare Program.
CSR. 13.9 Achievements of NSC:
13.6 Referral and CPRMSE/CPRMSNE Cell: a) EPR for upgradation of NSC from 150 to 250 beds
A centralized Referral and CPRMSE/CPRMSNE Cell submitted by HLL HITES for 44.67 Cr was approved
is functioning at NSC, Jayant since 1st July 2013.This and is in the execution/procurement stage presently.
Cell is clearing the bills of empanelled hospitals of CIL MCH block will be functional by July, 2024.
as per CGHS rates where our patients are referred for b) NSC, Jayant and CH Singrauli have been registered
tertiary care. Claims of OPD/Indoor treatments of and are empanelled under Ayushman Bharat. NSC was
retired employees with their spouses of CIL/NCL under registered and empaneled under Ayushman Bharat and
CPRMS are looked after by this cell. Since its formation, our first patient was admitted on 14 July 2021. In 2022-
1159 retired executives &2348 retired non-executives 2023, a total of 682 patients were seen. In 2023-24, no of

56
 patient under Ayushman Bharat is 529. A sum of Rs.80 during the week from 30.10.2023 to 05.11.2023
lacs received. with the theme “Say no to corruption; commit to
c) MRI imaging started. the Nation”.
d) Dialysis for CKD patients (2 beds) in Central hospital (ii) Administration of Pledge: On the first day of the
will start from May, 2024. Vigilance Awareness Week, i.e. 30th October,
e) Canteen and Rest Shelters were inaugurated for patients 2023 (at 11.00 AM), the Pledge Ceremony has
and attendants. been conducted at various Units/Offices of NCL
including HQ. In addition to the above, the
f) Executive club and sports complex inaugurated. Staff
employees, contractors, citizens and students also
club will be handed over soon.
took E-pledge through CVC’s website (www.cvc.
g) PM Jan-aushadhi started in NSC campus. gov.in).
h) 5 MMU (Mobile Medical Unit) will start functioning
(iii) VAW Campaign Activities: Various Activities were
from June’24.
carried out during the campaign period as per
14.0 Activities of Vigilance Department CVC Circular No.06/08/23 dated 02/08/23.
14.1. Vigilance Set-up (iv) Widespread display of hoardings, banners, stickers
and posters etc.: Posters & stickers, hoardings and
14.1.1.The Vigilance set up at Northern Coalfields Limited
banners has been displayed on the selected theme
is headed by a Chief Vigilance Officer, a director level
of 2023 at different places viz. Varanasi Airport,
officer appointed by the Government of India. 13
Singrauli Railway Station, Morwa Thana Singrauli,
(Thirteen) executives belonging to different disciplines
aided schools, colleges Collector Office, Waidhan,
including Dy. General Manager (IED/Vigilance) assist
Area/Project Offices, Pooja Pandals, on Railway
the CVO in carrying out the activities of the Vigilance
Rakes, Tippers etc. of all Areas of NCL including
Department. Two senior personnel assistants, one senior
HQ and other public places.
data entry operator, one OS and one clerk are also posted
in the Vigilance department. (v) Organizing Stakeholders Meet/Grievance Redressal
Camp at Area : “Grievance Redressal Camp”
14.1.2.Corruption prone Areas have been the focus of
and Meeting with Stakeholders were organized
attention. Any preventive or punitive action in these
at different Areas of NCL for Citizen/PAPs and
areas is bound to have a demonstrative as well as
Stakeholders during the Vigilance Awareness Week
multiplier effect on the entire organization.
2023 in the presence of the Area GM, Staff Officers,
14.2. Observance of Vigilance Awareness Week 2023: Project Officers & Senior Executives of the Areas.
(i) Observance of Vigilance Awareness Week 2023: As (vi) Debate/Essay writing/ Cartoon/ Poster
per the directives of Central Vigilance Commission Competition: Many events such as Quiz
vide circular no. 08/09/23 vide ref no. 023/VGL/035 Competition, Slogan writing, Video making,
dated 11.09.2023, Vigilance Awareness Week was Speech, Skit/Dramatics/Street Play Essay/Debate/
observed in Northern Coalfields Limited, Singrauli Cartoon/Poster competition on VAW-2023 theme
(a subsidiary of Coal India Limited, Kolkata) were organized during the VAW 2023 week among

57
 students of different Schools/Colleges including (b) Awareness Training Programmes: 4 nos. of 4-day
professional Colleges/ Institutions and amongst the Training Programmes were organized by Vigilance
employees and their wards. Department in which total 555 officers attended.
(vii) Vigilance Awareness March/Cyclothon/Run: (c) Training on SOPs/Manuals/Rules: 3 nos. 1-day
Vigilance Awareness March has been organized to Training Programmes have been organized by Vigilance
spread Vigilance Awareness by displaying Slogans/ Department on following topics at CETI/MDI, Singrauli:
Messages on transparency & anti-corruption on 29.01.24 : Changes in Manual for Civil Engineering Works
30.10.2023 at 07:30 AM at NCL HQ and all Areas
23.02.24 : SOPs for Weighbridges
which was followed by the 180 nos. students
from aided schools and the employees of the 21.03.24 : SOPs for IT Initiatives
organization. 14.4 Surprise/Regular Inspections:
(viii) Vigilance Awareness Rath: A mobile van as Total 20 nos. Random Weekly Surprise Inspections of
“Vigilance Awareness Rath” with display of banner/ Weighbridges & Diesel Dispensing Units were carried
poster and audio system has been arranged at all out at Areas during FY 2023-24. In addition to this,
Areas of NCL for propagating awareness regarding CVO, NCL visited two Areas viz Bina & Nigahi and had
the theme of VAW 2023 during the week. interaction with senior officers of these Areas.onally by
(ix) Training Programmes: A series of training CVO NCL.
programmes has been conducted at CETI, NCL
HQ as well as in areas of NCL during the VAW 14.5 Systems Improvement Measures (SIM) undertaken:
2023 with in-house senior executives & renowned Various Systemic Improvement Measures (SIMs) as
outside faculties. An interactive session for young given below have been suggested by Vigilance Deptt. to
executives was conducted on 30.10.2023 at MDI, management for needful action during this period:
NCL Singrauli headed by HoD (Vigilance), NCL.
1) Systemic Improvement Suggestion by CVO NCL in
(x) As a precursor to Vigilance Awareness Week, 2023,
reference to recovery of an Electronic Chip in the cable
a three month campaign (16th August 2023 to
15th November 2023) has been taken on priority of one load cell at weighbridge no. 1 of Bina Projects
in order to inculcate true spirit of participative NCL Singrauli like Implementation of positioning
vigilance. The exercise on the following parameters sensors on weighbridges, No cut in the cable of load
is undertaken: cells to junction box and responsibility defined for daily
checking of the same etc.
a. Awareness building about Public Interest
Disclosure and Protection of Informers 2) Systematic Improvement Suggestions regarding framing
(PIDPI) resolution certain check points till the introduction of e-M.B to
avoid irregularities in execution of Civil Works.
b. Capacity Building Programs
3) Computer Based Testing (CBT) should be adopted
c. Identification and Implementation of for all future recruitment processes in NCL. Reputed
Systemic Improvement Measures agencies with proven track records in conducting large
d. Leveraging of IT for complaint disposal scale recruitment examination for big organizations
need to be hired for managing entire process. Terms and
e. Updation of Circulars / Guidelines/Manuals conditions mentioned in recruitment notification must
f. Disposal of complaints received before be in compliance with CIL, DGMS and other guidelines.
30.06.2023. Advance technologies like IRIS system, face recognition,
figure print, Bluetooth jammer etc. as required, must be
14.3 Exemplary Works Done by Vigilance Department:
used.
14.3.1 Interactive Sessions at Areas/Units : 14 nos. of
Interactive Sessions on Preventive Vigilance were 4) SI to streamline the overall process of payment of bills
organized by Vigilance at Areas/Units in which total 759 in respect of all the work contracts wherever MCEW is
officials have participated which also includes 02 nos. applicable was issued on 04.09.2023.
Interactive Session by CVO NCL at Bina & Nigahi Areas. 5) SI to streamline the overall process of Contract workers
14.3.2. Capacity Building Programmes: attendance and payment was issued on 04.09.2023
(a) Training for Trainer’s (RoT) Programmes: 6) SI regarding One Contract-One Measurement Book was
Vigilance Officers from NCL were nominated for issued on 02.09.2023 in a case related to Non-payment
15 nos. Training for Trainers Programmes (ToT) of bill for works done in Monsoon period and other
on different topics of Preventive Vigilance. irregularities.

58
7) SI issued on 12.12.2023 for testing of Gabion boxes as information across all departments in real time through
per IS Code which was previously being done as per single dashboard.
circular of GM (Civil). Following are the main benefits of ERP:-
8) SI issued for doing tendering on e-procurement portal 1. Enhance Productivity.
for work below Rs. 2 Lakhs except emergency works
2. Improved cycle times.
for all works where MCEW is applicable as per FD’s
decision. 3. Efficient asset management.
9) SI regarding standardization of Quotation Notice 4. Inventory reduction.
across all areas and units of NCL by all the concerned 5. Expensive control.
department was suggested. 6. Reduction in lead-time in purchase and stores.
10) SI has been suggested by CVC to NCL to take up the 7. Project maintenance
issue with DAV Management for taking undertaking 8. Providing base platform for emerging technologies.
from teachers at the time of appointment.
9. Adoption of best business practices.
11) Systematic Improvement measures has been
10. Transparency and accountability.
suggested for drafting a suitable House allotment and
administration rules for Non-executive of NCL in In NCL, all seven (07) modules namely Material Management
line with clause 25.1 of certified standing orders, for (MM), Finance and Controlling (FICO), Sales and Dispatch
(SD), Production Planning (PP), Project Systems (PS), Human
enhancing the transparency.
Capital Management (HCM) and Plant Maintenance (PM)
14.6 New Standard Operating Procedures (SOPs): have been implemented and are fully operational.
Following 03 nos. new SOPs were suggested by Vigilance HMS (Hospital Management Systems) a part of ERP:
Deptt. to the Management: All the recommended items for HMS, as part of ERP, have
1) SOP for change of Bank Account particulars was issued been procured, installed and commissioned in Two Hospitals
on 30.08.2023 in a case of false payment done by opening of NCL i.e. NSC, Jayant and Cental Hospital Singrauli. HMS
a new bank account. has gone live w.e.f 03.10.2022 at two hospitals - NSC, Jayant
and Cental Hospital Singrauli. At present, HMS is operational
2) SOP for Issuance of Form-III for labour license was at above mentioned two hospitals of NCL.
issued on 12.12.2023
15.2 OITDS (Operator Independent Truck Dispatch
3) SOP for management of Contracts for private security System):
agency with clearly defined roles and responsibilities of
GPS based OITDS, which monitors the operation of
officials dealing with such contract was suggested.
both draglines and shovel-dumper combination on real
14.7 Punitive Vigilance: time basis, is operative at Jayant Project.
(a) Total 04 nos. Major Penalty & 04 nos. Minor OITDS in Jayant Area is functional since 2002. TDS
Penalty Charge Sheets were issued to the officials System at Jayant, which monitors the operation of all
during this period. HEMM with special attention on draglines and shovel-
(b) Warning was issued to 04 nos. officials during this dumper combination on real time basis.
period. OITDS at Jayant is installed and commissioned by
15.0 Computerization/Digitization: M/s Intelliplanner Systems Noida and currently is in
operation at Jayant Area.
15.1 ERP-SAP Implementation in NCL:
OITDS was operational in Amlohri, Dudhichua, Khadia
ERP: ERP is an acronym for Enterprise Resource and Nigahi Areas also which is being surveyed off.
Planning and its basic function is to integrate all the core Currently, the process for procurement of GPS based
business processes needed to run a company. A major OITDS at 04 Areas of NCL namely Dudhichua, Amlohri,
reason for ERP implementation is to improve business Khadia & Nigahi Areas in underway.
performance and avoiding duplicity of the data because
of single database and standardizations at par with global 15.3 Cyber Crisis Management Plan (CCMP)
best practices. With increasing use of digital technology, the threats
SAP ERP (Enterprise Resource Planning) system of cyber-attack are also increasing day-by-day. To
provides control on different business processes. The cater these threats NCL has implemented Cyber Crisis
centralized system enhances productivity, provides Management Plan on 22.12.2023.
better inventory management, endorses quality, and The implemented CCMP facility is equipped with tools
decreases raw material cost, effective HR management such as Security Incident and Event Management Tool
reduces expenses and enhances profits and provides SIEM, SOAR, NBAD, UBEA, VA, NTA, AI/ML, Threat

59
 Intelligence, EDR and Security Intelligence services for • Procurement of 1405 nos. of PCs and adequate
better security monitoring and response capabilities. peripherals on rental basis.
NCL is the first across all the subsidiaries of Coal India • Installation and commissioning of GPS based
Limited to successfully implement the Cyber Crisis OITDS at 04 Areas of NCL namely Dudhichua,
Management Plan. Amlohri, Khadia & Nigahi Areas.
15.4 Biometric Attendance System: • Implementation of Unified Endpoint Management
NCL has deployed Biometric based attendance system (UEM) across NCL.
for both Executive & Non executive employees. This • Information Security Audit in compliance to ISO
system was commissioned by M/s Dievas Technologies 27001.
Pvt; Ltd, Delhi. This system is presently functional in
HQ and across all Areas/units of NCL. Additionally, the 16 IT-enabled Initiatives:
Infrastructure for integration of Biometric Attendance NCL is having a well established communication
system for contractual employees has been supplied, network for providing effective Data & Voice
installed, tested and commissioned at the supplier end. communication between NCL HQ to different Projects/
15.5 E-Office: Units. Telecommunication network is a backbone for
E-Office is an initiative for office automation that implementation of various IT initiatives/ activities.
enables electronic movement of files and the archival & CCTV Surveillance System:
retrieval of data. It will digitally manage and process day
NCL has introduced CCTV surveillance system
to day file processing. The e-office, developed by NIC
comprising of 1347 IP based cameras that has been
and tested for security, is implemented in all Projects/
installed in vital locations of mines such as mine entry,
Units & HQ of NCL. E-Office streamlines the file(s)/ exit, stores, weigh bridges, CHP, workshops, diesel
receipt(s) movement and increased the efficiency of our filling stations, barriers and etc., at different projects/
organization. units of NCL. This system helps in preventing the theft
15.6 Existing Major Applications/Systems: of materials and monitoring the activities of mines.
• SAP (an ERP) consisting of Seven (07) Modules
viz. Material Management (MM), Finance and
Controlling (FICO), Production Planning (PP),
Project Systems (PS), Human Capital Management
(HCM), Plant Maintenance (PM), Sales and
Dispatch (SD) is operational in entire NCL.
• Operator Independent Truck Dispatch System
(OITDS) at Jayant Area.
• Implementation of CCMP(Cyber crisis Managing
protocol)
• Biometric Based Attendance Recording System for
entire NCL.
• E-Office and Official mail for all executives/non-
executives.
• E-Procurement for Goods, Works and Services
through GeM portal.
• Corporate Website maintenance and Updation.
• Maintenance and availability of PCs and its
Peripherals.
• Procurement of licensed Software such as Surpac,
AutoCAD, MS Office, Adobe Acrobat etc. • NMS has been installed for 1000 licensed devices in NCL
to monitor the running status of the CCTV surveillance
• Integration of Contractual Biometric Devices
system of NCL.
installed at Contractors’ Site.
• It is very useful for monitoring the real-time status of
15.7 Future Programs:
CCTV devices on the dashboard of NMS
• Survey off of 947 Nos of PCs and peripherals
• Supply order placed for Procurement of Systems Objective of the system:
Equipments (400 no. of PCs and its peripherals) for • To cover all vulnerable points to improve the effectiveness
ERP. of security measures.

60
• To built up more efficient surveillance system to get rid violations such as geo-fence, route deviation, undue
off frequent occurrence of thefts in different locations at stoppage, tampering & speed. This is being monitored
NCL. from the control room at each Areas/ Project. At present,
Benefits: 628 vehicles are fitted with GPS devices in NCL.

• All the footage of the activity at the mine entry/exit, CHP, How are we tackling the challenge?
HEMM work shop, Dumper parking, store room, will be • Reduce possibilities of manipulation by ensuring little
available at the control room of CCTV security system human touch points in crucial operations of vehicle
so that we can cross check the event or incidences, if identification.
occurred.
• Streamlined and automated control of truck entry and
• Resulting in minimized theft of coal, materials, other exits.
equipment and other illegal activities at work place.
• Automated monitoring of trucks via GPS within geo-
GPS based Vehicle Tracking System fenced boundary and identification of deviation and
GPS based Vehicle Tracking System is being used to other suspicious events.
track the movement of the coal transporting vehicles in • Identification of trips from truck movement.
NCL. Online web-enabled real-time tracking of vehicles
is facilitating the officials to view the project-wise • AI based pattern detection to identify suspicious event.
movement of vehicles on a single screen. The GPS based • QRT for responding to exceptions.
Vehicle Tracking System generates alerts against the
violations by the trucks. Alerts are triggered for various • Online access through web and mobile.

RFID based automated Boom Barrier system at entry/exit gate of all mine premises at NCL
RFID based Automated Boom Barrier system at entry Boom Barrier system electronically records all the data
& exit gate of mine premises is installed in all the like vehicle number, DO number, entry / exit date &
Areas/ Projects of NCL. The RFID based Automated time etc. of the vehicles entering & leaving the Mine

61
 Premises. Online web-enabled interface for RFID based • The entry and Exit of the vehicles is recorded electronically
Automated Boom Barrier system helps officials to view in real-time through RFID tags at Boom barrier Entry/
project-wise vehicle details like vehicle number, DO exit gates.
number, entry / exit date & time etc. on a single screen. • Trucks are weighed properly and records are kept.
Real time data such as incoming/outgoing vehicles, • Possibilities of manipulation are minimized by ensuring
vehicles pending to exit the mine, weight data, trips of human-intervention-less operation of weighing and
vehicles are displayed on the dashboard. As of now, 53 vehicle identification.
boom barriers and 124 RFID readers are installed for
electronic recording of details related to entry/exit of • Streamlined and automated control of truck entry and
vehicles in the mine. exits.
• Identification of trips from truck movement.
• The system is taking video recordings and takes snapshots
by CCTV cameras of all vehicles at entry/exit at the gate
apart from all the data being saved in the central server
at HQ.
• QRT for responding to exceptions.
Wide Area Network (WAN)
High Speed WAN (10Gbps/1Gbps) connectivity has
been established between NCL HQ and Projects / Areas
/ Units/ weighbridges through Optical fibre cable as
well as Radio Backup network. The e-office/ internet/
Video conferencing/ VolP/ CCTV / ERP etc. is working
through Wide Area Network. The complete network
• All the details as required will be entered by the Cabin is being monitored from NCL HQ through Network
Operators in the software/application and write in the Management System.
RFID tag/card.

MPLS-VPN for Establishment of ERP at NCL Link) including DC-Delhi and DR-Mumbai to access
the ERP servers of Coal India Limited (CIL). Primary
The secure MPLS-VPN connectivity has been MPLS-VPN connectivity is provided by M/s. RailTel
established for implementation of ERP in NCL. The whereas 03 links of Secondary MPLS-VPN connectivity
network consists of total 146 links/ nodes (Primary is provided by M/s. BSNL.

62
IP Based Radio Network Wireless Communication through Handheld, Mobile
Apart from fibre based WAN connectivity with all the Radio (Base Station) & Repeaters
Projects/Units, E&T Department has established a In order to strengthen the wireless connectivity & to
strong Wireless WAN connectivity with the Projects/ enhance the communication in the mines area of the
Units through Radio Network as an alternate media projects; Handheld Transceiver Sets (Walkie-Talkie),
for voice and data communication with bandwidth of Mobile Radio (Base Stations) & Repeaters are being
400 Mbps main link and 250 Mbps sub link. In case used. It enables us to create a robust communication
the optical fibre cable gets damaged or disconnected channel in the mines which in turn help in improving the
the Radio system automatically takes over the load. Production. Also, new devices have been incorporated,
This Radio Network along with Fibre Network helps which works in digital mode for better & clear voice
achieving the 100% WAN connectivity in NCL. communication in mine Area.
Internet Leased Line (ILL)

Network Security
• Next Generation Sophos Firewall Security System have
In order to provide internet connectivity throughout been installed in Active-Active configuration to ensure
NCL, Internet leased lines (ILL) have been taken from Network Security from Outside Attacks.
three (03) different Internet Service Provider’s (ISP) at
NCL HQ having following bandwidths:
a) 512Mbps from M/s. BSNL
b) 310 Mbps from M/s. RailTel Corporation of India
Limited
c) 155 Mbps from M/s. PowerGrid Teleservices Limited
Overall capacity of 977Mbps caters the Internet needs
of entire NCL. Also, it helps in the implementation of
various IT Initiative Activities.
Also, 10Mbps ILL from M/s. Powergrid Teleservices
Limited has been provided at NCL Transit Office,
Varanasi.
Telephone Exchange
New Server based IP EPABX Telephone Exchanges
have been installed at NCL HQ, Nigahi Project and
Krishnashila Project. Subscriber capacity of the
Exchanges installed at NCL HQ, Nigahi Project and
Krishnashila Project is around 1400, 1500 and 400
respectively. These are Server based high end Exchanges • VPN service to access LAN Network from Remote
of advance technology that are capable of hosting Location has been provided for official works. (800 Users)
number of services like Video Conferencing, IP Phones, • User based Internet Login for employees using PC/
Foreign Exchange Subscriber (FXS) for providing voice Internet for official works is being provided for enhanced
connectivity at remote locations through LAN etc. network security to restrict intrusion of outsiders in NCL
Remaining 10 Projects/ Units are having IP Telephone Network through NGFW Firewall (Approx. 3360 active
Exchanges fulfilling the voice communication LAN users spread across entire NCL)
requirement of the Projects/ Units. These are functioning
on Wide Area Network (WAN) for seamless flow of the • NCL Network has restricted access to Applications and
Voice over IP (VoIP). Overall Subscriber capacity in websites in accordance with the cyber security guidelines
NCL is approx. 9000 Lines. of CIL and Government of India.

63
 • Logs generated by CCMP of System Department are Apart from above, NCL has established LAN based
utilized for corrective action through firewall. Video Conferencing system wherein 01 no. of MCU
is installed at NCL HQ and 22 nos. of VC end points
• NCL Network has been segmented into VLANs to installed at NCL HQ & different Project/ Units of NCL
enhance security as per IT Policy of CIL. namely Amlohri, Bina, Block-B, Dudhichua, Kakri,
Khadia, Krishnashila, Jayant, Jhingurda, Nigahi, Central
VIDEO CONFERENCING Workshop, Nehru Shatabdi Chikitsalaya and NCL
Transit Office (Varanasi).
IP based Video Conferencing system has been
Also, Cloud based Video Conferencing service of Cisco
established in NCL to connect with CIL, NCL Transit Webex (02 Hosts) has been utilised to connect Remote
Office (Varanasi), Other Subsidiaries of CIL, Ministry of Participants through Mobile/Laptop/ Desktop and VC
Coal etc. Endpoint (where facility exists).

CUG Mobile Facility of the Companies (Accounts) Rules, 2014 regarding

BSNL post-paid SIM has been provided to the eligible Conservation of Energy, Technology Absorption
Employees/ Officers of NCL for Mobile Communication and Foreign Exchange Earnings & Outgo is given in
i.e. for Voice & Data services. Annexure-II to this report.
17.0 Corporate Social Responsibility 18.2 Information as per Section 197 of the Companies Act,
Annual Report on CSR Activities required u/s 134(3) 2013 read with Rule 5(2) of the Companies (Appointment
of the Companies Act 2013 read with Rule 8(1) of and Remuneration of Managerial Personnel) Rules,
Companies (CSR Policy) Rules 2014 is enclosed as 2014, is not applicable to the Company as per exemption
Annexure – I. granted to Govt. Companies by MCA vide GSR 463 (E)
dated 05.06.2015.
18.0 Information in regard to Energy Conservation,
Technology Absorption and Foreign Exchange 19.0 Auditors
Earning & Outgo and Particulars of Employees: 19.1 The statutory and branch auditors appointed by the
18.1 Information in accordance with the provisions of Section Comptroller and Auditor General (CAG) of India for
134(3) of the Companies Act. 2013 read with Rule 8 the year 2023-24 vide letter No. CA.V/COY/CENTRAL

64
 GOVERNMENT,NCFL(3)/843 dated 20.09.2023 conferred by the company in 34th Annual General
under section 139 of the companies act, 2013, along Meeting held on 07th August, 2019, pursuant to
with remuneration as fixed by the NCL board in their provisions of Section 142 of the Companies Act, 2013 is
289th meeting held on 21.09.2023 in exercise of powers given hereunder:-

Name of the Audit Firm Status Annual Audit Audit and TA & Out of Reimbursement
Fee (including certification work Pocket Expenses of Applicble Tax
reporting on of Accounts (Upto 50% of Rs.
Internal Financial Audit Fee) Rs.
Control)
M/s. R SHAH & Co., Main/ 10,33,594.00 7,75,194.00 At actual subject At actual
Chartered Accountants, Statutory to the limit of Rs.
Waidhen. Auditor 9,04,394.00
M/s. Agrawal Mittal & Co., Branch 3,78,985.00 2,84,238.00 At actual subject At actual
Chartered Accountants, Bina Auditor to the limit of Rs.
3,31,611.00
M/s. Jitendra Chander Branch 3,78,985.00 2,84,238.00 At actual subject At actual
& Associates, Chartered Auditor to the limit of Rs.
Accountants, Gwalior 3,31,611.00
The Auditors are also engaged for Audit and certification plus applicable GST and the expenditure on account of
work of Accounts for the Six Months, Nine Months and out of pocket expenses including travelling expenses at
Three Months period ended 30.09.2023; 31.12.2023 and actual limited to 50% of the audit fee and other facilities
30.06.2024 respectively at a fee limited to 25% of Annual on cost to company basis viz. accommodation, food,
Audit Fees in each case as per directives of CIL (Holding lodging, local transportation.
Company).
19.3 In compliance of Section 148 of Companies Act’2013
19.2 M/s K.K. Patel & Associates, Practicing Company
read with Companies (Cost Records and Audit) Rules,
Secretaries, Gandhinagar was re-appointed as a
Secretarial Auditor by Board of Directors in 291st 2014, the particulars of Cost Auditors appointed by
meeting held on 03.11.2023 in terms of Section 204 of the Board of Directors for auditing the cost accounting
Companies Act, 2013 to conduct Secretarial Audit of NCL records of NCL for the year ended 31st March, 2024
for the Financial Year 2023-24 at a total remuneration by the Board of Directors in its 289th Meeting held on
of Rs. 75,000/- (Rupees Seventy Five Thousand Only) 21/09/2023 as given below:-

Reimbursement
Sl. Name of Cost Audit Cost Audit TA and out of
Status Project/ Units No. of Taxes as per
No. Firm fees (in Rs.) Pocket expenses
GST Act 2017
Jhingurda, Dudhichua,
Amlohri, Block-B, At actual subject
M/s. N.D. Birla & Co. Lead Cost
1 NSC, HQ Units and 4,40,000.00 to the limit of At actual
(FRN-000028) Auditor
Consolidation of audit 50% of audit fees
reports.
M/s. Basu Banerjee
At actual subject
Chakraborty Branch Cost Jayant, Nigahi and
2 1,62,000.00 to the limit of At actual
Chattopadhyay & Co. Auditor -1 CWS
50%of audit fees
(FRN-000206)
Krishnashilla Kakri,
M/s. Datta Ghosh At actual subject
Branch Cost Khadia including
3 Bhattacharya & 1,62,000.00 to the limit of At actual
Auditor -2 IWSS, Bina including
Associates (FRN-000089) 50% of audit fees
Bina Deshaling Plant
19.4 The Company is maintaining Cost Accounting Records date of filing. The Cost Audit Report for the year 2022-
in accordance with Section 148(1) of the Companies 23 contains no qualification or adverse comments. The
Act, 2013 read with the Companies (Cost Records and Cost Audit Report for the year 2023-24 is in process of
Audit) Rules, 2014. The Cost Audit Report for the year finalization and will be filed within prescribed date of
2022-23 has been filed under XBRL mode within due filing.

65
 20.0 Auditors’ Report responsibility, disclosures and reporting that confirms
fully to the laws, regulations and guidelines.
20.1 The Report of Secretarial Auditor as required under
Section 204 of Companies Act, 2013 in the prescribed The company has a well-defined policy frame work
Form MR-3 along with observations of the Secretarial for ensuring compliance of Corporate Governance
Auditors and the reply of the Management thereto is framework applicable on the company.
enclosed as Annexure-VIII.
21.2 Board of Directors
20.2 The report of the Statutory Auditor and comments of the
Comptroller and Auditor General of India (C&AG), as The Company is a Government company within the
required under Section 134 of the Companies Act, 2013 meaning of Section 2(45) of Companies Act, 2013
alongwith Management explanation are given in the and a wholly owned subsidiary of Coal India Limited.
Addendum forming part of this Report, as Annexure- X The business of the company is managed by Board of
and Annexure to the Annual Accounts respectively. Directors and they are appointed by the President of
21.0 CORPORATE GOVERNANCE India. The Composition and structure of the Board
is decided by the Ministry of Coal, Govt. of India/
Corporate Governance provides a principled process Shareholders as per the provisions of the Articles of
and structure through which the objectives of the Association. The Directors are not required to hold any
company, the means of attaining the objectives and qualification shares.
system of monitoring performance are set. It clearly
speaks of relationship between Company’s Management, (A) Size of the Board.
its Board of Directors, its shareholders and other stake
holders. The main objective of corporate governance The maximum number of Directors as fixed by the
is to enhance and maximize shareholders value and Articles of Association is 15 (Fifteen). As per the
protect the interest of the other stakeholders like Ministry of Coal’s letter No. 21/35/2005-ASO(vi)
customers, employees and society at large in order to dated 06/06/2008, the Board shall comprise of 05
build an environment of trust and confidence amongst Functional Directors including CMD, 02 Official Part-
all the constituents. Time (Nominee) Directors, 05 Non-Official Part-time
(Independent) Directors. The terms and conditions of
The company has complied with the Guidelines on appointments on Board of Directors including tenure,
Corporate Governance for CPSEs issued by DPE, remuneration, Performance evaluation etc. is as decided
Ministry of Finance vide Letter No. 18(8)/2005-GM by Ministry of Coal.
dated 14/05/2010.
(B) Composition of Board of Directors.
21.1 Company’s Philosophy
The composition of the Board of Directors during the
The philosophy of the company is to ensure transparency, year 2023-24 is as follow:-
integrity, accountability, confidentiality, control, social

Sl.No. Name Position Held Tenure

CHAIRMAN CUM MANAGING DIRECTOR
1. Shri B. Sairam Chairman Cum Managing Director w.e.f. 13.03.2024
2. Shri Manish Kumar Chairman Cum Managing Director (Additional Charge) w.e.f. 01.02.2024 upto 13.03.2024
3. Shri Bhola Singh Chairman Cum Managing Director Upto 31.01.2024
FUNCTIONAL DIRECTORS
4 Shri Manish Kumar Director(Personnel) Whole Year
5 Shri Rajneesh Narain Director(Finance) Whole Year
Director (Technical / Project & Planning) Upto 04.07.2023
6 Shri Jitendra Malik
Director(Technical/Operations) w.e.f. 04.07.2023
7 Shri Sunil Prasad Singh Director (Technical / Project & Planning) w.e.f. 04.07.2023
8 Dr. Anindya Sinha Director(Technical/Operations) Upto 30.06.2023
OFFICIAL PART-TIME (NOMINEE) DIRECTORS
9 Shri Vinay Ranjan Director(Personnel & IR), Coal India Limited Whole Year
Shri Venkateshwarlu
10 Director(Technical), Ministry of Coal Whole Year
Marapally
NON OFFICIAL PART-TIME (INDEPENDENT) DIRECTORS
11 Smt Subeena Bansal Non-Official Part Time Director Whole Year

66
Note: (C) Age and Tenure of Directors.
1. Shri B.Sairam has been appointed as Chairman Cum
The age limit for the Chairman and Managing Director
Managing Director w.e.f. 13.03.2024.
and other Whole-time Functional Directors is 60(Sixty)
2. Shri Manish Kumar, Director (Personnel) was appointed years. The Chairman and Managing Director and other
as Chairman Cum Managing Director (Additional Whole Time Functional Directors are usually appointed
Charge) w.e.f. 01.02.2024 upto 13.03.2024. for a period of 05 (Five) years from the date of taking
3. Shri Bhola Singh, Chairman Cum Managing Director over the charge or till the date of superannuation of
ceased to be Director on attaining age of superannuation the incumbent, or till further instructions from the
on 31.01.2024. Government of India, whichever occurs earlier. The
4. Shri Sunil Prasad Singh was appointed as Director tenure of the Official Part Time Directors (Government/
(Technical / Project & Planning) w.e.f. 04.07.2023. CIL Nominees) is as per the directives of Ministry of
Coal. The Independent Directors are appointed by the
5. Dr. Anindya Sinha ceased to be Director on attaining Ministry of Coal usually for a period of 03(Three) years.
age of superannuation on 30.06.2023.
The total strength of Directors as on 31.03.2024 stood at 08 (05 (D) Number of Board Meetings and Attendance of
Functional Directors, 02 Official Part time Directors, 01 Non- Directors.
Official Part Time Director). The Ministry of Coal and Coal During the year, 10 (Ten) Meetings of the Board
India Limited (Holding Company) have also been requested of Directors were held on 285th/24.04.2023,
for filling up the vacant posts of Independent Directors against 286th/15.06.2023, 287th/18.07.2023, 288th/10.08.2023,
sanctioned strength in pursuance of Articles of Association of
289th/21.09.2023, 290th/17.10.2023, 291st/03.11.2023,
company and Ministry of Coal’s Directives at the earliest.
292nd/18.01.2024, 293rd/30.01.2024, and 294th/
Moreover, as per Rule 4(2) of the Companies (Appointment 28.03.2024. The requisite quorum was present in all the
and Qualification of Directors) Rules, 2014, the requirement of meetings. The details of Board of Directors during the
appointment of Independent Directors may not be applicable year is as follows:-
for Wholly-owned subsidiaries.

No. of No. of Attended No. of other

Board Board at the Directorship as
Sl Name Position Held meetings meetings 38th AGM on 31.03.2024
held during attended held on in Other Public
the tenure 30.06.2023 Companies
CHAIRMAN & MANAGING DIRECTOR
Chairman Cum Managing
1 Shri B.Sairam 01 01 NA NIL
Director
Chairman Cum Managing
2 Shri Bhola Singh 09 09 Yes NIL
Director
FUNCTIONAL DIRECTORS
3 Shri Manish Kumar Director(Personnel) 10 10 Yes NIL
4 Shri Rajneesh Narain Director(Finance) 10 10 Yes NIL
5 Shri Jitendra Malik Director(Tech./ Oprns) 10 09 Yes NIL
Director(Tech./Project &
6 Shri Sunil Prasad Singh 08 08 Yes NIL
Planning)
7. Dr. Anindya Sinha Director(Tech./Oprs) 02 02 Yes NIL
OFFICIAL PART-TIME (NOMINEE) DIRECTORS
8 Shri Vinay Ranjan Official Part-time Director 10 09 Yes 04
Shri Marapally Not
9 Official Part time Director 10 10 NIL
Venkateshwarlu Applicable
NON OFFICIAL PART-TIME (INDEPENDENT) DIRECTORS
Non-Official Part Time
10 Smt. Subeena Bansal 10 10 Yes NIL
Director

67
 (E) Disclosure of Interest • Show cause, demand, prosecution notices and
Necessary compliance regarding Disclosure of Interest penalty notices which are materially important.
as per Section 184(1) of the Companies Act, 2013 and • Any other materially important information.
Rule 9(1) thereunder was made by all the Directors of (G) Profile of the Directors
the company, which was taken on record by the Board The Board comprises of members having expertise in
of Directors. None of the Directors are related to each their respective field. The detailed resume / profile of
other or in any contract entered into/decision taken Directors are enclosed as Annexure-IV.
by the Company. Further, the Non-official Part-time (H) Committees of the Board of Directors
Directors have submitted Declaration of Independence The Board of Directors has constituted the following
u/s 149(6) & 149(7) of the Companies Act, 2013, Committees:-
which was taken on record by the Board of Directors. (i) Audit Committee.
Further, the Directors have also submitted declaration (ii) Corporate Social Responsibility Committee.
that none of the directors of company is disqualified (iii) Nomination and Remuneration Committee.
for appointment or re-appointment or continuation (iv) Risk Management Committee.
as Director under any provisions of Companies Act, (v) Committee of Functional Directors (as per Revised
2013. The Independent Directors have also obtained Delegation of Power)
registration on Independent Director’s Databank 21.3 Audit Committee
maintained by IICA. In pursuance of the DPE guidelines on Corporate
(F) Information placed before the Board Meeting Governance and Section 177 of Companies Act, 2013,
The Company provides information as set out in Board of Directors has constituted the Audit Committee.
Secretarial Standard and DPE Guidelines on Corporate The primary function of the committee is to assist the
Governance for CPSEs to the Board and the Board Board of Directors in fulfilling its responsibilities by
Committees to the extent, it is applicable and relevant. reviewing the financial report, the system of Internal
The Board has complete access to any information within Control regarding finance and companies auditing,
the Company. The information regularly supplied to the accounting and financial reporting process. The Audit
Board inter-alia includes the following: Committee reviews the report of the internal auditors,
• Annual operating plans, Capital and Revenue meets the statutory auditors and discusses their findings,
budgets and any updates. suggestion and other related matter and also reviews
• Quarterly and Annual Financial results of the major accounting policies followed by the company as
Company. per provisions of Companies Act.
• Declaration of Dividend. (A) Composition, Meeting and attendance of Audit
• Periodic Review of the Performance of the Company. Committee.
• Periodic Review of availability & utilization of Heavy Considering the provisions of Section 177 of Companies
Machines. Act, 2013 and Chapter 4 of DPE Guidelines and due
• Periodic Report on Compliance of applicable Laws. to change in Directors of NCL Board during the year,
• Annual Report, Directors’ Report etc. the Audit Committee was re-constituted by Board of
• Minutes of the meeting of all the Committees of Directors in its 287th meeting held on 18.07.2023.
Board. During the Financial Year, 08(Eight) meetings of
• Award of large contracts / Agreements Audit Committee were held on 152nd/24.04.2023,
• Disclosure of interest by Directors about Directorship 153th/15.06.2023, 154th/18.07.2023, 155th/21.09.2023,
and position occupied by them in other companies. 156th/17.10.2023, 157th/03.11.2023, 158th/18.01.2024
• Manpower Budget. and 159th/28.03.2024. All the Committee meetings
• Information relating to Safety, Fatal or serious were chaired by Non-official Part-Time (Independent)
accidents and Land Acquisition, Action Taken Director. The details of the Committee are as under:-
Reports on decisions of board etc.
Sl No. of meetings No. of
No Name of Committee Member Position held Tenure held during meetings
respective tenure attended
NON OFFICIAL PART –TIME (INDEPENDENT) DIRECTORS
01 Smt. Subeena Bansal Chairperson & Member Whole Year 08 08
OFFICIAL PART-TIME DIRECTORS
02 Shri Vinay Ranjan Member Whole Year 08 07
03 Shri V. Marapally Member Whole Year 08 08

68
 Sl No. of meetings No. of
No Name of Committee Member Position held Tenure held during meetings
respective tenure attended
FUNCTIONAL DIRECTORS
04 Shri Manish Kumar Invitee Whole Year 08 08
05 Shri Rajneesh Narain Invitee Whole Year 08 08
Invitee Upto 17.07.2023 02 02
06 Shri Jitendra Malik
Member w.e.f. 18.07.2023 06 05
07 Shri Sunil Prasad Singh Invitee w.e.f. 18.07.2023 06 06
08 Dr.Anindya Sinha Member Upto 30.06.2023 02 02

Chief of Internal Audit is the Nodal Officer of the Committee (f) Reviewing with the management, performance of
to coordinate the meetings. Company Secretary acted as internal auditors and adequacy of the internal
Secretary to Audit Committee. control systems.
(B) Role/Scope of Audit Committee: (g) Reviewing the adequacy of the Internal Audit
The role of the Audit Committee shall include the functions, if any including the structure of
following: Internal Audit Department, staffing and seniority
of the official heading the Department, reporting
(a) Oversight of the Company’s financial reporting
structure, coverage and frequency of Internal
process and the disclosure of its financial
Audit.
information to ensure that the financial statement
is correct, sufficient and credible. (h) Discussion with internal auditors and /or auditors
any significant finding and follow up there on.
(b) Recommending to the Board the fixation of Audit
fees/ remuneration of Auditors and terms of (i) Reviewing the findings of any internal investigation
appointment, if required. by the internal Auditors/Auditors/Agencies
into matter where there in suspected fraud or
(c) Approval of payment of fees to statutory auditors
irregularity or a failure of Internal Control Systems
for any other services rendered by the statutory
of a material nature and reporting the matters to
auditors.
the Board.
(d) Reviewing with the management, the annual
(j) Discussion with Statutory Auditors before the
financial statements before submission to the
audit committee, about the nature and scope of
Board for approval, with particular reference to:
audit as well as post audit discussion to ascertain
(i) Matters required to be included in the Directors’ any area of concern.
Responsibility statement to be included in the
(k) To look into the reasons for substantial defaults in
Board’s report in terms of Section 134(3)(C) of the
the payment to the depositors, debenture holders,
Companies Act 2013 (whichever applicable).
shareholders (in case of Non- payment or declared
(ii) Changes, if any, in accounting policies and dividends) and creditors.
practices and reasons for the same;
(l) To review the functioning of the Whistle Blower
(iii) Major accounting entries involving estimates Mechanism.
based on the exercise of judgment by management;
(m) To review the follow up action on the audit
(iv) Significant adjustments made in the financial observations of the C&AG Audit.
statements arising out of audit findings;
(n) To review the follow up action taken on the
(v) Compliance with legal requirements relating to recommendations of Committee on Public
financial statements; Undertakings (COPU) of the Parliament.
(vi) Disclosure of any related party transactions; and (o) Provide an open avenue of communication between
the independent Auditor, Internal Auditor and the
(vii) Qualifications in the draft audit report.
Board of Directors.
(e) Reviewing with the management, the quarterly
(p) Review all related party transactions in the company
financial statements before submission to the
and approval or any subsequent modification of
Board for approval.
Transactions of the Company with related parties.

69
 For this purpose, the Audit Committee may • Review Auditor’s independence and performance,
designate a member who shall be responsible for and effectiveness of Audit Process;
reviewing related party transactions. • Evaluation of Internal Financial Controls and Risk
(q) Review with the independent Auditor, the co- Management Systems.
ordination of audit efforts to assure completeness • Monitoring the end use of funds raised through
of coverage, reduction of redundant efforts, and public offers and related matters, if required;
the effective use of all audit resources.
• Scrutiny of inter-corporate loans and investments,
(r) Consider and review the following with the if any;
independent Auditor and the Management:
• Valuation of undertakings or assets of the company,
(i) The adequacy of Internal controls including wherever it is necessary.
computerized information system controls and
security, and (D) Review of information by Audit Committee.
(ii) Related findings and recommendations of the The Audit Committee reviews the following
independent Auditor and Internal Auditor, information:
together with the management responses. • Management discussion and analysis of financial
(s) Consider and review the following with the condition and results of operations;
management, internal Auditors and independent • Statement of related party transactions submitted by
Auditor: management;
(i) Significant findings during the year, including the • Management letters/letters of internal control
status of previous audit recommendations. weaknesses issued by the statutory auditors;
(ii) Any difficulties encountered during audit work • Internal Audit reports relating to internal control
including any restriction on the scope of activities weaknesses;
or access to required information.
• The appointment and removal of the Chief Internal
(t) Carrying out any other function as is mentioned in Auditor shall be placed before the Audit Committee;
the terms of reference of the Audit Committee. and
(C) Terms of reference:
• Certification/Declaration of financial statements by
The terms of reference of the Audit Committee are in the Chief Executive Officer/ Chief Financial Officer.
accordance with Section 177 of the Companies Act, 2013
(E) Powers of Audit Committee
and in accordance with the guidelines on Corporate
Governance of CPSEs issued by the Ministry of Heavy • Commensurate with its role, the Audit Committee
Industries and Public Enterprises, Department of Public is vested by the Board of Directors with sufficient
Enterprises. powers, which are:
The Terms of reference of Audit Committee covers all • To investigate any activity within its terms of
commercial aspects of the organization inter-alia: reference.
• Review/examination of financial statement before • To seek information on and from any employee.
submission to the Board and Auditor’s Report • To obtain outside legal or other professional advice,
thereof; subject to the approval of the Board of Directors.
• Periodical review of internal control system, approval • To secure attendance of outsiders with relevant
or any subsequent modification of transactions of expertise, if it considers necessary.
the company with related parties;
• To protect whistle blowers.
• Review of Government audit and Statutory Auditor’s
report; 21.4 Corporate Social Responsibility Committee
• Review of operational performance vis-à-vis In pursuance of Section 135 of Companies Act, 2013,
standard parameters; Board of Directors of NCL has constituted the CSR
Committee. Corporate Social Responsibility (CSR)
• Review of projects and other capital scheme; and Sustainability is a company’s commitment to its
• Review of internal audit findings/observations; stakeholders to conduct business in an economically,
• Development of a commensurate and effective socially and environmentally sustainable manner
Internal Audit function; that is transparent and ethical. Stakeholders include
• Special studies/investigation of any matter including employees, investors, shareholders, customers, business
issues referred by the Board; partner, clients, civil society groups, Government and
non-governmental organizations, local communities,

70
 environment and society at large. NCL has framed and Considering the provisions of Section 135 of Companies
adopted CSR policy in line with CSR policy approved Act, 2013 and due to change in Directors on NCL Board
by CIL Board, which is applicable to CIL and its during the year, the CSR Committee was re-constituted
subsidiaries and the policy is posted on the website of the
by NCL Board in its 287th meeting held on 18.07.2023.
company viz. www.nclcil.in under the head “Corporate
Citizenship” for reference. During the Financial Year, 05(Five) meetings of
In terms of the DPE guidelines, CSR & Sustainability CSR Committee were held on 51st/24.04.2023,
has been included as a compulsory element under non- 52nd/15.06.2023, 53rd/21.09.2023, 54th/17.01.2024
financial parameters in MoU. and 55th/28.03.2024. All the Committee meetings
Composition, Meeting and attendance of CSR were chaired by Non-official Part-Time (Independent)
Committee- Director. The details of the Committee are as under:-
Name of Committee No. of meetings held No. of meetings
Sl No Position held Tenure
Member during respective tenure attended
NON OFFICIAL PART –TIME (INDEPENDENT) DIRECTORS

01 Smt. Subeena Bansal Chairperson & Member Whole Year 05 05

OFFICIAL PART–TIME DIRECTOR

02 Shri Vinay Ranjan Member Whole Year 05 04

FUNCTIONAL DIRECTORS

03 Shri Manish Kumar Member Whole Year 05 05

04 Shri Rajneesh Narain Member Whole Year 05 05

05 Shri Jitendra Malik Member Whole Year 05 05

06 Shri Sunil Prasad Singh Member w.e.f. 18.07.2023 03 03

07 Dr. Anindya Sinha Member Upto 30.06.2023 02 02

GM(CSR) is nodal officer to coordinate the meetings of the Committee.

21.5 Nomination and Remuneration Committee.
In pursuance of Section 178 of Companies Act, 2013, Board of Directors of NCL has constituted Nomination and
Remuneration Committee. The Committee comprises of Part-time/Non-executive Directors only i.e., Nominee Directors
and Independent Directors.

Composition, Meeting and attendance of Nomination and Remuneration Committee

Sl Name of Committee Member Position held Tenure No. of meetings held No. of meetings
No during respective tenure attended
NON OFFICIAL PART–TIME(INDEPENDENT) DIRECTORS
01 Smt. Subeena Bansal Chairman & Member Whole year 02 02
OFFICIAL PART–TIME DIRECTORS
02 Shri V. Marapally Member Whole year 02 02
03 Shri Vinay Ranjan Member Whole year 02 01
FUNCTIONAL DIRECTORS
04 Shri Manish Kumar Invitee Whole year 02 02

71
 Sl Name of Committee Member Position held Tenure No. of meetings held No. of meetings
No during respective tenure attended
05 Shri Rajneesh Narain Invitee Whole year 02 02
06 Shri Jitendra Malik Invitee Whole year 02 01
07 Shri Sunil Prasad Singh Invitee w.e.f. 18.07.2024 02 02

Considering the provisions of Section 178 of the Board of Directors has constituted Risk Management
Companies Act, 2013, Chapter 5 of DPE Guidelines on Committee.
Corporate Governance & due to change in directors
Required procedures were laid down to inform the board
on NCL Board during the year, the Committee was re-
members about the risk assurance and minimization
constituted by NCL Board in its 287th meeting held on
procedures for review by the Board to ensure that
18.07.2023.
executive management controls risk through means of
During the year, Two (02) meetings of the Committee a properly defined frame work.
were held on 15th/18.01.2024 and 16th/28.03.2023. All
Composition, Meetings and Attendance of Risk
the Committee meetings were chaired by Non-official
Management Committee
Part-Time (Independent) Director. The details of the
Committee is as under:- Due to change in Directors on NCL Board during the
year, the Risk Management Committee was reconstituted
GM (Personnel/EE), NCL is the Nodal Officer of the
by NCL Board in its 287th meeting held on 18.07.2023.
Committee to coordinate the meetings.
During the year, 01(One) meeting of Risk Management
21.6 Risk Management Committee.
Committee was held on 09th/21.09.2023 and was chaired
In pursuance of Section 134 of Companies Act, 2013 by Non-official Part-Time (Independent) Director. The
and DPE Guidelines on Corporate Governance, detail of the Committee is as under:-

Sl No. of meetings held No. of meetings

Name of Committee Member Position held Tenure
No during respective tenure attended
NON OFFICIAL PART–TIME(INDEPENDENT) DIRECTORS
Chairperson &
01 Smt. Subeena Bansal Whole year 01 01
Member
FUNCTIONAL DIRECTORS
02 Shri Manish Kumar Member Whole year 01 01
03 Shri Rajneesh Narain Member Whole year 01 01
04 Shri Jitendra Malik Member Whole year 01 01
05 Shri Sunil Prasad Singh Member w.e.f. 18.07.2023 01 01
GM(CP), NCL/Chief Risk Officer is the Nodal Officer to coordinate the meetings of the Committee.
21.7 AGM/EGM/Independent Directors Meeting.
(A) Annual General Meetings
The details of the Annual General Meeting held during the last three years are as follows:
Details For 2020-21 (36thAGM) For 2021-22 (37thAGM) For 2022-23 (38thAGM)
Date 13th August, 2021 27th July, 2022 30th June, 2023
Time 10:00 AM 11:00 AM 10:30AM
Day Friday Wednesday Friday
Registered Office, Northern Registered Office, Northern Registered Office, Northern
Venue Coalfields Ltd. Singrauli Coalfields Ltd. Singrauli Coalfields Ltd. Singrauli
(M.P)-486889 (M.P)-486889 (M.P)-486889
Special
NIL NIL NIL
Resolution
The 38th AGM was conducted on 30th June, 2023 Means (“VC &OVAM”) Facility in compliance with
through Video Conferencing & Other Audio Visual circulars issued by Ministry of Corporate Affairs.

72
(B) Extra Ordinary General Meeting

One Extra Ordinary General Meeting of the Shareholders

was held on 30th January, 2024 at Registered Office of
the Company.

(C) Independent Directors’ Meeting:

During the Year, there was only Independent Directors

on NCL Board. Therefore, no Meeting of Independent
Directors was held during the year in terms of Schedule
IV to Companies Act, 2013.

21.8 Remuneration of Directors:

PSE Excellency Award on Corporate Governance by
All the Functional Directors of the company are
Indian Chamber of Commerce
appointed by the Hon’ble President of India. The
appointment may be terminated by either side on 03 (A) Functional Directors
months’ notice or payment of 03 months’ salary in lieu Remuneration to Functional Directors/KMP/other
thereof. The terms and conditions of appointment and employees is paid in accordance with the Pay scales
determined by the Coal India Limited and Govt. of India
the remuneration of Functional Directors is decided by
from time to time. The details of the remuneration of the
the President of India in terms of Articles of Association Functional Directors of the Company for the Financial
of the company/Coal India Limited. Year 2023-24 is given below.

REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Remuneration to Managing Director, Whole-Time Directors and other KMP of the Company is as under:-

Sl. Gross Salary Post Retirement Benefits Contribution to

Name Total Remuneration Rs.
No. Rs. Provident Fund & Other Funds Rs.
1 Shri B Sairam - - -
2 Shri Manish Kumar 59,29,261.73 6,14,060 65,43,321.73
3 Shri Rajneesh Narain 54,72,273.65 6,13,028 60,85,301.65
4 Shri Jitendra Malik 74,73,973.10 7,00,597 81,74,570.10
5 Shri Sunil Prasad Singh 72,84,121.65 4,83,431 77,67,552.65
6 Shri Bhola Singh 78,18,777.83 5,45,059 83,63,836.83
7 Dr. Anindya Sinha 98,53,481.13 2,47,788 1,01,01,269.13
8 Shri Sushanta Kumar Panda 27,45,917.06 3,91,873 31,37,790.06

(B) Official Part time Directors (Nominee Directors) & DPE guidelines. The details of the sitting fees paid to
No remuneration is paid by the Company to the Official the Non-Official Part-Time Directors during the year is
Part time Directors. given below:-

(C) Non-Official Part-Time (Independent) Directors Particulars of Remuneration

No remuneration is paid to the Non-Official Part-Time Name of Fee for Fee for
(Independent) Directors by the Company except Sitting Sl. Independent attending attending
Total Rs.
Fee at rate of Rs. 20,000/- per meeting for attending the Director Board Committee
meetings of Board and its Committees as per the rate meetings Rs. meetings Rs.
fixed by the CIL Board and approved by NCL Board Smt Subeena
1 2,00,000 3,20,000 5,20,000
within the ceiling fixed under the Companies Act, 2013 Bansal

73
 21.9 Statutory Disclosures (E) Details of Expenses incurred

As a matter of best practices of Corporate Governance No report has been received towards expenditure
and in compliance of the guidelines of DPE, the debited in the books of accounts, which are not for the
following disclosures are made:- purpose of the Business excluding expenditure on CSR.

(A) Materially Significant Related Party Transactions No report has been received towards expenses debited
which are personal in nature and incurred for the Board
The Company has not entered into any materially of Directors and top management.
significant related party transactions with the Directors Details of administrative & office expenses are furnished
or the Senior Management Personnel or their relatives
in the statements of Annual Accounts.
for the year ended 31st March 2024, that may have
potential conflict with the interest of the company at the 21.10 Means of Communication
large. The Company communicates with its stakeholders
No agenda was placed before the Board meetings/ through its website, emails, social media platforms,
Audit Committee held during the year in respect of publications in the Leading English Newspaper and
any contract or arrangement with a related party. The local newspapers. Press Conferences are also being
Related Party Disclosure has been given in Note 16 (2)- organized from time to time.
“Additional Notes on Accounts”. In addition to above, the Annual Report of the company
and other important events are also uploaded on the
Form AOC-2 under Section 188 of the Companies Act,
website of the company i.e., www.nclcil.in.
2013 is enclosed as Annexure-V.
21.11Training of Board Members
(B) Details of compliance of laws by the Company
The Board of Directors were fully briefed on all business
The Board of Directors periodically review Compliance related matters, associated risks, future strategies etc. of
Report of all laws applicable on the company and the the company.
Board has not received any adverse report for non-
compliance by the Company, penalty, strictures imposed The Functional Directors are the head of the respective
on the Company by any authority on any matter related functional areas by virtue of their possessing the
to any guidelines issued by Government during the last requisite expertise and experience. They are aware of the
three financial years. business model of the company as well as the risk profile
of the company’s business. The Part-Time Directors are
(C) Compliance of DPE Guidelines on Corporate also fully aware of the company’s business model.
Governance:
All the Functional Directors are sponsored for training
The requirements of these guidelines with respect of both in India and abroad as per the policy of CIL. The
Board of Directors, Audit Committee, Disclosures, Independent Directors are sponsored for training on
Reports, Code of Conduct etc. are complied with. A Corporate Governance from time to time. All the newly
certificate from the Practicing Company Secretary appointed Directors of the company are familiarized with
with regard to compliance of conditions of Corporate the various aspects of the company like the constitution,
Governance is annexed to this report as Annexure-VII. Vision & Mission statement, core activities, Board
In order to fulfill the composition of Board of Directors procedures, Strategic directions etc. Directors are also
and its Committees, the representation was also made nominated for the training programmes, conferences
for filing up vacancies of Independent Directors on the and seminars organized by the DPE, different ministries
Board of Directors of the company. of Govt. of India and other premier institutes of India
from time to time.
Quarterly & Annual Compliance Report on compliance
of Corporate Governance had been duly submitted in 21.12 Whistle Blower Policy
prescribed format, to Ministry of Coal. The performance This Policy is formulated by Coal India Ltd. (Holding
of company during 2022-23 has been graded as company) to provide an opportunity to employees of
“Excellent” and evaluation for Financial Year 2023-24 is CIL and its subsidiaries to report to the management
under process. and to the Audit Committee, instances of unethical
(D) Presidential Directives behavior, actual or suspected fraud or violation of the
company’s code of conduct. A Report in this regard also
No Presidential Directive was issued by the Central placed before The Audit Committee on periodical basis.
Government to NCL during the financial year. No case was reported during the year.

74
 The Policy is applicable to NCL being a subsidiary of A. Issue of Bonus shares.
CIL and same is uploaded on the company’s website viz.
In Compliance with the DIPAM Guidelines, the
www.nclcil.in under the head “Policy” for reference. The
Company issued and allotted 1,89,28,215 equity shares
policy ensures that a genuine Whistle Blower is granted
of Rs. 1000/- each as fully paid up Bonus Shares will
due protection from any victimization.
capitalizing a sum of Rs. 1892.82 Crores from Capital
21.13 Integrity Pact & IEM Redemption Reserve and General Reserve Account of
NCL as per the Audited Accounts of the Company for
The Company has a Memorandum of Understanding the financial year ended on 31st March, 2023.
(MoU) with Transparency International India (TII) for
implementing an Integrity Pact Programme focused on B. Payment of Dividend.
enhancing transparency in its business transactions,
The company had declared Interim Dividend on two
contracts and procurement process. Under MoU, the
occasions during the financial year 2023-24 and paid
Company is committed to implement the Integrity Pact
maximum dividend aggregating Rs. 3438.62 Crores
in all its major procurement and work contract activities.
during the year to Coal India Limited. In addition, a
Two Independent External Monitors, being persons
Final Dividend of Rs. 757.13 Crores was also paid on
of eminence are nominated by TII in consultation
declaration by members in the Annual General Meeting
with the Central Vigilance Commission (CVC). The
for the year 2022-23. Further a Final dividend of Rs.
Integrity Pact has strengthened established systems and
504.75 Crores @ 200 per equity share on 2,52,37,620
procedures by creating trust and has full support of the
equity shares is also recommended for declaration by
CVC.
members in the ensuing Annual General Meeting.
21.14 Code of Conduct for Directors and Senior Executives: C. Splitting of shares.
The Code of Conduct for the Directors and Senior Splitting of shares was not required during the financial
Management Personnel of the company has been laid year 2023-24 as per Guidelines.
down which has been circulated to all the concerned
and the same is also hosted on the website of the D. Buy back of shares.
Company i.e., www.nclcil.in. The Directors and Senior
As per previous practice, CIL being the holding company
Management Personnel of the Company have affirmed
gave directives for processing of buyback of shares by
compliance with the provisions of the Company’s Code
NCL. As per directive of CIL, the Buyback of shares by
of Conduct for the financial year ended on 31st March 2024.
subsidiaries is not to be undertaken considering the
21.15 Management Discussion and Analysis Report double taxation impact.

In compliance of the Guidelines on Corporate 21.18 Dematerialisation of Shares-

Governance issued by DPE, a brief Discussion and
In terms of MCA Rules, the company has provided
Analysis by the Management on various topics are
dematerialization facility to its shareholders by
compiled in a report and annexed to Director’s Report
appointing National Securities Depository Limited
as Annexure-III.
(NSDL) as Depository and NSDL Database Management
21.16 Compliance of DPE guidelines Limited (NDML) as Registrar and Transfer Agent.
All the Equity shares issued by company are held in
DPE has issued guidelines/rules/procedures, which are dematerialized mode by Coal India Limited and its
to be followed by every CPSE and in the end of Financial 03 Nominee holders. The ISIN Code of Company is
Year, compliance/non-compliance certificate stating the INE02ET01017.
reasons thereof are to be sent to Ministry of Coal by
30th of April of the succeeding year. 22.0 Other Statutory Disclosures

In line with the above, NCL had timely sent the certificate 22.1 Availability of Annual Accounts of NCL at
of compliance/non-compliance to Ministry of Coal on Headquarters of the Company:
30th April, 2024. The Annual Accounts of Northern Coalfields Limited
21.17 Capital Re-structuring of CPSEs for the year is available at the Headquarters of NCL
at Singrauli (MP) for providing information to the
During F.Y. 2023-24, the company has complied with the Shareholders of Coal India Limited on demand.
Guidelines on Capital Restructuring of Central Public
22.2 Annual Return:
Sector Enterprises dated 27th May, 2016 issued by the
Department of Investment & Public Asset management, Pursuant to Section 92(3) read with Section 134(3)(a)
Ministry of Finance, Govt. of India as stated below: of the Companies Act, 2013, copy of the Annual return

75
 of the company prepared in accordance with Section in different functional areas of the organization.
92(1) of the Act read with Rule 11 of the Companies Inherent risk due to internal and external factors
(Management and Administration) Rules, 2014 may be is assessed and necessary mitigation control
accessed on the company’s website at https://www.nclcil. measures are taken through policies and system to
in/detail/523288/corporate-governance manage risk effectively.
22.3 Declaration of Independent Directors: ii) NCL has a comprehensive Risk Management
Framework in place, which consists of –
The Independent Directors have submitted declaration
of fulfilling the criteria of Independence under Section (a) A process to identify, prioritize and formulate
149(6) of the Companies Act, 2013 which was taken on mitigation plans for prioritized risks, and,
record by the Board.
(b) A framework of roles & responsibilities of
22.4 Loan, guarantees or Investment by the Company various officials, Committee and the Board,
under Section 186 of the Companies Act, 2013: in discharging the risk management process.
Loan, guarantees and Investment made in terms of
iii) As part of this Risk Management Framework,
Section 186 of the Companies Act, 2013 is enclosed in
risk owners and mitigation plan owners have
Annexure-VI.
been identified/ nominated for each risk and
22.5 Material Changes and commitments, if any, affecting corresponding mitigation plans have been
the financial position of the company which have formulated to ensure continuous risk monitoring
occurred between the end of Financial Year and the and risk mitigation.
Date of report:
iv) A Committee of the Board of Directors of NCL viz.
No such material changes and commitments occurred Risk Management Committee (RMC) has been
between the end of the Financial Year and the date of constituted.
report which may affect the financial position of the
Company. v) Workshop on half yearly basis are conducted which
are attended by all Departmental Heads along
22.6 Deposits covered under Chapter V of the Companies
with respective Risk Owners and Risk Mitigating
Act, 2013:
Officers. The workshop is convened by Chief Risk
The Company has not accepted any deposits within the Officer and chaired by Functional Directors.
provisions of sections 73 to 76 (Chapter V of Companies
Act 2013) or any other relevant provisions of the Act, as vi) Recommendations of the workshop for changes
reported in Statutory Audit Report. in Risk Register are put up for consideration and
deliberation in Risk Management Committee on
22.7 Information under Section 134(3)(q) of the half yearly basis, like –
Companies Act, 2013, read with Rule 8(5)(vii), (xi)
and (xii) of Companies (Accounts) Rules, 2014: 1) Addition of new Risk
There were no Significant and Material Orders passed 2) Deletion of any existing Risks
by the Regulators or Courts or Tribunals impacting the
Going Concern status and the Company’s Operations in 3) Change in the name/scope of any existing
future. Risks

22.8 Internal Financial Control System: 4) Increase or Decrease in Risk Score

The Company has in place adequate Internal Financial 5) Splitting or Merger of Risks
Controls with reference to financial statements. During 6) Revised list of Risk That Matters
the year, to make sure that assets are protected and
that company’s activities are conducted in accordance vii) The final acceptance of the Risk Register, Risk that
with the organization’s policies and procedures, such Matters & an Action Taken Report on the directions
internal controls were tested and no reportable material given by Risk Management Committee is then
weakness in the design or operation were observed in placed before Board of Directors for approval.
the C&AG Audit, Internal Audit and Statutory Audit.
22.10 Code of conduct to Regulate, Monitor and Report
22.9 Risk Management Plan trading by Designated Persons of Coal India Ltd.
i) As a part of strategic business policy, due The Code of conduct to Regulate, Monitor and Report
importance is given to the process of risk trading by Designated Persons of Coal India Ltd. is
identification, assessment and mitigation control uploaded on the website of NCL. The policy lays down

76
 framework for prevention of Insider Trading in shares of 22.15 Compliance of Secretarial Standards.
Coal India Limited (Holding Company)
As required under Clause 9 of Secretarial Standard-I
22.11 Accountability of Directors on Meetings of Board of Directors, it is stated that all
applicable Secretarial Standards have been complied
Memorandum of Understanding (MoU) between the
management of NCL and CIL / MoC, Govt. of India is with and Secretarial Auditor has also examined and
signed before commencement of the ensuing financial reported thereon in its Report.
year as laid down in the DPE Guidelines. Under MoU, 22.16 CEO/CFO Certification:
the company undertakes to achieve the target set at the
beginning of the year and it is intended to evaluate the The CEO/CFO Certification for the Year 2023-24 to
performance of NCL at the end of the year against the the Board of Directors of the Company on the specified
target fixed. matters is annexed to Directors’ Report as Annexure-IX.

The MoU system enables to perform efficiently as there 22.17 Details in respect of frauds reported by Auditors
are a variety of parameters both financial and non- under section 143(12) other than those which are
financial (Dynamic, Sectors specific and Enterprise reportable to the Central Government:
specific parameters). This process helps immensely in No fraud has been reported by the Auditors to the Audit
fulfillment of the long ranging objectives and overall Committee or Board of Directors of Company.
growth. The entire process also ensures transparency
and accountability towards stakeholders. 22.18 Company’s policy on directors ‘appointment and
remuneration including criteria for determining
22.12 Key Managerial Personnel: qualifications, positive attributes, independence of a
director and other matters provided under sub-section
As per the provisions of Section 203 of the Companies
(3) of section 178.
Act 2013, the Key Managerial Personnel of company
are: MCA vide Notification dated 5th June 2015 had
Shri B.Sairam - Chairman Cum Managing exempted the above for Government companies.
Director (w.e.f. 13.03.2024)
22.19 Application made or any proceeding pending under the
Shri Manish Kumar - Director (Personnel) and Insolvency and Bankruptcy Code, 2016 (31 of 2016).
Chairman Cum Managing
Director (Additional For the Financial year 2023-24, there has been no
Charge) (w.e.f. 01.02.2024 till application made or any proceeding pending under the
13.03.2024) Insolvency and Bankruptcy Code, 2016 (31 of 2016)
Shri Bhola Singh - Chairman Cum Managing during the year alongwith their status as at the end of
Director (upto 31.01.2024) the financial year.
Shri Rajneesh Narain - Chief Financial Officer &
22.20 The details of difference between amount of the
Director Finance (whole year)
valuation done at the time of one-time settlement and
Shri S.K. Panda - Company Secretary (whole the valuation done while taking loan from the Banks or
year)
Financial Institutions along with the reasons thereof.
22.13 Annual Evaluation of Board, Committee and
Not applicable for NCL as no one-time settlement was
Directors Performance
done during the Financial Year 2023-24.
NCL is registered as a private limited company and not
listed with any stock exchange. As per Notification No. 23.0 Performance against MoU Parameters
F.NO.1/2/2014-CL.V dated 05/06/2015 by the Ministry The Memorandum of Understanding (MOU) between
of Corporate Affairs, Section 134(3)(p) shall not apply, CMD, NCL and Chairman, CIL for every financial
in case the directors are evaluated by the Ministry year is signed as per guidelines of Department of
or Department of the Central Government which is Public Enterprises (DPE), Ministry of Heavy Industries
administratively incharge of the Company. In case of and Public Enterprises, Government of India. The
NCL, performance of Directors is evaluated by the performance of NCL during 2022-23 against MOU
Ministry of Coal which is administratively incharge of parameters has been graded as “Excellent” with a MoU
the Company. Score of 94.00 & evaluation for Financial Year 2023-24 is
22.14 Subsidiary Company/Joint Venture/ Associates of under process.
NCL 24.0 Directors’ Responsibility Statement
NCL does not have any Subsidiary Company/ Joint Pursuant to Section 134(5) of Companies Act, 2013, it is
Venture/ Associate Company. hereby confirmed that:

77
 i) In the preparation of the annual accounts for the 25.1 The Board of Directors place on record their deep
Financial Year ended 31st March, 2024, the applicable gratitude for the continued support and valuable
accounting standards had been followed along with guidance received from Ministry of Coal and Coal India
proper explanation relating to material departures; Ltd. The Directors also acknowledge with thanks the co-
operation and help extended by different wings of Govt.
ii) The Directors had selected such accounting policies of India particularly Ministry of Environment, Forest
and applied them consistently and made judgments and & Climate Control and Ministry of Finance as well as
estimates that are reasonable and prudent so as to give a from NITI Aayog, Director General of Mines Safety,
true and fair view of the state of affairs of the Company Comptroller & Auditor General of India, Chairman
at the end of the financial year and of the profit or loss of and Members of Audit Board, Auditors, Registrar of
the Company for that period; Companies, State Governments of MP and UP and
iii) The Directors had taken proper and sufficient care Local Administrative Authorities.
for the maintenance of adequate accounting records 25.2 The Directors are also thankful to the valued customers
in accordance with the provisions of this Act for particularly NTPC and UPRVUNL, Bankers,
safeguarding the assets of the Company and for Contractors and Suppliers for the valuable assistance
preventing and detecting fraud and other irregularities; and help received from them.
iv) The Directors had prepared the annual accounts for 25.3 The Directors also recorded their appreciation for the
the Financial Year ended 31st March, 2024, on a going commitment, devotion and hard work put in by the
concern basis; employees at all levels and the Trade Unions.
v) The Directors had laid down internal financial control For and on behalf of the Board of Directors
to be followed by the Company and that such Internal
Sd/-
Financial Control is adequate and operating effectively;
& (B. Sairam)
vi) The Directors had devised proper systems to ensure Chairman Cum Managing Director
compliance with the provisions of all applicable laws Date : 02.07.2024
and that such systems were adequate and operating
effectively. Place : Singrauli

25.0 ACKNOWLEDGEMENT

List of Annexures-
I Annual Report on Corporate Social Responsibility
II Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
III Management Discussion and Analysis Report
IV Profile of Directors
V Contracts or Arrangement with Related Parties u/s 188(1) of Companies Act, 2013.
VI Disclosures u/s 186(4) of Companies Act, 2013.
VII Corporate Governance Certificate
VIII Secretarial Auditor’s Report and Management Replies thereto
IX CEO and CFO certification
X Independent Auditor’s Report

78
 ANNEXURE-I TO THE DIRECTORS’ REPORT
ANNUAL REPORT ON CSR ACTIVITIES FOR FINANCIAL YEAR 2023-24 as per clause (O) of sub-section (3) of
section 134 of the Companies Act, 2013
(As per Annuexure-II of the Companies (CSR) Rules, 2014)

(a) Northern coalfields Limited (NCL) has adopted In the financial year 2023-24, NCL has focused its CSR
Policy for Corporate Social Responsibility (CSR) in projects in the areas of Basic Infrastructure, improving
line with CIL’s CSR Policy, approved by NCL Board connectivity through roads, Water Supply, Skill
in its 264th meeting held on 14th May, 2021. This Development, Healthcare, Education, Promotion of
policy has been framed after incorporating the Sports, art and Culture, etc with a total expenditure of
features of the Companies Act 2013, notification Rs. 157.87 Crores.
issued by the Ministry of Corporate Affairs (MCA) The broad CSR heads and corresponding expenditure
and Department of Public Enterprises (DPE), are as follows: -
Govt. of India from time to time.
(b) The main objective of CSR policy is to lay down CSR PROJECT PROFILE - FY 2023-24
guidelines for the company to make CSR a key Sab Sakshar Others
5% Gaon Jodo
(Education)
business process for sustainable development for 26%
(Roads)
33%
the Society. It aims at supplementing the role
of the Govt. in enhancing welfare measures of the Khel tarang (Sports
and Art & Culture)
society based on the immediate and long 2%

term social and environmental consequences of Sab Swasth

(Healthcare)
Aadhar
(Infrastructure)
coal mining. 6% Swachh Jal (Water)
7%
18%

(c) The primary beneficiaries of CSR are Project Kaushal (Skill

Development)
affected Areas (PAAs) and those staying within the 3%
radius of 25Kms of the coal mining project. Poor
and needy section of the society living in other
According to the policy of Rs. 2 per ton of coal
parts of Uttar Pradesh and Madhya Pradesh are the
production, the CSR allocation of Northern Coalfields
secondary beneficiaries.
Limited for FY 2023-24 is Rs. 26.23 Crores (based on the
(d) The scope of CSR activities undertaken by NCL is coal production of 131.17 million tonnes in FY 2022-
as per Schedule VII to the Companies Act, 2013 23). This is lower than two percent of the average of the
and as per DPE guidelines as amended from time Net Profit of the last three financial years.
to time.
i. Roads (GAON JODO ABHIYAN)
(e) The fund for the CSR is allocated based on 2% of
the average net profit of the Company for the three Accessibility and connectivity are two very significant
immediate preceding financial years or Rs. 2.00 per factors for the development of any area. NCL’s GAON
ton of Coal Production of previous year whichever JODO ABHIYAN is a CSR project taken by NCL to
is higher. connect the different villages and adjoining areas with
main roads and adjacent town areas of Singrauli (M.P)
(f) NCL has a Board Level Committee on CSR which
reviews the implementation of CSR activities from and Sonebhadra (U.P) district. The easy accessibility
time to time and recommends the amount of and connectivity of the otherwise remote villages to the
expenditure to be incurred on CSR activities. nearby town/market places has significantly impacted
the life of villagers in many ways through increased
1.1 Overview of CSR activities/Projects undertaken by public transport system, accessibility of produce to
NCL during the Financial Year 2023-24 : markets, better avenues for education, skill development
NCL has adopted a very methodical and focused and employment for youths, accessibility to our hospitals
approach towards ensuring sustainable development and other private doctors in case of medical emergency,
of the region and overall well-being of the community. etc. The total expenditure under this project is Rs.52.56
The CSR works at NCL are identified through proposals, Crores in the FY 2023-24.
discussions, need assessment and site survey in
consultation with primary stakeholders like community Constructed approx. 52 km of roads /bridges /culverts with a
members, Local elected representatives like MPs, MLAs, total expenditure of Rs.52.56 crores in the FY 2023-24.
Sarpanch, and District administration, etc.

79
 Image 2: (a) Construction of community hall at Singrauli (b) Development of
Hathinala Biodiversity park as children and Adventure park

iii. Water Supply and Conservation (SWACHH JAL)-

NCL SWACH JAL project focuses on improving the
availability and accessibility of water in the region.
Under this project in the FY 2023-24, NCL has installed
Hand Pumps, and ROs with water coolers in Villages,
schools, health centers, other public places. NCL has
also constructed/developed Ponds, Check Dams and
water treatment catchment areas in different villages
around NCL for water conservation, retaining rain water
Image1: (a) Widening of road from Shaktinagar Bus Stand to Uttar Pradesh/ and increasing the ground water table in the region. The
Madhya Pradesh border (Baliya Nala) (b) Construction of Bridge from total expenditure under this project is Rs.11.10 Crores
Panchayat Bhawan to Mada Parsona marg in Gram panchayat Jarha
in the FY 2023-24.
ii. Infrastructure (AADHAR):
Installed 200 nos. Hand-pumps. Operated 44 ROs/Water
NCL’s AADHAR project focuses on providing basic coolers. Constructed /developed 05 Ponds. 04 Check dams/
infrastructural facilities in the Villages targeting catchment area with a total expenditure of Rs. 11.10 Crores
improved livelihoods of the community. Major works in the FY 2023-24.
undertaken by NCL in the FY 2023-24 includes
Electrification of Households, Development of
Community Park, Community halls, Plantation, Solar-
street lights and development of rural incubation
centre in coordination with IIT (BHU) etc with a total
expenditure of Rs.28.92 Crores in the FY 2023-24.

Electrification of 10252 Households in Chitrangi Block is

under progress. Development of Community parks (02 nos.),
Community Halls (23 nos.), Solar street lights (50 nos.).
Development of rural incubation centre etc. with a total
expenditure of Rs.28.92 Crores in the FY 2023-24.

Image 3: (a) Pond at Gharauli kala (b) Installation of 100 nos.

of hand-pumps in Sonbhadra

80
iv. Skill Development & Employment Generation preventive healthcare measures were targeted through
(KAUSHAL)- health camps, nutrition camps, and improvement
NCL’s KAUSHAL project envisions towards providing of sanitation infrastructure in the region. The total
different job-linked and self-employment skills to PAPs/ expenditure incurred by NCL under the project in the
youths/women etc in the rural areas. NCL has imparted FY 2023-24 is Rs.9.71 Crores.
different types of training across different trades viz. Renovated a 50-bedded hospital at Dibulganj. Developed
Plastic molding & operator, Driving, Basic computer, Anganwadi (100 nos.). Adopted District Divyang
Home appliances, Mobile hardware repairing, Poultry, Rehabilitation Centre, Waidhan. Reached out to more than
Embroidery, tailoring, Jute bag making etc for 1.2 lakh people in the region through various preventive and
employment generation through qualified trainers to curative healthcare projects like health camps, nutrition
the unemployed youths of the nearby villages along-with camps. Distribution of aids and appliances to Divyangjans
development of ITI Waidhan in Singrauli district and (212 nos.), sanitation infrastructure (23 nos. community
ITI Dudhi in Sonbhadra district with a total expenditure toilets) etc. with a total expenditure of Rs. 9.71 Crores in the
FY 2023-24.
of Rs.3.86 Crores, benefitting more than 1350 Youths/
PAP/women in the region during the FY 2023-24.

Image 5: (a) Renovation of 50-bedded hospital in Dibulganj by Bina

Image 4 :(a)Training to women for making Jutebased productsin Jhingurdah Area in Sonbhadra district (b) Development works at 200 Anganwadis in
(b) Development of ITI in Singrauli . Dudhichua Area

v. Healthcare (SAB SWASTH)- vi. Sports/Art & Culture (KHEL TARANG) –

Besides healthcare facilities provided to poor villagers in NCL contributed for the development of Jayant sports
different project dispensaries and hospital of NCL, NCL’s academy and promotion of Sports, Art & culture in the
SAB SWASTH project endeavors’ towards improving region with an expenditure of Rs. 2.56 crores. During
the health indicators like Health infrastructure, the FY 2023-24, activities like development of archery
malnutrition, institutional deliveries, vaccination, ground, school playgrounds, organization of Banwasi
sanitation etc in the region. During the FY 2023-24, NCL Khel Mahotsav, Village sports tournaments were
supported projects towards improvement of local health emphasized along with training camps and distribution
infrastructure like Govt. Health centres, Anganwadis, of sports items for promoting games like kabaddi, karate,
Divyang Rehabilitation Centre etc. Also, various football, archery and Volley Ball.

81
 Supported education of children from local villages in 10
nos. NCL aided schools. NCL also supported around 05 nos.
Govt. schools through development of infrastructure like
furniture, classrooms, toilets, drinking water, learning tools
etc. Development of school cum hostel for Divyangjans in the
region with a total expenditure of Rs.41.70 Crores in the FY
2023-24.

Image 6 : (a) Conducting 15-day Sports Camp for rural youth in all Areas of
NCL (b) Senior Men’s inter-district Kabaddi Championship

vii. Education (SAB SAKSHAR)- Image 7: (a) Development of 3 nos. Govt. Schools as Model school in vicinity
of Krishnashila Area (b) Development of Govt Primary School in Chandrapur
NCL is committed towards improvement of the quality
of education adopting multi-dimensional approach
targeting primary to higher education in the region
through its SAB SAKSHAR projects. During FY 2023-
24, Construction of Institute of Mining technology,
Singrauli initiated, School cum hostel for Divyangjans in
Singrauli completed. Also NCL supported development
the education of children of local villagers/PAPs in
schools, operational in NCL premises along with
development of basic infrastructure of Government
primary, middle/high schools in the villages by
providing facilities like Smart classrooms, toilets,
hostels, playgrounds, furniture etc. NCL has spent a
total of Rs.41.70 Crores under the project during the FY
2023-24.

82
2. Composition of the CSR Committee
Five (05) meetings of CSR committee of NCL were held during the FY 2023-24. The CSR Committee comprised of
following members:

Designation/ Tenure in CSR Number of meetings of Number of meetings

Sl.
Name of Director Nature of Committee as CSR Committee held of CSR committee
No.
Directorship member during respective tenure attended

NON OFFICIAL PART –TIME (INDEPENDENT) DIRECTORS

Chairman &
1 Smt. Subeena Bansal Whole Year 05 05
Member

OFFICIAL PART–TIME DIRECTOR

2 Shri Vinay Ranjan Member Whole Year 05 04

FUNCTIONAL DIRECTORS

3 Shri Manish Kumar Member Whole Year 05 05

4 Shri Rajneesh Narain Member Whole Year 05 05

5 Shri Jitendra Malik Member Whole Year 05 05

6 Shri Sunil Prasad Singh Member w.e.f. 18.07.2023 03 03

7 Shri Anindya Sinha Member Upto 30.06.2023 02 02

3. Web-link where composition of CSR committee, CSR 5.

policy and CSR projects approved by the board are a) Average net profit of the company as per section
disclosed on the website of the company: 135 (5): Rs. 7520.96 Cr.
The Composition of CSR Committee, CSR Policy and b) Two percent of average net profit of the company
CSR projects approved by the board can be viewed on as per sub-section (5) of section 135: Rs.150.42 Cr.
NCL’s Website at: https://www.nclcil.in/detail/629076/
c) Surplus arising out of the CSR Projects or
corporate-social-responsibility
programmes or activities of the previous financial
4. The details of Impact assessment of CSR projects year: Nil
carried out in pursuance of sub-rule (3) of . Executive d) Amount required to be set off for the financial year,
summary along with web-link (s) of Impact assessment if any: Rs. 1.50 Cr.
of CSR Projects carried out in pursuance of sub-rule
e) Total CSR obligation for the financial year (5b+5c-
(3) of rule 8, if applicable.
5d): Rs. 148.92 Cr.
In compliance of the CSR Rules 2021, the Impact 6.
assessment of all the CSR projects having outlays of
rupees 1 crore or more, after completion of 1 year will a) Amount spent on CSR projects in the FY 2023-
be carried out in pursuance of sub-rule (3) of rule 8 of 24 (both ongoing Project and other than ongoing
project): Rs. 150.42 Cr.
CSR rules 2021.
b) Amount spent in administrative overheads: Rs.
25 nos. projects were identified for impact assessment
7.44 Cr.
as per sub-rule (3) of Rule (8) of Companies (Corporate
Social Responsibility Policy) Rules, 2014. After c) Amount spent on impact assessment, if applicable:
completion of Impact assessment and receipt of the Rs. 1.88 Lakh
Report, same shall be placed before the competent d) Total amounts spent for the Financial Year
authority and uploaded on NCL website. (8a+8b+8c): Rs. 157.87 Cr.

83
 e) Total amount spent or unspent for the financial year

Total amount Amount unspent (in Rs.)

spent for the Total amount transferred to unspent Amount transferred to any fund specified under schedule
Financial year CSR account as per section 135 (6) VII as per second provision of section 135 (5)
(Rs. Crores) Amount Date of transfer Name of the fund Amount Date of transfer
157.87 Nil NA Nil NA NA

f) Excess amounts for set off, if any: Rs. 8.95 Cr.

Amount
Sr.No. Particular
(Rs. Crores)
(i) Two percent of average net profit of the company as per section 135 (5) 150.42
(ii) Amount required to be set off for the financial year, if any 1.50
(iii) Total CSR obligation for the financial year 148.92
(iv) Total amount spent for the Financial year 157.87
(v) Excess amount spent for the financial year [(iv)-(iii)] 8.95
Surplus arising out of the CSR Projects or programmes or activities of the previous financial
(vi) Nil
years, if any
(vii) Amount available for set off in succeeding financial years [(iii)-(iv)] 8.95
7. Details of unspent CSR amount for the preceding three financial years:
Amount
Amount transferred Amount
Balance amount Amount
transferred to to a fund remaining to
Preceding in Unspent CSR spent in the
Sr. unspent CSR specified be spent in Deficiency,
Financial Account under reporting
No Account under under succeeding if any
year Section 135 (6) Financial
Section 135 (6) Schedule VII financial
(in Rs.) year (in Rs.)
(in Rs.) as per Section years (in Rs.)
135 (5)

Not Applicable

8. In case of creation or acquisition of capital assets, asset-wise details related to the assets so created or acquired
through CSR spent in the financial year.
‘Yes’ OR ‘NO’
If ‘Yes’, enter the number of capital assets created/acquired: 11 nos.
Asset-wise details related to the assets created or acquired through CSR spent in the financial year is enclosed as
Annexure-A
9. Specify the reason if the company has failed to spend two percent of the average net profit as per section 135(5)
Not applicable.
It is certified that the funds so disbursed for Corporate Social Responsibility (CSR) activity have been utilized for the
purposes and in the manner as approved by NCL Board.

Sd/- Sd/- Sd/- Sd/-

(Subeena Bansal) (Rajneesh Narain) (Manish Kumar) (B. Sairam)
Chairman, CSR Committee Director (Finance) & CFO Director (Personnel) Chairman cum Managing
Director

84
 Annexure – A
Asset wise details created/acquired under CSR
Amount spent Details of public entity
Date of
on the creation of public authority or
Sl. Details of assets created or acquired creation or
of capital beneficiary under whose
No (including complete address and location of asset) acquisition of
asset (in INR name the capital asset is
capital asset
Crores) registered, addressed etc
Name of the project District State Pincode
1 Construction of 2 nos. Singrauli Madhya 486886 14-Apr-23 1.55 Gram Panchayat
community halls in Pradesh Bargawan and Kachni
Singrauli (Bargawan
Pondi & Kachni)
2 Installation of 100 Singrauli Madhya 486889 3-Apr-23 0.80 District administration,
nos Handpumps in Pradesh Singrauli
Singruali district
3 Construction of Singrauli/ Madhya 486889/ 31-Mar-24 1.48 Gram Panchayat Sidhi and
community hall in Sidhi Pradesh 486881 Khera
Patulkhi GP(sidhi) and
Khera GP (singrauli)
4 Establishing a training Singrauli Madhya 486889 8-Nov-23 0.05 District administration,
center for economically Pradesh Singrauli
marginalized youth
through Police
department.
5 Installation of 100 Sonbhadra Uttar 231216 22-Jun-23 0.86 District administration,
nos. of hand-pumps in Pradesh Sonbhadra
Sonbhadra
6 Construction of 25 Singrauli Madhya 486889 22-Jun-23 3.79 District administration,
Nos Anganwadis in Pradesh Singrauli
Singrauli
7 Installation of solar Singrauli Madhya 486889 30-Mar-24 0.05 District administration,
street lights in nearby Pradesh Singrauli
villages of Jhingurda
area
8 Installation of 04 units Singrauli Madhya 486889 30-Mar-24 0.03 District administration,
of Bio toilets in nearby pradesh Singrauli
villages under CSR.
9 Development of Sonbhadra Uttar 231216 31-May-23 0.19 District administration,
community park pradesh Sonbhadra
alongwith two rooms
with attached toilets
at Ambedkarnagar
sector-B.
10 Developing of basic Singrauli Madhya 486889 7-Jan-24 0.45 Nagar Nigam, Singrauli
amenities for homeless Pradesh
Baiga adivasis at ward
22, Nagar Nigam
Singrauli
11 Construction of Shed at Singrauli Madhya 486886 29-Sep-23 0.04 Gram Panchayat, Pachaur
Pachaur Pradesh
TOTAL 9.29

85
 ANNEXURE- II TO DIRECTORS’ REPORT
Information in accordance with the provisions of section 134(3)(m) of the Companies Act. 2013 read with the rule 8 of
the Companies (Accounts) Rules,2014 regarding Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings & Outgo.
A) CONSERVATION OF ENERGY
1.0 The Steps taken or impact on conservation of Energy during the year 2023-24.
a) Electrical Energy
i) Total Energy Consumption of NCL has been 496 MU and expenditure on Energy Bill has been for Rs. 504.55
Crores for FY 2023-24. NCL has earned rebate of Rs. 5.14 Crores from MPPKVVCL points of supply for keeping
power factor above 0.95 during year 2023-24. NCL has also earned Time of Day (ToD) Consumption rebate of
Rs. 9.75 Crores for energy consumption done in off peak period and online payment/Incremented units rebate
of Rs. 2.84 Lakhs.
ii) High watt luminaries/Conventional fittings were replaced by newly procured following Energy Efficient LED
Luminaries through GEM Portal for their use in Offices, Street lights, Mine lighting& Townshipillumination in
various projects/units of NCL during 2023-24 as detailed below:

Sl.
Description QTY. (Nos) Projected figures
No.
1. LED Industrial Light fitting 500W- 1620W 80
2. LED Industrial Light fitting 400-500W 1325
3. LED Industrial High Bay light Fittings 210-340W 1694 1. Total energy cost saving per
4. LED Flood light Fittings 190-210W 3250 year = 6.62 crore
5. LED street light Fittings 120-150W 1350
6. LED street light Fittings 90-120W 330 2. Expenditure made for
7. LED street light Fittings 70-85W 360 procurement of LED in FY 2023-
8. LED street light Fittings 35-45W 570 24 = 5.99 crore
9. LED Tube rod 4 fitting 16/18/20/24W 11750
10. Pin type LED Lamp 12-15W 5600 3. Payback period = 11 months
11. Pin type LED Lamp 9-10W 3200
Total Quantity of LED luminaries/lamps 29509
Quantity of LEDs and Energy Cost Saving are considered for procurement of Energy Efficient LED’s against
existing Conventional 400W HPSV, 250W HPSV, 150W HPSV, 40W tube light fittings respectively and for new
installation, based on supply order placed in 2023-24. Additional 1855 nos. of LED (taking total number of
LEDs to 31364) having supply order placed in 2022-23, have been installed in FY 2023-24.
iii) 02 nos. 1 Ton, 159 nos. 1.5 Tons and 45 nos. 2.0 Tons Energy Efficient Split AC have been procured in different
projects of NCL for new installation and also against replacement of surveyed off old conventional ACs based
on supply order placed in 2023-24. Projected savings are detailed in table below;
Projected
Sl. QTY. Total Expenditure
Description Annual saving Projected figures
No. (in Nos) Incurred (in Rs. )
(in Rs.)
1 1 TR split energy efficient AC 02 73,384.00 8,675.00 Payback period for
2 1.5 TR split energy efficient AC 151 68,64,700.00 9,67,020.00 expenditure made on
2.0 TR split energy efficient AC procurement in
3 45 21,56,736.00 3,86,430.00
AC FY 2023-24 =6.7 years
Total 198 90,94,820.00 13,62,125.00
Additional 08 nos. of ACs (taking total number of ACs to 206) having supply order placed in 2022-23, have
been installed in F.Y. 2023-24.
iv) 85 nos. Time Switches have been procured for Street lights in CHP, Mines and Residential areas of Jhingurda,
kakri and Jayant projects resulting in total projected energy saving per annum =17595 units and overall
projected cost saving per annum = Rs. 1.94 lakhs, based on supply order placed in 2023-24. Additional 166

86
 nos. of Time Switches (taking total number of time switches to 246 nos.) having supply order placed in 2022-
23, have been installed in F.Y. 2023-24.
v) Additional Capacitor Bank of 4000kVAR at Nigahi project, 1750kVAR Capacitor Bank have been procured for
Block-B project in F.Y. 2023-24 in order to maintain power factor above 0.95. NCL earned Rs. 5.14 Crores from
Discom against improvement of power factor.
vi) BLDC fan 1294 nos. at Nigahi project, 860 nos. at Jhingurda, 1000 nos. in Kakri, 2500 nos. in Jayant and
350 nos. in CWS have been procured for new installation and also against replacement of surveyed off old
conventional fans based on supply order placed in 2023-24. Total expenditure occurred for procurement of
BLDC fan is Rs. 1.06 crores.
Annual Projected
QTY.
Description saving (in Annual saving Projected figures
(in Nos)
kWh) (in Rs)
Payback period for expenditure made on
BLDC fan 6004 4.86 lakhs 30.25 lakhs
Fan procurement in FY 2023-24 =3.5 years
Additional 1,073 nos. of BLDC fans (taking total number of BLDC fans to 7077 nos.) having supply order
placed in 2022-23, have been installed in F.Y. 2023-24.
vii) CMPDIL has submitted report on Benchmarking of Energy Consumption for Nigahi OCP, Illumination Survey
of Dudhichua, Khadia and Block-B OCP in F.Y.2023-24. Also, CMPDIL has submitted report on study of
specific power consumption of Jayant OCP in FY 2023-24.
b) FUEL & LUBRICANTS
i) Strict compliance of approved comprehensive guidelines for monitoring of diesel consumption in all projects of
NCL.
ii) The actual diesel consumption of mines is being compared with the benchmark data of CMPDI for monitoring
purpose.
2.0 The Steps taken by the company for utilizing Alternate Source of Energy:-
i) 470kW Roof Top Solar Power Plant, Jayant Township:
Date of Grid Synchronization Feb, 2022
Total Energy Generation in FY 2023-24 4,65,963 kWH
Saving from Electricity Bill in FY 2022-23 Rs. 28.98 Lakhs
Reduction in CO2 emission Approx. 381 Tons/Annum
Coal conservation Approx. 239 Tons/Annum
ii) 50 MW Ground Mounted Solar Power Plant:
a) 10MW Commissioned for Nigahi and Dudhichua Township:
Date of Grid Synchronization 09.01.2024
Total Energy Generation in FY 2023-24 20,11,853 kWH
Saving from Electricity Bill in FY 2023-24 Rs. 125.14 lakhs
Reduction in CO2 emission in FY 2023-24 Approx. 1650 Tons
Coal conservation in FY 2023-24 Approx. 1030 Tons
b) 40 MW Solar Power Plant feeding Power to Industrial load of Nigahi, Dudhidhua, Amlohri, Jayant Mines
and Central Workshop Jayant:
40MW Ground Mounted Solar Power Plant Synchronized with Grid on 31.3.2024. Thus,
• NCL has generated 24,77,816 units of Solar Energy for Captive Use in FY 2023-24.
• Total saving accrued to the effect of Rs. 154.12 lakhs in FY 2023-24.
• The annual reduction in CO2 emission achieved to the tune of 2031 tons in FY 2023-24.
• The annual coal conservation achieved to the tune of 1269 Tons in FY 2023-24.
iii) Development of 250 MW Solar Power Plant:
In order to become Net Zero Company, NCL has a target of 290 MW Solar Power Generation. NCL is exploring the
option of setting up of 100MW Floating and 150MW Ground Mounted Solar Power Plant at Rihand Reservoir Area.
The suitable mechanism shall be developed for setting up the plant by FY 2025-26.

87
 50 MW Solar Power Plant at Nigahi, NCL

3.0 Investment on Energy Conservation Equipments:-

Sl.
Description Rs. (in Lakh)
No.
a Use of Solar Photovoltaic Panel/plant and solar water heater system 4,582.74
b Additional capacitor bank installed for improvement of power factor 7.38
Use of energy efficient lamp LEDs for street, flood lighting and domestic use at different projects
c 599.9
of NCL
d Installation of efficient water heaters in HQ and Jayant township 4.24
e Time switch for streetlights in CHP, Mines and residential areas etc. 5.81
Use of other energy efficient equipment i.e. BEE 5 star rated AC, Super fans (BLDC)against
f 196.94
surveyed off or for new requirement.
Total investment 5,397.01
Achievements:
a. NCL has earned Rs. 14.91 crores from MPPKVVCL points of supply against rebate for maintaining power factor
above 0.95 & TOD consumptionand online payment incentive/ incremented units rebate during year 2023-24.
b. NCL has saved Rs. 28.98 Lakhs from production of solar energy from 470kWp Solar Power Plant at Jayant project,
in FY 2023-24.

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 c. NCL has saved Rs. 1.25 Crore from production of solar energy from 10MW Solar Power Plant at Nigahi, in FY
2023-24.
d. As a pioneering effect in CIL, NCL has synchronized remaining 40MW solar power plant envisaging transition of 75
MU of energy usage from non-renewable to renewable energy, annual reduction in carbon dioxide emission to the
tune of 62416 Tons, and annual coal conservation to the tune of 38502 Tons in FY 2024-25.

4.0 The Performance on Specific Energy Consumption with respect to previous year figures:

A. Electrical Energy:

SL
Description 2023-24 2022-23 Decrease (in %)
No.

(i) Consumption of energy /Tonne of coal production (kWh/Tonne) 3.29 3.26 (+)0.92*

Consumption of energy per cu.m. of composite production i.e. coal

(ii) 2.16 2.31 (-)6.49
plus OB& R.H.(kWh/CuM composite)

*0.92% increase in SPC for coal production is due to commissioning of New 15MTPA CHP in Jayant OCP.

B. Fuel & Lubricant:

SL
Description 2023-24 2022-23 Decrease (in %)
No.
Consumption of HSD per Cu.m. of composite production
(i) 0.99 1.05 (-)5.71
excluding dragline production (Ltr/cu.m.)
Consumption of Lubricant per Cu.m. of composite production
(ii) 0.022 0.023 (-)4.34
(Ltr/cu.m.)

B.) TECHNOLOGY ABSORPTION:

Disclosure of Particulars with respect to Technology Absorption

RESEARCH & DEVELOPMENT (R&D)/ SCIENTIFIC STUDIES

1 Specific area in A) R&D Studies at NCL
which Scientific/
technical Study A.1) Ongoing R&D studies at NCL during the FY 2023-24 :
has been carried 1) Development of Friction Stir Welding for repair work of high temperature
out by company materials like EN-24 steel through IIT BHU.
2) Development of advanced Nano-Crystalline coatings and LASER cladding
system for repair work related to Heavy Earth Moving M achineries (HEMMs)
and other structural components through IIT BHU.
3) Development of an Advanced Dragline Simulation Model for Improving
the Operational Efficiency of Dragline Operations in NCL through IIT ISM
Dhanbad.
4) Development of Sensor Based Monitoring System for the analysis of Water
Quality Parameter through IIT Kharagpur.
B) S&T – Ministry of Coal (MoC) and R&D-CIL studies:
Following studies were taken up through MoC and CIL and are being executed at
NCL through CMPDIL in association with various research institutes of repute like
IIT ISM, SAMEER, IIT Mumbai, C- DAC, NRSC, ISRO, BIT Mesra etc:

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 RESEARCH & DEVELOPMENT (R&D)/ SCIENTIFIC STUDIES
B.1) Ongoing Projects:
1) 5G Captive Non-public Network for Voice, Video & Data Communication at
Opencast Coal Mines.
2) Development of Virtual Reality Mine Simulator (VRMS) for improving safety
productivity in coal mines.
3) Indigenous development of early warning Radar System for predicting failures/
slopes instabilities in opencast mines.
4) Prediction of Particulate Matters and Gaseous Pollutants using Artificial Neural
Networking, Probability Neural Networking and CART and Comparison with
CALPUF and AERMOD in Singrauli Coal Mines.
B.2) Completed Projects:
1) An integrated geo-physical approach for tectonic study in main coal basin of
Singrauli Coalfield using 3-D inverse modeling of Gravity, Magnetic and AMT
data.
2) Development of Guideline for design of all Tiers of Shovel-Dumper dump
above dragline dump, with delineation of phreatic surface within dragline
dump
3) Multiple layer trial blasting recovery with less diluted coal.
4) Development of Methodology for Regional Air Quality Monitoring in
Coalfields area using satellite data and ground observations.
5) Appraisal of Gondwana Sediments (Coal, Clay, Shale, Sandstone) for Trace
Elements and REE Concentration in the Singrauli Coalfields
C) Scientific Studies at NCL
C.1) Ongoing Studies at NCL during the FY 2023-24:
1) Stability Evaluation of Dump Slopes and Developing Slope Stability Models for
Design of Long Term Stable Dump Slopes through proper benching and vegetation
through IIT BHU.
2) Detailed Study on the Effect of Mining as well as Thermal Power Stations on Natural
Water Bodies in Singrauli Region and Recommendation Thereof through IIT BHU.
3) Optimization of Capacity Utilization of Draglines deployed in NCL through Big
data Analytics through IIT BHU.
4) Contribution of Neighboring Industries Over the Air Quality of the Mining Area
through IIT BHU.
5) Study for Impact Assessment of Back Filling of Fly Ash in Abandoned Gorbi Mine
and Treatment/ Management of Acidic Water to Avoid Contamination of Ground
water and soil through IIT BHU.
6) Evaluation of ground behavior in open cast and underground excavations using
TDR and Machine Learning Techniques through IIT BHU.
7) Source Apportionment study of Singrauli region and Capacity building of
Environmental Monitoring & Management of Northern Coalfields Limited,
Singrauli, Madhya Pradesh through CSIR NEERI.
8) Risk investigations for slope failure of benches and dumps using geo-technical
characteristics of rocks and their monitoring mechanism in Jayant and Dudhichua
opencast mine through VNIT, Nagpur.
9) Feasibility study in utilizing fly ash in the running Nigahi mine of NCL in view of
the recent Fly Ash Notification dated 31st December, 2021 through CSIR CIMFR,
Dhanbad.
C.2) Completed Studies:
1) Characterization of Overburden (OB) Materials and to explore the alternative
possibilities for geotechnical applications for Amlohri and Block-B Projects of
Northern Coalfields Limited, Singrauli, Madhya Pradesh through IIT Kharagpur.

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 RESEARCH & DEVELOPMENT (R&D)/ SCIENTIFIC STUDIES
2) Scientific Study of sizing distribution and analysis of coal production by surface
miner at NCL through IIT BHU.
3) Scientific study of the air pollution impacts associated with operationalization of
Wharfwall and Pollution Control / Mitigation Measures to minimize pollution load
at Khadia Project, NCL through IIT BHU.
4) Scientific study of fly ash utilization/dumping /mixing in the OB of the running/
active mines of NCL along with its viability and safety aspect of man and machinery
for 8 Mines viz. Amlohri OCP, Bina OCP, Dudhichua OCP, Jayant OCP, Jhingurda
OCP, Khadia OCP, Nigahi OCP and Block B OCP of Northern Coalfields Limited,
Singrauli, Madhya Pradesh through IIT BHU.
5) Scientific Study for recovery of coal from Jhingurda Top Seam and Safety of OB
Benches along high wall side at Jhingurda through CSIR CIMFR, Dhanbad.
6) Scientific Study Cumulative Impact Assessment Study, Carrying Capacity Study
and Ecosystem Services Study as per condition of Terms of References (ToR) for
Expansion of Nigahi Opencast Coal Mining Project from 21 Mtpa to 25 Mtpa
with increase in leasehold area from 3018.40 Ha to 3582.723 Ha through IIT ISM
Dhanbad.
2 Benefits derived 1) The duration of the sanctioned studies at NCL varies from 5 months to 36 months.
as a results of Scientific studies being carried out by NCL as well as R&D studies (approved by
the above R&D R&D board of CIL) are planned to improve safety, productivity and quality of coal
projects of CIL extraction along with mitigation of the environmental impact on mining activities.
and Scientific 2) Study of fly ash utilization/dumping /mixing in the OB of the running/active mines
studies of NCL of NCL along with its viability and safety aspect of man and machinery for 8 Mines
by IIT BHU was completed and the report was submitted to obtain CTO from
Madhya Pradesh Pollution control Board for 8 mines of NCL.
3) Study for Characterization of Overburden (OB) Materials through IIT Kharagpur
was undertaken to understand the possibility for utilization of overburden in various
geotechnical and construction sector.
4) Scientific Study of sizing distribution and analysis of coal production by surface
miner at NCL through IIT BHU was undertaken to understand the for size
assessment, distribution and analysis for Turra seam of Jayant OCP & Purewa
Bottom Seam of Nigahi OCP, being cut by Surface Miner. It has been found that
80-85% of coal being cut by surface miner is less than 50mm sieve size.
5) Study for recovery of coal from Jhingurda Top Seam was undertaken for extraction
of coal between fault planes and to design Ultimate Pit Slope angle to stabilize the
OB benches in highwall side.
6) Cumulative Impact Assessment Study, Carrying Capacity Study and Ecosystem
Services Study as per condition of Terms of References (ToR) for Expansion of
Nigahi was undertaken as per conditions of ToR and helpful in getting the EC of
enhanced capacity.
3 Further Plan of 1. Enhanced Model Preparation (Scheme, Estimate and NIT) for installation of OB to
Action M-Sand Plant at Other projects of NCL.
2. Initiatives for processing of OB (Hardstone) to generate Stone Aggregates at
Jhingurda OCP.
3. Exploring the possibilities for enriching Alumina from the waste (Clay/Silt)
generated from OB to M-Sand Plant at Amlohri OCP.
4. Exploring the possibilities of Silica enrichment and its vertical from the OB of NCL
mines.
5. Exploring the possibilities of Tiles making for use in low cost housing from the OB
of NCL mines
6. Taking up new scientific studies based on the need and requirement of NCL.
7. Introduction of Augmented Reality (AR)/Virtual reality (VR) in safety training
module at NCL.

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 RESEARCH & DEVELOPMENT (R&D)/ SCIENTIFIC STUDIES
4 Expenditure on Expenditure incurred for NCL towards the release of fund against the approved R&D and
R&D/Scientific scientific/technical studies during FY 2023-24 are:
Studies a) R&D Studies:
Amount released
SN Study Title Institute
in FY 23-24
Development of an Advanced Dragline
Simulation Model for Improving the
Operational Efficiency of Dragline IIT ISM
1 32.56 Lakhs
Operations in NCL. Dhanbad
(Total Project Cost = 72.61 Lakhs)
Development of sensor-based monitoring
system for the analysis of water quality IIT
2 parameters. 41.25 Lakhs
Kharagpur
(Total Project Cost = 59.86 Lakhs)
Total Expenditure for FY 23-24 Rs 73.81 Lakhs
b) Scientific Studies:
Amount released
SN Study Title Institute
in FY 23-24
Scientific Study Cumulative Impact Assessment IIT ISM 65.31 Lakhs
Study, Carrying Capacity Study and Ecosystem Dhanbad
Services Study as per condition of Terms of
References (ToR) for Expansion of Nigahi
1
Opencast Coal Mining Project from 21 Mtpa
to 25 Mtpa with increase in leasehold area from
3018.40 Ha to 3582.723 Ha through IIT ISM
Dhanbad
Total Expenditure for FY 23-24 Rs 65.31 Lakhs

TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION

1 Efforts in brief, made towards technology 1) OB to Sand: Work has been awarded for Processing of Overburden to
absorption, adaptations and innovations. generate Manufactured Sand @1000 Cum/day as per IS 383 Standard
for the contract period of 7 years at Amlohri OCP of NCL.
2) Different technical events, brainstorming sessions are being held
by NCL to ensure technical up-gradation of its human resources as
well as to invite fresh R&D/Scientific Studies proposals in the fields
relevant to NCL/mining sector.
3) Workshop on Improvement in repair and welding practices and
enhancing the quality and reliability of repaired components along
with repair capacity enhancement at NCL
4) NCL and IIT (BHU) have jointly established NCL-IIT (BHU)
Incubation Centre at IIT (BHU) (NIIC) for Innovation, Incubation
& Entrepreneurship.
5) Establishment of following satellite center of NIIC at NCL:
i. Khadi and Handloom Centre
ii. Food Tech-Park-Training & Development Centre
iii. Technology centre:
iv. Drone Manufacturing and Rapid Prototyping Lab
v. Control System and Sensor Lab
vi. AR/VR Lab
vii. Media Lab

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 TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
6) MoUs with:
i. IIT BHU
ii. Madhya Pradesh Tourism Development Corporation Ltd. (MPTDC)
iii. CSIR-IICT, Hyderabad.
iv. MSME Tool Room, Indore & Government ITI, Singrauli
7) Organized International Conference on Open Cast Mining and
Sustainability (ICOMS-23) on 22 & 23rd Dec.,2023.
8) Organized Seminar on the Best Safe Practices in opencast Mines on
3rd June,2023.
2 Benefits derived as a result of the above 1) Strategic Planning for sustaining the business.
efforts 2) An alternative source for Utilization of Overburden has been
explored.
3) Technology transfer with outside agencies and developing in house
facilities, where currently NCL is striving to obtain.
4) Documentation of innovations/improvements carried out by NCL.
5) Preparing a strong and effective knowledge management system.
6) Bottom line tracking of projects/new initiatives of NCL to ensure
their perfect implementations.
7) Ensuring standard practices in maintenance and operations as well
as in administration work.
8) Skill development and employment for local youths and ensuring
technical hands to support mining operations.
3 In case of imported technology (imported
during the last 5 years reckoned from the
beginning of the financial year) the requisite
information given below:
a) Technology imported:
b) Year of import: NIL
c) Has technology been fully absorbed:
a. If not fully absorbed, areas where this
has not taken place, reasons therefore
and future plan and actions
C. FOREIGN EXCHANGE EARNING & OUTGO
(i) Activities relating to exports, initiatives taken to increase exports, development of new export markets for products
and services and export plans: Company is not engaged in export activities.
(ii) Total foreign exchange used and earned.
(Rs. in Crores)
Current Year Previous Year
(A) Foreign Exchange earned NIL NIL
(B) Foreign Exchange used
i) C.I.F. Value of Imports
a) Raw materials NIL NIL
b) Stores, Spares & Components 18.07 24.95
c) Capital Goods 594.79 262.83
ii) Travelling Expenses 0.09 0.09
iii) Training Expenses 0 0

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 ANNEXURE-III TO THE DIRECTORS’ REPORT
Report on Management Discussion and Analysis
1. Industry Structure & Development generation contributes significantly to greenhouse gas
Coal & Energy Security emissions and environmental degradation. As a result,
countries, businesses and communities are increasingly
Coal is currently the country’s top energy source with
turning to renewable energy sources and innovative
a share of more than 40% followed by Oil, Natural gas,
technologies to power the world while mitigating the
Biomass and Renewable Energy Sources i.e Hydro,
impacts of climate change.
Nuclear, Solar and Wind. India’s primary fuel for
electricity generation is coal, which is abundantly Coal faces strong competition from renewables
available within the country. However, India is a net in general and solar PV in particular. However, an
importer of oil and natural gas. Because of its heavy expanding economy, population, urbanization and
dependence on fossil fuels to meet the energy demands industrialization mean that India sees the largest
of a fast-growing economy, India’s electricity systems increase in energy demand of any country.
will continue to depend on coal. Coal is projected to 2. Evolution of Coal Industry & NCL
continue for the next two decades as the backbone of Prior to 1971, private mines contributed about 74%
Indian energy system. of country’s coal production. Nationalization and re-
This Coal’s share in power output is more than 70% structuring of coal sector was done in early seventies in
share of the total electricity generation in India. India is phases. First of all the coking coal mines were taken over
the world’s second largest coal producer with plentiful on 16th Oct 1971 barring the captive mines of TISCO
domestic reserves but also the second largest importer & IISCO. The taken over mines were nationalized on
in the world. India’s Coal production touched highest 1st May 1972 and Bharat Coking Coal Ltd (BCCL)
ever 997.25 Million Tonnes during FY 2024 to which was formed. Subsequently in 1973 all other coal mines
CIL contributed 773.65 Million Tonnes. Since the 1970s, including those belonging to NCDC were brought under
Coal India Limited has been the dominant coal producer nationalized sector naming it as Coal Mines Authority
and today it’s the world’s largest coal mining company, Ltd (CMAL).
supplying around 78% of the country’s domestically In November 1975, Coal India Ltd (CIL) was formed
produced coal. and all the mines nationalized in 1971 and 1973 were
Since the 1990s, the Government had made provision put under administrative control of CIL which had 5
for “captive mining” which enables end users to mine subsidiary companies viz. Eastern Coalfields Ltd (ECL),
their own coal. To encourage further private investment, Bharat Coking Coal Ltd (BCCL), Central Coalfields Ltd
the Government permitted commercial mining of (CCL), Western Coalfields Ltd (WCL) and Central Mine
coal in March 2020 and opened the sector to foreign Planning & Design Institute Ltd (CMPDIL). All these
investment. India has the world’s fifth largest proven subsidiary companies were managed by independent
coal reserves and presently second largest coal producer company Boards. CCL and WCL were re-organized
but still demand continues to outpace production. once again in 1985-86 thereby coal producing subsidiary
As per recently finalised Action Plan for 2024-25 by companies viz. South Eastern Coalfields Ltd (SECL) and
the Ministry of Coal, the coal production target for Northern Coalfields Ltd (NCL) were formed. SECL was
CIL financial year 2024-25 is 838 Million Tonnes by further bifurcated to form another subsidiary of CIL viz.
enhancing overall production, efficiency, sustainability Mahanadi Coalfields Ltd (MCL).
and adopting new technologies. Systematic coal mining in Singrauli Coalfield was started
India’s Coal imports increased to 268.24 Million Tonnes in 1964 by erstwhile NCDC. The Jhingurdah OCP
during the year 2023-24. Part of the import requirement was the first mine which started producing coal from
arises from the steel industry for Coking Coal which is 1966-67. Singrauli coalfield was under command area
far less abundant domestically than thermal coal. The of NCDC from 1962 to 1973, thereafter under CMAL
Government has planned to increase domestic coal upto 1975 and then under CCL from 1975 to 1985.
production to eliminate the import of coal substitutable With the formation of NCL in 1985, Singrauli Coalfield
by domestic coal by the year 2025. came under command of NCL with its Headquarter at
The global power sector is experiencing a profound Singrauli.
transformation, as the world grapples with the urgent The coalfield has been geologically divided into two
need to address climate change and embrace sustainable parts namely (i) Main Basin with an area of 1890 sq. km.
energy solutions. This fundamental shift is driven by and (ii) Moher Sub-basin with an area of 312 sq. km.
the realization that traditional fossil fuel-based power All the coal mining operations of NCL are at present

94
 concentrated in Moher Sub-basin through 10 numbers iii) To carry on any of the business of coal washeries/
of opencast mines. Except for Moher Sub-basin & beneficiation and to deal in other by-products arising
Moher-Amlohri Extension Coal Blocks allocated to from them.
Sasan Power Ltd, all the coal blocks in Moher Sub-basin
iv) To search, get, work, raise, make merchantable, sell and
and 11 number coal blocks in Main Basin are retained
deal in coal and by-products.
with NCL as CIL Blocks. Coal production from NCL
increased from 13.60 MT in 1986-87 to 136.15 MT in v) To plan and organize production of coal as also its
2023-24. beneficiation and the by-product of coal in accordance to
the target and the economic policy of the Government.
The non-fossil power capacity share was ratcheted up
to 450 GW (to be achieved by 2030), which was finally viii) To develop technical know-how in coal mining and
enhanced to 500 GW at COP26 in Glasgow (in 2021). In coal beneficiation and undertake applied research and
addition to gradually raising its own renewable targets, development relating to exploitation of coal deposits as
the Indian government has also shown leadership by well as utilization of coal so that dependence on foreign
co-initiating the International Solar Alliance (ISA) with technical collaboration is eliminated.
France, which has 81 countries as its members. The solar
x) To optimize generation of internal resources by
target of 100 GW under the NDC has been increased
improving productivity of resources, preventing wastage
to 280 GW, while the wind target of 60 GW has been
and to mobilize adequate external resources to meet
increased to 140 GW under the revised second NDC to
investment need.
be achieved by 2030.
xi) To undertake formulation of Environmental
3. Objectives:
Management Plans (EMPs), Environment Impact
i) To carry on the business of coal mining including the Assessment (EIA) and Mine Closure Plans for coal
management of the coal mines by NCL Management mining and related projects by NCL through CMPDIL.
under the overall directions of Coal India Ltd.
xiii) To produce coal with due regard to Safety, conservation
ii) To mine, query, beneficiate coal and other by-products and quality.
and to install operate and management of all necessary
xiv) To satisfy consumers with the best quality product at the
plants, mines, establishment, works etc. for this
right price at the right time.
purpose.

4. Functions: Industries–
i. Production of Coal – About 89% of Coal production is dispatched to Power
Sector and the balance quantity of coal is dispatched to
Production of coal is the main function and the
other consumers like Cement Industries, Aluminum
Company is producing coal through open cast coal
Industries etc.
mines.
iv. Environmental Management services
ii. Production of washed coal –
NCL has well defined & documented Manual, Policy,
In NCL, there is one Deshaling Plant established at Bina
Procedures and Guidelines for Environmental
Project for supplying washed coal to power plants.
Management and sustainable development under its
iii. Meeting requirement of coal to power plants & other Integrated Management System (IMS) complying

95
 with international standards of ISO 9001:2015, ISO to 3 displaced persons.
14001:2015 and ISO 45001:2018. NCL obtains forest
5. Strength, Weakness, Opportunities & Threats
clearances to the Projects from the Govt. of India and
State Governments. NCL undertakes compensatory Strengths:
afforestation in lieu of the diverted forest land for mining
i. Huge Reserves of Power Grade Coal (about 6.1Bt with
and biological reclamation is being carried out through
NCL) and linkage with Mega Pithead Power Plants.
plantations. The Company takes necessary steps for air,
About 82% of coal dispatch is to pithead consumers.
water and noise pollution control measures.
Expansion in capacity of linked plants and other
v. System services. upcoming plants in Singrauli area.
SAP based ERP has been implemented in NCL with ii. Dedicated evacuation through MGR/ Belt Pipe
PP, PS, MM, PM, SD, FICO and HCM modules for Conveyor. Katni-Chopan Rail link passes from the
Production Planning, Project Systems, Material coalfield and doubling of track has been undertaken by
Management, Plant Maintenance, Sales & Distribution, Railways.
Finance & Control and Human Capital Management
iii. Large capacity coal handling plants (Existing/ planned)
respectively. Additionally, Hospital Management System
with facility of Rapid Loading System through Silo at all
(HMS) has also been implemented.
the mines.
GPS based OITDS is operative in Three Mega projects
iv. Potentiality of mining of coal reserves by opencast
of NCL. The Biometric Attendance System has been
method leading to mechanized bulk production at
implemented in Projects & Units of NCL. Office
competitive rates. Gentle gradient of coal seams allowing
automation system - E-office developed by NIC, is fully
deployment of Draglines, which are most cost effective
functional in all projects/units of NCL for electronic
in operation.
movement of files. To make purchase policy transparent,
all the procurement is done through GEM portal. v. Financial soundness with adequate reserves/ surplus
can consistently support the growth plan to increase
vi. Human Resource development.
production and enhance infrastructure facilities.
NCL followed the concept of workers participation in
vi. Experienced personnel, productive work culture,
management and maintains cordial industrial relations
participating style of management functioning, good
and also pays due attention on employees welfare and
industrial relation, high belongingness of the employee,
social amenities. The company has a well established
loyalty of the people of the company, high-level of
apex training center, Central Excavation Training
transparency in administration and management
Institute (CETI) at NCL and 10 vocational training
function.
institutes (VTC) in all Areas. Need based training is
provided to Workmen, Operators, Supervisors and front Weaknesses:
line Managers. Employees of the Company are also i. Increasing depth of coal reserves adding to operating
sponsored for training to reputed professional Institutes cost per tonne.
in India and Abroad. ii. Generation of Coal limited to Power Grade only, due to
vii. Land acquisition and R&R. it’s inferior quality.
The company develops rehabilitation sites for iii. Main basin reserves under protected forests, where poor
development and resettlement of Project Affected grade coal reserve is amenable for underground mining.
Persons (PAPs) with necessary civic amenities linked iv. Poor connectivity of Singrauli with major cities.
with Projects. During the year 2023-24, the physical v. Geographically scattered remote locations of the coal
possession of 25.79 hectares of tenancy land and 2.75 deposits considerably affect the coal evacuation facilities.
hectares of government land has been taken by paying vi. Gradual reduction of skilled and experienced manpower.
compensation of the acquired tenancy land (remaining
compensation out of total compensation amount, vii. Logistical constraints in evacuation in up-country side.
deducting the part of compensation amount paid viii. Stricter compliances bundled with Environmental
earlier in lieu of land) and payment of compensation clearances, Forestry clearances.
of property/house. In the year 2023-24, total Rs. 255.07
Opportunities:
crores compensation has been disbursed in lieu of
tenancy land and house/property. i. Coal is a prime and cheaper source of energy for
ensuring 24*7 electricity for all in India.
During the financial year 2023-24, Rs. 32.32 Crores
have been paid to 393 displaced persons towards R&R ii. By virtue of its location, NCL can alter supply of coal
Benefits and plots of size 60ft. X 40ft. have been provided to upcountry and western power houses at lower

96
 transportation cost. mines with large capacity HEMMs. Singrauli coalfield
iii. Assured supply of crushed coal to consumers from Coal has no operating underground mine; however, it is
Handling Plants attached with each project. proposed to develop high capacity underground mines
in Main Basin of Singrauli coalfield by NCL with
iv. Sufficient cash reserves for capacity expansion and new
advanced production technology.
projects.
v. State-of-the art infrastructure facility for pit head supply 8. Risks & Concerns
of coal & it’s further expansion. i. Singrauli Town is situated over open-castable coal
Threats: reserves and non-rehabilitation of the town will sterilize
i. Delay in doubling of Rail line from Garhwa to Singrauli, financially viable reserves.
Singrauli to Katni and Karela to Shaktinagar section ii. Incremental OB removal of expansion projects is
may restrict production & dispatch of coal. planned with outsourcing and implementation of
ii. Singrauli is at the border of severely polluted area and contracts involves risks of success.
under the scanner of environmental regulators. iii. High cost of R&R for land to be acquired in wake of
iii. Stringent environment and conservation laws may the provisions of RFCTLARR Act 2013 may make new/
create operational difficulties, also delay the Projects. expansion projects unviable especially due to demand of
iv. High cost of Land acquisition, rehabilitation and employment by PAFs.
resettlement. iv. Operational Safety Risks from mining operations.
v. The viability of coal blocks in the Main Basin is v. Variation in coal quality in mines leading to grade
challenged by substandard grades, depth, and geological slippage.
complexities.
vi. Gradual reduction in skilled manpower.
vi. NCL faces the operational challenge of higher stripping
ratios in its mines, with effective dump management 9. Internal Control Systems and their adequacy.
emerging as a significant concern necessitating
NCL has implemented a well-structured Enterprise
mitigation.
Risk Management Framework monitored by Board level
vii. Worldwide technological upgradation in renewable Risk Management Committee. Internal Control system
energy may affect demand of coal in future. and procedures commensurate with size and nature
6. Segment-wise or product-wise Performance. of business of the Company exists and are effectively
At present the Coal production is the only segments operating. Internal Control System provides reasonable
of business of NCL, which is the third largest coal assurance for smooth and efficient conduct of business
producing subsidiary of CIL and handles largest volume and compliance with relevant laws and regulations,
manuals and Delegation of Powers etc. In order to ensure
(coal production & overburden removal). However,
that all checks and balances are in place and all internal
diversification initiatives have been taken up for setting
control systems are in order, regular and exhaustive
up Solar Power generation:
internal audits are conducted by experienced firms of
1. 50 MW Solar PV Plant is commissioned at Nigahi, accountants in close co-ordination with the Company’s
2. Captive Plant for Explosive – ANFO (permissions Internal Audit Department.
obtained and EoI floated) and SME (in planning stage);
The Statutory/ Branch Auditors while reporting on
3. Surface Coal Gasification (in planning stage); and the Financial Statements of the Company, also issue
4. The OB to sand manufacturing plant has been a separate and specific report on the adequacy and
commissioned at Amlohri Project during the year. operating effectiveness of Internal Financial Controls,
7. Outlook titled as “Report on the Internal Financial Controls
under Clause (i) to Sub-section 3 of Section 143 of the
Coal production in NCL during 2023-24 stood at 136.15
Companies Act, 2013”.
million tonnes with incremental growth of 3.80% over
last year production and has planned for 139.00 MT coal 10. Discussion on Financial performance with respect to
production in 2024-25. Operational Performance.
Four mega mines of NCL viz. Nigahi, Jayant, Dudhichua Operational practices have been seen as a way to
& Khadia OCP have implementated latest digital improve operational performance and ultimately
transformation technologies in it’s entire operation financial performance. Results of NCL support the
chain under “Digital Transformation of mines in CIL existence of a positive relationship between operational
Project”. performance and financial performance. A positive
relationship of outsourcing with both profitability and
NCL is continuously striving for highly mechanized

97
 growth was found. Some interactions between practices of the both the parties of the production. In order to
and performance were also significant, indicating that maintain good relationship with the employees, every
the effect of practices on performance might be context organization should avoid any dispute with stakeholders
dependent. of the company or settle it as early as possible so as to
Financial performance is affected by multiple variables ensure industrial peace and higher productivity.
simultaneously and some operational practices may Industrial Relations in our company continue to be
deliver positive outcomes in some settings, but negative highly cordial and harmonious. The participative way
outcomes in others. of functioning of management facilitates settling the
As a management philosophy, Operational disputes / grievances amicably through discussions,
Practices, integrates with a series of other practices which in turn has resulted in maintaining over all
emphasizing continued improvement, meeting healthy ethos of relation in Northern Coalfields Limited.
consumers’ expectations and needs, reducing re- Participative style of management is encouraged at all
work, long-term planning, redesigning processes, levels and we also have system of bipartite negotiation
competitive benchmarking, teamwork, constant results to discuss and address the issues pertaining to grievance
measurement, and a close relationship with suppliers. of employees as well as other issues related with the
It is also a fact that the effect of ties between quality production and productivity of the organization.
practices and organizational performance on Financial Personnel Department of Northern Coalfields Limited
performance are mixed. There is a positive connection is mainly concerned with the human relation because
expected between quality and performance, but this the main theme of personnel management is to get the
relationship may not be always direct. work done by the human power.
Outsourcing, as reliance on a certain outside source In other words, NCL is committed for healthy Industrial
for value-added activities, is a critical element of Relation which helps in maintaining industrial peace
organizational strategy, as a powerful vehicle to reduce which is necessary for better management, higher
costs and improve performance. productivity as well as sustainable growth of NCL.
In general terms, it is found that there is a positive 13. Material developments in Human Resources
relationship between operational practices and financial
performance (growth and profitability) and this will Development of Human Resources is one of the
not support the notion that the practices can drive important objectives of NCL for long term economic
superior performance, or even create competitive growth. Human Resource Development is the integrated
edge-generating competencies. Size, used as a control use of training and development, organizational
variable, proved to have a positive relationship on both development, career development to improve individual
profitability and growth. NCL is constantly striving to group and organizational effectiveness.
improve its operations performance on utilization of The Human Resource Development climate of NCL
Men, Machines and Materials to their full capacity and plays a very important role in ensuring the competency,
also maximum utilization of the resources with their motivation and development of our employees and
availability for services. helps to provide learning related with the goals of the
11. Material Development in Human resources, Industrial organization. It influences morale and the attitudes of
Relations front, including number of employees the individual towards his work and work environment.
The Manpower strength as on 31.03.2024 against 14. Environmental protection and conservation,
previous year is as under: Technological conservation, Renewable energy
developments, Foreign Exchange Conservation
As on Executive Non Executive Total
NCL has well defined & documented Manual, Policy,
31.03.2023 1738 12015 13753
Procedures and Guidelines for Environmental
31.03.2024 1662 12108 13770 Management and sustainable development under its
NCL as a public sector undertaking company provides Integrated Management System (IMS) complying
continuous training and development opportunities with international standards of ISO 9001:2015, ISO
to its employees including middle and senior level 14001:2015 and ISO 45001:2018.
management executives, other level officers and
NCL has voluntarily chosen to implement a
management trainees. In addition, company also
comprehensive system for simultaneous management of
arranges external training programs and international
our economic, environmental and social concerns as a
training sessions outside India.
part of our business agenda.
12. Industrial Relations at NCL NCL is keen on technology conservation and steps
Harmonious relationship is necessary for both have been taken for development of renewable energy
employers and employees to safeguard the interests in line with the guidelines issued by Govt. of India.

98
 NCL is not involved in any foreign trade except Item Amount (Rs.
importing HEMMs. in Crores)
15. Corporate Social Responsibility Total amount spent for the financial 157.87
NCL had played a vital role in the upliftment of the year
under privileges under the scheme of Corporate Social Excess Amount spend available for set 8.95
Responsibility. NCL has built strong relationship off in succeeding financial years
and partnership with the communities around its The complete details of CSR are covered in the
surroundings in. CSR activities were undertaken under Annexure-I to the Director’s Report.
various thematic areas like Roads (GAON JODO
16. R&D and Innovation
ABHIYAN), Infrastructure (AADHAR), Water Supply
(SWACHH JAL), Skill Development & Employment NCL has signed a MoU with IIT (BHU) in Nov.’2018
Generation (KAUSHAL), Healthcare (SAB to strengthen R&D activities of the organization. As
SWASTH), Sports/Art & Culture (KHEL TARANG) per this MOU, a collaborative R&D Centre (SARAS)
and Education (SAB SAKSHAR) in line with NCL’s has been developed by NCL and IIT(BHU) at NCL-IIT
CSR Policy. (BHU) innovation and incubation Centre at IIT(BHU).
CSR budget vs. expenditure for F.Y. 2023-24 A center for excellence is being set up in collaboration
with NEERI.
Item Amount (Rs.
in Crores) 17. MOU between NCL & CIL
Total CSR obligation for the year as per 150.42 For every financial year, NCL enters into a MoU with
Section 135 Coal India Limited to set various parameters for
Minus: Amount set off of Past year 1.50 physical and financial performances. The achievement
Net CSR obligation for the year 148.92 against the each parameter of MoU for the F.Y. 2023-24
is tabulated below:

S l . Name of Parameter Unit Target Actual Achievement

No. (%)
1 Revenue from Operation Rs. Cr. 24177 24632.89 101.89

2 Production of Coal Mil. Te. 138 136.15 98.66

3 CAPEX Rs. Cr. 2150 4727.24 219.87

4 EBITDA as % of Revenue % 44 48.14 109.41

5 Return on Net Worth % 75 61.69 82.25

6 Asset Turnover Ratio % 83 65.68 79.13

7 Procurement from GeM as % of total procurement % 100 100.73 100.73

8 Trade Receivables as number of days of Revenue from Days 30 16.23 Better Than
Operations Target
9 Commissioning of Solar Power Plants MW 50 50.00 10MW- 09.01.24
40MW- 31.03.24
10 Acceptance/ Rejection of Invoices of Goods & services % 100 100 100
through TReDS portal
11 Earning per Share (EPS) Rs. 12000 13183.70 109.86

99
 ANNEXURE-IV TO THE DIRECTORS’ REPORT
Brief Profile of Directors
1. Shri B. Sairam, Chairman Cum Managing Director, appointed as CIL Nominee Director on NCL Board
NCL (DIN-09784229) w.e.f. 12.05.2022. Shri Vinay Ranjan took over the
charge as Director (Personnel & Industrial Relations),
Shri B. Sairam has been serving as the Chairman Cum Coal India Limited from 28th July’2021. Shri Ranjan is a
Managing Director of Northern Coalfields Limited performance-focused people-oriented professional with
(NCL) since March 13, 2024. Prior to his role as CMD, extensive years of experience in entire gamut of HR,
he held the position of Director (Technical) at Central which includes large scale Lateral/campus hiring, Talent
Coalfields Limited (CCL). Management, Performance Management, Employer
Shri Sairam brings a vast reservoir of knowledge and Branding, Compensation Management and Bench-
experience spanned over 33 years of dedicated service marking, Change Management, Cultural Building,
in the coal sector. Employee Engagement, Employee Relations, HRIS,
Employee Productivity and Learning & Development.
A distinguished graduate mining engineer from NIT He has also successfully extended HR support to
Raipur, Shri Sairam has traversed various domains overseas business entities. He was also part of two full
within the coal industry, including mine operations, life cycle SAP HR implementation. He lead the team
planning, logistics, and regulatory affairs. for full life cycle SAP HR implementation at TATA
Communication (Erstwhile VSNL), where he led the 8
His commitment to excellence and innovation has been
member team consisting from VSNL HR and TCS for
further augmented by his academic pursuits, notably
the implementation of entire SAP HCM module. He
a rigorous 15-month full-time residential PGDM in
was also part of the Tata Teleservices (TTSL) SAP HR
Energy Management at NTPC School of Business Delhi.
implementation team on deputation from VSNL.
During this program, he underwent a transformative 15-
day immersion program at Nanyang Business School, He is impactful leader with the ability to develop and
Singapore, enriching his understanding of global energy lead efficient and highly productive workforce. He has
dynamics. excellent stakeholder’s management skills and has been
working directly with promoters for last 5 years. He is
Shri Sairam’s unwavering dedication to sustainable
recognized for integrity and commitment with high level
energy practices was demonstrated through his
of service delivery & execution. He also possesses strong
involvement in the comprehensive study of the Just
interpersonal, communication and negotiation skills.
Energy Transition efforts in Germany and Poland.
He became INSEAD alumni pursuant to successful
Before he was appointed as CMD of NCL, he was completion of course at glittering graduation ceremony
serving as Director (Technical) in Ranchi based Central held at Fontainebleau campus, France on 29th July 2016.
Coalfields Limited where he played pivotal roles in
Shri Vinay Ranjan was corporate Head-HR of DB
stepping-up company’s organic growth, development
Power Ltd (A Dainik Bhaskar Group Company) when
of coal logistics like tripling of Tori-Shivpur Line
Dainik Bhaskar Group diversified and decided to build
thus augmenting coal dispatch to upcountry power
two large Thermal power plants with investment of
consumers, First Mile Connectivity projects including
US 2 Billion. He is also a member of CSR Committee,
North Urimiri CHP-Silo, Forest & Environment
Audit Committee and Nomination & Remuneration
Clearance, and projectising greenfield and brownfield
Committee of NCL Board. He holds One Equity Share
mines.
as Nominee member of CIL in the Company.
Shri Sairam has been instrumental in community
3. Shri V. Marapally, Official Part-time Director, NCL
development projects and aligning Coal India’s
(DIN: 10059799)
sustainability vision with UN sustainability goals during
his stint as Executive Director at CIL. He has also Shri Venkateshwarlu Marapally aged 49 Years is a
spearheaded key divisions such as Employee Welfare, Director (Technical), Ministry of Coal and appointed
Public Relations, and Legal. as Government Nominee Director on NCL Board
w.e.f. 22.02.2023. Prior to his posting as Director
2. Shri Vinay Ranjan, Official Part-time Director, NCL
(Technical), Ministry of Coal, he was working in
(DIN: 03636743)
various capacities at Singareni Collieries Company
Shri Vinay Ranjan aged 53 Years is a Director (Personnel Limited (SCCL). He did his B. Tech in Mining from
& Industrial Relations), Coal India Limited and Kothagudem School of Mines, Osmania University in

100
 the year 1996 and obtained First Class Mine Managers assuming the charge as HR Head of the Energy Capital of
Competency Certificate from DGMS in the year 2000. India Singrauli-based NCL, Shri Kumar has underpinned
He has also done Master of Business Administration his priority towards social and workforce sustainability
and PG Diploma in Environmental Studies. He has and good governance. Open Communication, cordial
worked at Singareni Collieries for more than 25 years relations with stakeholders, employee engagement, and
in different areas of coal mining including exploration, fostering a learning climate with an emphasis on training
mine planning, mechanised underground and opencast and development are some of his special traits. He is a
mines, Research & Development, strategic planning dynamic and situational leader, capable in ushering
and marketing. He is also member of Audit Committee the path of development and motivating the workforce
and Nomination & Remuneration Committee of NCL for accomplishing the organizational goals in rapidly
Board. He does not hold any share in the Company. changing business scenarios. He is also a member of
CSR Committee and Risk Management Committee
4. Smt. Subeena Bansal, Non-Official Part-time and invitee in Audit Committee and Nomination &
Director, NCL (DIN-09400147) Remuneration Committee of NCL Board. He does not
Smt. Subeena Bansal aged 65 Years joined NCL Board hold any share in the Company.
as Non-Official Part-time/Independent Director w.e.f. 6. Shri Rajneesh Narain, Director (Finance), NCL (DIN-
01.11.2021. She has done B.A. in Humanities and is 09759359)
active in Politics and Social Services. She has also held
post as member in Chandigarh Housing Board. Her area Shri Rajneesh Narain aged 53 years has taken over as the
of specialization is in Management, communication and Director (Finance), NCL w.e.f. 27.09.2022. Shri Narain
social services. She is a Chairperson of Audit Committee, is having more than twenty six years of experience in the
CSR Committee, Risk Management Committee and Coal Industry. He was heading the Corporate Accounts
Nomination & Remuneration Committee of NCL team of South Eastern Coalfields Limited (SECL), a
Board. She does not hold any share in the Company. subsidiary company of Coal India Limited (CIL), apart
from handling other crucial responsibilities including
5. Shri Manish Kumar, Director (Personnel), NCL (DIN- business diversification, before taking over as Director
09759004) (Finance) of Northern Coalfields Limited.
Shri Manish Kumar aged 53 years took over as Director Shri Narain, Master of Business Administration
(Personnel), NCL on 21st September, 2022. Prior to the (Finance), started his career in Sohagpur area of SECL.
assumption of charge of the Director (Personnel) in NCL, During his tenure in SECL, he has given strength to
he was serving as head of the Executive Establishment the company while holding different key positions in
wing of Central Coalfields Limited, another arm of Coal accounting and taxation, fund management, contract
India Limited. management, budgetary control etc.
Shri Manish Kumar completed his graduation from He has also worked as Chief Financial Officer (CFO)
Patna University and a Post-Graduate Diploma in of Chhattisgarh East Railway Limited (CERL)/
Personnel Management from the prestigious Xavier Chhattisgarh East West Railway Limited (CEWRL),
Institute of Social Service (XISS), Ranchi in 1993. Shri the subsidiary companies of SECL for 6 years. During
Kumar has always excelled throughout his career and is his stint as CFO, through his negotiation and conflict
quick in the execution of his responsibilities. management skills satisfying multiple stakeholders,
achieved the financial Closure for CERL Phase-I Project
Shri Kumar commenced his professional journey
(INR 3,055 Cr.) & CEWRL Project (INR 4,970 Cr.)
from CCL, Ranchi and enriched his career with vivid
under the project financing mode, the first of its kind
experience in all spheres of Personnel, Vigilance,
in CIL. Shri Narain is a keen financial analyst, strategic
Land & Revenue department. He has also served in
thinker and has strong skills in negotiation, stakeholder
the Executive Establishment Department of Coal
management, Team Building and Mentoring. He is also
India Limited Headquarters, Kolkata where he was
a member of CSR Committee and Risk Management
instrumental in clearing backlogs of DPCs and other
Committee and invitee in Audit Committee and
establishment matters. Shri Manish Kumar has further
Nomination & Remuneration Committee of NCL
strengthened his professional skills by completing
Board. He does not hold any share in the Company.
the LLB from Ranchi University in the year 2000 and
a Diploma in Contract Management from the Indian 7. Shri Jitendra Malik, Director (Tech/Oprns), NCL
Institute of Materials Management in 2015. (DIN-09855039)
He is known for his proficient managerial skills, Shri Jitendra Malik aged 58 years took charge as Director
simplicity, and strong decision-making ability. On (Technical), NCL on 27.12.2022. Shri Malik graduated

101
 in Mining Engineering from IIT (ISM), Dhanbad in achievements and a dedication to excellence.
the Year 1987 and thereafter he obtained First Class
Beginning his professional career in February 1989
Mine Manager’s Certificate of Competency in 1992. He
at Central Coalfields Limited (CCL) in Ranchi after
has also acquired MBA (HRM) from Sikkim Manipal
graduating from BIT Sindri, he has spent over three
University in the year 2014.
decades honing his skills in opencast and underground
Shri Malik joined Coal India Limited in the year 1987 mines across various coalfields of Coal India Limited.
at South Eastern Coalfields Limited. He rendered his His commitment to continuous improvement led
services at SECL in various capacities. As Assistant him to earn a ‘First Class (Coal) Mining Certificate in
Colliery Manager in NCPH Old Mine and as Colliery 1993, representing a significant milestone in his career
Manager at NCPH New Mine, Chirimiri Area, SECL, he progression.
had been instrumental in implementation of indigenous Prior to his appointment as Director (Technical)
method of French blasting Gallery method with Cable at NCL, he was serving as General Manager of the
Bolting and Cable Remote-Controlled & Radio Remote Krishnashila Area within NCL, where he demonstrated
SDLs and LHDs. In 2007, he was promoted to the post his sharp technical acumen and managerial prowess.
of Chief Manager and joined BCCL. He served as Nodal Throughout his tenure at NCL, he held diverse roles
Officer, Internal Safety Organization of BCCL and across different projects, accumulating invaluable
also got experience of working in Corporate Project & experience in coalfield operations. His expertise in areas
Planning Division of BCCL. He was further entrusted such as Dragline operations and his adept management
with the responsibilities of Project officer of different of critical departments including Safety & Rescue,
Mines both Underground and Mixed Mines having large CMC, Quality, and IED at NCL HQ have been pivotal in
OCPs. He got promoted as General Manager (Mining) driving organizational success.
in July 2017 and was entrusted with the responsibility
to head three large areas of BCCL Viz. Katras, Barora His commitment to staying at the forefront of industry
and Sijua Area at different times. He has also served as knowledge and practices was evident in his participation
General Manager /HoD of CMC Department, BCCL. as part of India’s delegation to the 26th World Mining
Congress (WMC) 2023 in Brisbane, Australia. This
Shri Malik has gained vast experience in operations global engagement underscored his leadership within
and management of large open cast and Mechanized the industry and his dedication to fostering international
Underground Mines. He has been innovative in collaborations.
maintaining the production and safety standard of the
mines. He has been actively involved in expansion of the His appointment as Director (Technical) reflects not
Open Cast projects at Katras and Barora Area by resolving only his years of experience but also his unwavering
long pending land related issues. As Area General dedication to excellence and innovation in the mining
Manager of different areas, he has been instrumental sector. Shri Singh is poised to make significant
in resolving complex IR issues thereby creating an contributions to the growth and development of NCL,
atmosphere conducive to production and productivity. embodying a commitment to excellence that will drive
Apart from being involved in the key responsibilities of the organization forward.
production, productivity and profitability of the areas, he
has also worked towards up-gradation of environment
by developing eco-parks and society at large through
skill development schemes and other welfare activities
with a vision to provide energy security to the country
by attaining environmentally & socially sustainable
growth through best practices. He is also a member
of CSR Committee and Risk Management Committee
and invitee in Audit Committee and Nomination &
Remuneration Committee of NCL Board. He does not
hold any share in the Company.
8. Shri Sunil Prasad Singh, Director (Tech/P&P), NCL
DIN: 10236189)
Shri Sunil Prasad Singh aged 58 years brings a vast
experience and expertise to his new role as Director
(Technical) at Northern Coalfields Limited (NCL),
stepping into this position on July 4, 2023. His journey
to this leadership role has been marked by notable

102
 ANNEXURE-V TO THE DIRECTORS’ REPORT
Contracts or Arrangements with related Parties U/s 188(1)
Form AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of
the Companies (Accounts) Rules, 2014)
(F.Y. 2023-2024)
Form for disclosure of particulars of contracts/ arrangements entered into by the company with related parties referred to in
sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso
thereto.
Sl.
Particulars Details
No.
1. Details of contracts or arrangement or transactions not at arm’s length basis
a Name(s) of the related party and nature of relationship N.A.
b Nature of contracts/arrangements/transactions N.A.
c Duration of the contracts/arrangements/transactions N.A.
Salient terms of the contracts or arrangements or transactions including the value,
d N.A.
if any
e Justification for entering into such contracts or arrangements or transactions N.A.
f Date(s) of approval by the Board N.A.
g Amount paid as advances, if any: N.A.
Date on which the special resolution was passed in general meeting as required
h N.A.
under first proviso to section 188
2. Details of material contracts or arrangement or transactions at arm’s length basis
a Name(s) of the related party and nature of relationship
b Nature of contracts/arrangements/transactions. Disclosed at Note 16 (2) of
c Duration of the contracts/arrangements/transactions the Additional Notes to the
Salient terms of the contracts or arrangements or transactions including the value, Financial Statements for the
d
if any: Year ended 31.03.2024.
e Date(s) of approval by the Board if any:
f Amount paid as advances, if any

National Taxation TIOL award

103
 ANNEXURE-VI TO THE DIRECTORS’ REPORT
LOAN AND ADVANCES, GUARANTEES, INVESTMENTS
Disclosure as per section 186(4) of Companies Act 2013
(F.Y. 2023-2024)
Rs. in Crores
Particular Amount Purpose
Non-Current
a. Loan and Advances
Loans
- Secured, considered good -
- Unsecured, considered good -
- Have significant increase in credit risk -
- Credit impaired -
Less: Allowance for doubtful loans -
TOTAL (a) -
b. Other Financial Assets

Bank deposits Deposit of Surplus fund

3.08
Deposits with bank under Shifting & Rehabilitation Fund
scheme -
Security Deposit 54.52
-Less :Allowances for doubtful Security deposits - 54.52
Deposits and receivables for Site Restoration:
Deposit in Mine closure escrow
fund for requirement of Mine
Deposits with bank under Mine Closure Plan 1,449.91
closure guidelines issued by
Ministry of Coal.
TOTAL (b) 1507.51
c. Other Non Current Assets
For procurement of assets for the
(i) Capital Advances 127.74
company.
Less : Provision for doubtful advances - 127.74

(ii) Advances other than capital advances

(a) Other Deposits and Advances1
Less :Provision for doubtful deposits - -
Expenditure incurred for Mine
(b) Progressive Mine Closure Expense incurred
984.82 closure activity
TOTAL (c ) 1,112.56
TOTAL (a+b+c) 2620.07
Particular
B Current Loans and Advances
a. Loans

104
 - Secured, considered good 0.50
Loan will be utilized for exoediting
- Unsecured, considered good
19.57 the pending supply orders of spares
- Have significant increase in credit risk -
- Credit impaired -
Less: Allowance for doubtful loans -
TOTAL (a) 20.07
b. OTHER FINANCIAL ASSETS
Current
Interest acrued on investment,
Interest accrued 48.91 bank deposit and other lending of
surplus fund.
Mainly includes claim receivable
from customers, refunds,amount
Other Deposit and Receivables 15.32 recoverable from contractors,
customers and suppliers, employee
benefit fund etc.
Less :Allowance for Claims & other receivables 0.52 14.80
TOTAL (b) 63.71
c. OTHER CURRENT ASSETS
As per requirement of various
Advance payment of statutory dues 20.98
statutory Acts.
Less : Provision for doubtful advances - 20.98
Recoverable Advance against dues
to employees and advance against
Other Advances and Deposits 2,199.04 various miscellaneous expenses,
income tax,commercial tax etc.
deposit under protest,etc.
Less : Provision for doubtful advances 5.59 2,193.45
Input tax Credit to be utilised/
Input Tax Credit Receivable 3,524.21
refund under GST Act.
Less: Provision - 3,524.21
TOTAL (c) 5738.64
TOTAL (a+b+c) 5822.42
C. GUARANTEES - 0.00
D-Investment- Current
Mutual Fund Investment
Investment of surplus fund in
SBI Mutual Fund 680.02
various securities.
Baroda BNP Paribas Liquid Fund 0.01
Union Liquid Fund 4.00
Canara Robeco Mutual Fund 0.01
TOTAL 684.04

105
 ANNEXURE-VII TO THE DIRECTORS’ REPORT
CORPORATE GOVERNANCE CERTIFICATE
To
The Members of
Northern Coalfields Limited
CIN: U10102MP1985GOI003160
PO. Singrauli Colliery, Distt - Singrauli
PIN: 486889, Madhya Pradesh
I have examined the compliance of conditions of Corporate Governance by Northern Coalfields Limited for the
financial year ended March 31, 2024 as stipulated in Guidelines on Corporate Governance for Central Public Sector Enterprises
(CPSEs) issued by Department of Public Enterprises (DPE), Government of India vide OM No. 18(8)/2005-GM dated 14th May,
2010.
The Compliance of conditions of Corporate Governance is the responsibility of the Management. Our examinations
were limited to review of the procedures and implementation thereof, adopted by the Company for ensuring the compliance of
the conditions of Corporate Governance as stipulated in the said guidelines. It is neither an audit nor an expression of opinion
on the financial statements of the Company.
Based on our examination of the relevant records and according to the information and explanations provided to
us and the representation provided by the Management, I certify that the Company has complied with the conditions of the
Corporate Governance as stipulated in the Corporate Governance guidelines for Central Public Sector Enterprises (CPSEs)
during the year ended March 31, 2024, subject to our below observations:
• During the financial year under review, there were Five Functional Directors (including CMD), Two Official Part-
Time Directors and One Non- official Part Time (Independent) Director on the Board of the Directors of the
Company. Accordingly, the number of Functional Directors (including CMD) was in excess of 50% of the actual
strength of the Board and the number of independent directors was less than one-third of the members of Board
and two-third of the members of Audit Committee. In view of above, the requirement of DPE guidelines regarding
composition of Board of Directors and Audit Committee is not fulfilled due to vacant post of Independent Directors.
In this connection, it is informed that the Company being a Central Public Sector Undertaking (PSU), the appointment
of Directors is done by Ministry of Coal, Government of India and the representation has been made for filling up of vacancies
of Independent Directors.
I further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency
or effectiveness with which the management has conducted the affairs of the Company.

For Avinash Gupt & Co.

Company Secretary

Sd/-
Avinash Kumar Gupt
Proprietor
ACS: 49151, C. P. No.: 22308
UDIN: A049151F000357734

Date: 13.05.2024
Place: Singrauli

106
 ANNEXURE-VIII to Directors’ Report
Form No. MR-3
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2024

To,
The Members,
Northern Coalfields Limited
PO. Singrauli Colliery, Dist. Singrauli
PIN: 486889 (MP)

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by Northern Coalfields Limited (hereinafter called “the Company”). Secretarial Audit was conducted in a manner that
provided us a reasonable basis for evaluating the Corporate Conducts/ Statutory Compliances and expressing our opinion
thereon.

Based on our verification of the company’s books, papers, minute books, forms and returns filed and other records maintained
by the Company and also the information provided by the Company, its officers, agents and authorized representatives during
the conduct of secretarial audit, we hereby report that in our opinion, the Company has during the audit period covering the
Financial Year ended on 31st March, 2024 complied with the statutory provisions listed hereunder and also that the Company
has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made
hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for
the Financial Year ended on 31st March 2024 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 [‘SCRA’] and the rules made there under; (not applicable to the Company
during the Audit Period)
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there-under are complied with to the extent applicable.
Further, MCA vide notification dated 22nd January, 2019 exempted Government Companies from dematerialization of
shares and hence the same is not applicable to the Company. However, the Company has voluntarily dematerialized its
shares.
(iv) Foreign Exchange Management Act, 1999, the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings; (No such action/event during the Audit
Period).
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI
Act’): -
a) The Securities and Exchange Board of India [Substantial Acquisition of Shares and Takeovers] Regulations, 2011;
(not applicable to the Company during the Audit Period)
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; (not
applicable to the Company during the Audit Period)
d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999; (not applicable to the Company during the Audit Period)
e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (not applicable
to the Company during the Audit Period)

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 f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client; (not applicable to the Company during the Audit Period)
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations2009; (not applicable to the
Company during the Audit Period)
h) The Securities and Exchange Board of India (Buyback of securities) Regulation, 2018; (not applicable to the Company
during the Audit Period)
(vi) Corporate governance guidelines issued by Department of Public Enterprises vide OM No. 18(8)/2005-GM dated 14th
May, 2010.
(vii) Secretarial Standards issued by the Institute of Company Secretaries of India.
(viii) Constitution of Board of Directors of the Company as specified in Ministry of Coal Letter. No. 21/35/2005-ASO(vi) dated
06th June, 2008.
We report that having regard to the compliance system prevailing in the company and on examination of the documents
and records in pursuance thereof, on test check basis, the company has complied with the provisions of the laws applicable
to company, in general and the following laws specifically to the company as detailed below:
1. The Mines Act, 1952: 1) The Mines Rules, 1955 & 2) Mines Vocational Training Rules, 1966
2. Coal Mines Regulations, 2017
3. Mines and Minerals (Development and Regulation) Act, 1957
4. Mineral (Conservation and Development) Rules, 2017
5. Mines Creche Rules,1966
6. Coal Mines Pithead Bath Rules, 1946
7. Indian Explosives Act, 1884 & Explosives Rules, 2008
8. Coal Mines (Conservation and Development) Act, 1974
9. Mineral Concession Rules, 1960
10. Colliery Control Order, 2000 and Colliery Control Rules, 2004
11. Payment of Wages (Mines) Rules, 1956
12. Maternity Benefit (Mines and Circus) Rules, 1963
13. Payment of Undisbursed Wages (Mines) Rules, 1989
14. Coal Mines Provident Fund and Miscellaneous Provision Act, 1948
15. Coal Mines Pension Scheme, 1998
16. Payment of Wages Act, 1936
17. Coal Bearing Areas (Acquisition & Development) Act, 1957
18. Right to fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 & Rules,
2014
19. Environmental Protection Act, 1986 and Environment Protection Rules, 1986
20. Water (Prevention and Control of Pollution) Act, 1974 and Rules, 1975
21. Water (Prevention and Control of Pollution) Cess Act, 1977 and Rules made there under
22. Air (Prevention and Control of Pollution) Act, 1981 and the Air (Prevention and Control of Pollution) Rules, 1982
23. Indian Forest Act, 1957
24. Environment Impact Assessment Notification, 2006
25. Hazardous Waste Handling and Management Act, 1989
26. Hazardous and other Waste (Management and Trans boundary Movement) Rules, 2016
27. E-Waste Management Rules, 2016
28. Bio Medical Waste (Management and Handling) Rules, 1998 & 2016
29. Plastic Waste Management Rules, 2016

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30. Construction & Demolition Waste Management Rules, 2016
31. The Electricity Act, 2003 and Electricity Rules 2005
32. Public Liability Insurance Act, 1991 and Rules made thereunder
33. Indian Bureau of Mines (Senior Technical Assistant (Survey), Junior Technical Assistant (Survey) and Junior Surveyor
Recruitment Rules, 1990
34. Indian Bureau of Mines (Electrical Supervisor and Electrician) Recruitment Rules, 1990

We further report that:

The Board of Directors of the Company is comprised of Executive Directors, Non-Executive Directors and Non-Official
Part-time/ Independent Director subject to our below observation:
• Requisite number of Non-Official Part-time / Independent Directors on Board of Directors of the company i.e. four
independent directors is yet to be appointed by the Central Government in order to fulfill the composition of the
Board of Directors and Audit Committee as per constitution of Board of Directors specified in Ministry of Coal Ltr.
No. 21/35/2005-ASO(vi) dated 06th June, 2008 read with DPE Guidelines on Corporate Governance in this regard,
as there was only one independent Director on Board of company during the year 2023-24 and accordingly the
constitution of audit committee is not in accordance with the provisions of DPE Guidelines on Corporate Governance.
However, as regards certain corporate governance provisions, the Company being a Central PSU, the regulatory framework
applicable to Government companies is designed to ensure compliances in respect of matters pertaining to appointment,
remuneration, evaluation and succession etc. of directors.
The changes in the composition of the Board of Directors that took place during the period under review are carried out
in compliance with the provisions of the law.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda are sent
at least seven days in advance and in case of shorter notice required compliance as per Companies Act, 2013 has been
ensured and a system exists for seeking and obtaining further information and clarifications on the agenda items before
the meeting and for meaningful participation at the meeting.
Majority decision is carried out unanimously while the Dissenting Members’ views, if any are captured and recorded as
part of the minutes.
We further report that during the period under review, the Company has complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards etc. mentioned above subject to aforesaid observations.
We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period the Company has taken the following specific actions that having a major
bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.
(i) The Company has increased its authorized share capital from Rs. 1,400 Crores divided into 1(One) Crore Equity shares
of Rs.1000/- each and 40 (Forty) Lac 10% Cumulative Preference Shares of Rs.1000/- each to Rs. 5,400 (Rupees Five
Thousand Four Hundred) Crores divided into 5 (Five) Crore Equity Shares of Rs.1000/- each and 40 (Forty) Lac 10%
Cumulative Preference Shares of Rs.1000/- each by passing the ordinary resolution in the Extra Ordinary General meeting
of the members held on 30.01.2024.
(ii) The Company has allotted 1,89,28,215 new equity shares of Rs. 1,000 each as fully paid-up bonus shares to existing
shareholders of the Company (i.e. M/s Coal India Limited) in the ratio of 3 (three) new equity shares for every 1 (one)
equity shares held by the existing equity shareholders of the Company in its Board meeting held on 28.03.2024.

For K K Patel & Associates

Company Secretaries

Sd/-
Kiran Kumar Patel
C.P. No.: 6352 FCS: 6384
Place : Gandhinagar UDIN: F006384E000329597
Date : 11.05.2024

109
 ‘ANNEXURE A’
To,
The Members,
Northern Coalfields Limited
P.O.: Singrauli Colliery
Dist.Singrauli (MP)
Pin: 486889

Our Report of even date is to be read along with this letter.

1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on the test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices, we followed provide reasonable basis for
our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company. We
have relied upon the report of Statutory Auditors regarding Companies Act 2013 & Rules made thereunder relating to
maintenance of Books of Accounts, Papers & Financial Statements of the relevant financial year, which gives true and fair
view of the state of affairs of the Company.
4. Wherever required, we have obtained the Management representation about the compliances of laws, rules and regulations
and happening of events etc.
5. The compliances of the provisions of Corporate and other applicable laws, rules, regulations, standards are the
‘Responsibility’ of Management. Our examination is limited to the verification of procedures on test basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.

For K K Patel & Associates

Company Secretaries

Sd/-
Kiran Kumar Patel
C.P. No.: 6352 FCS: 6384
Place : Gandhinagar UDIN: F006384F000351014
Date : 11.05.2024

Observation by Secretarial Auditor Management Reply

Requisite number of Non-Official Part-time / Independent It is a statement of fact.
Directors on Board of Directors of the company i.e. four
independent directors is yet to be appointed by the Central The appointment of Directors is done by Ministry of Coal,
Government in order to fulfill the composition of the Board Government of India, in which the Company has no role.
of Directors and Audit Committee as per constitution of However, the representation has been made to the Ministry
Board of Directors specified in Ministry of Coal Ltr. No. for filling up of the vacancies of the non-official part-time
21/35/2005-ASO(vi) dated 06th June, 2008 read with DPE (independent) directors on Board of the Company at the
Guidelines on Corporate Governance in this regard, as there earliest.
was only one independent Director on Board of company
during the year 2023-24 and accordingly the constitution of
audit committee is not in accordance with the provisions of
DPE Guidelines on Corporate Governance.

110
 ANNEXURE-IX TO THE DIRECTORS’ REPORT
CEO AND CFO CERTIFICATION
We, B Sairam, Chairman-cum-Managing Director, Northern Coalfields Limited and Rajneesh Narain, Director (Finance) &
C.F.O., Northern Coalfields Limited responsible for the finance function, certify that:

a. We have reviewed the Financial Statements of the Company for the year ended March 31, 2024 together with Accounting
Policies and Additional Notes thereon as well as Financial Results for the year ended March 31, 2024 as per Regulation 33
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and that to the best of our knowledge
and belief:
i. These statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
ii. These statements together present a true and fair view of the company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
b. There are, to the best of our knowledge and belief, no transactions entered into by the company during the year ended
March 31, 2024 are fraudulent, illegal or violative of the company’s code of conduct.
c. We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated
the effectiveness of internal control systems of the company pertaining to financial reporting and we have disclosed to the
auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which they
are aware and the steps they have taken or propose to take to rectify these deficiencies.
d. We have indicated to the auditors and the Audit Committee that:
i. There has not been any significant changes in internal control over financial reporting during the period under
reference;
ii. There has not been any significant change in accounting policies during the period.
iii. We have not become aware of any instance of significant fraud with involvement therein of the management or an
employee having a significant role in the company’s internal control system over financial reporting.

Sd/- Sd/-
Rajneesh Narain B. Sairam
Director (Finance) & C.F.O. Chairman-cum-Managing Director
DIN- 09759359 DIN- 09784229
Northern Coalfields Limited Northern Coalfields Limited

Date: 24.04.2024

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 ANNEXURE-X INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF NORTHERN COALFIELDS LIMITED
FOR THE YEAR ENDING ON MARCH 31, 2024
Report on the audit of Financial Statements
Opinion credit on GST paid on input materials/services available
for utilization against GST on output. GST liability on
We have audited the accompanying Financial Statements of
coal is 5% whereas the inputs are being taxed at different
NORTHERN COALFIELDS LIMITED (“the Company”),
rates and GST Input tax credit getting accumulated
which comprises the Balance Sheet as at 31st March, 2024,
amounting to Rs. 3524.21 crores as at March 31, 2024
and the Statement of Profit and Loss (including Other
(March 31, 2023, Rs. 2946.54 crores) largely relate to such
Comprehensive Income), the Statement of Changes in Equity
inverted duty structure. The amount is not refundable
and the Statement of Cash Flow for the year then ended on
in terms of notification issued (Notification No 09/2022
that date, and notes to the Financial Statements, including
– Central Tax (Rate) [F. No. 190354/172/2022-TRU],
a summary of material accounting policies and other
dated 13-07-2022) in this respect and is therefore
explanatory information (herein after refer to as the Financial
available only for utilization against duty on output.
Statements) in which are included the returns for the year
Consequential adjustments and impact thereof pending
ended on that date by the Branch Auditors of the Company’s
determination of amount as such cannot be commented
seven branches located at Uttar Pradesh and Madhya Pradesh.
upon by us.
In our opinion and to the best of our information and b) We draw attention to Note No. 6.2 & Note No. 10.2 to
according to the explanations given to us, the aforesaid the Financial Statements, Company has recognised
Financial Statements give the information required by the Terminal Tax liability amounting Rs. 490.81 crores
Companies Act, 2013 (“the Act”) in the manner so required pertaining to period from 01-09-2002 to 31-03-2023
and give a true and fair view in conformity with the Indian which was not recovered from the customers in earlier
Accounting Standards prescribed under section 133 of the years which may resulting a loss to the Company.
Act, read with the Companies (Indian Accounting Standards) During the year Company has paid Rs. 20.14 Crores
Rules, 2015, as amended, (“Ind AS”) and other accounting under protest to state authorities in compliance to order
principles generally accepted in India, of the state of affairs dated 29-03-2023 of Supreme Court of India. During
of the Company as at March 31, 2024, and its profit and other the current financial year Company has billed Rs. 54.29
comprehensive income, changes in equity and its cash flows Crores of Terminal Tax amount to customer, which is
for the year ended on that date. yet to be deposited to State Authorities.
Basis for Opinion c) We draw attention to Note No. 16 (7) to the Financial
Statement, the Company has changed its accounting
We conducted our audit in accordance with the Standards policy on stripping activity and restated its accounts as at
on Auditing (“SAs”) specified under section 143(10) of 01-04-2022 and for the year ended 31-03-2023, impact
the Companies Act, 2013. Our responsibilities under for change in accounting policy on Assets and Liability
those Standards are further described in the Auditor’s is Rs. 6258.11 crores as at 01-04-2022, Rs. 5609.69 crores
Responsibilities for the audit of the financial statements in 2022-23 and Rs. 5816.12 crores in 2023-24, and on
section of our report. We are independent of the Company Profit and Loss accounts Rs. 149.40 crores in 2022-23
in accordance with the Code of Ethics issued by the Institute and Rs. 1280.02 crores in 2023-24.
of Chartered Accountants of India (“ICAI”) together with
the ethical requirements that are relevant to our audit of the d) We draw attention to Note No. 16 (8) (e) to the Financial
financial statements under the provisions of the Act and the Statements, Balances under non-current loans and
rules made there under, and we have fulfilled our other ethical advances, non-current assets, trade receivables, other
responsibilities in accordance with these requirements and current assets, trade payable, non-current liabilities and
the ICAI’s Code of Ethics. We believe that the audit evidence other current liabilities etc. are pending for confirmation,
we have obtained is sufficient and appropriate to provide a reconciliation and consequential adjustment (if any),
basis for our opinion on the financial statements. impact of which are not ascertainable.
Our opinion is not modified in respect of above matters.
Emphasis of Matter
We draw attention to the following points: Key Audit Matters
a) We draw attention to Note No. 6.2 to the Financial Key audit matters are those matters that, in our professional
Statements, regarding carrying forward of input tax judgment, were of most significance in our audit of the

112
financial statements of the Company for current period. thereon, and we do not provide a separate opinion on these
These matters were addressed in the context of our audit of the matters. We have determined the matters described below to
financial statements as a whole, and in forming our opinion be the key audit matters to be communicated in our report.

S. Key Audit Matters Principal Audit Procedures

No.
Exploration and Evaluation Assets: Exploration and We have reviewed and analysed on test check basis
Evaluation assets comprise capitalized costs which are expenditure incurred during the year on Exploration &
attributable to the search of coal and related resources, Evaluation.
pending the determination of technical feasibility and
1. assessment of commercial viability. It is valued at cost Our procedures did not identify any material exceptions.
and adjusted for impairment losses after carrying out
impairment testing.

Refer Note No. 3.3 to the Financial Statements

Provisions and Contingent Liabilities: Obtained and examined the details of disputed demands
raised against the Company.
Assessment of provisions and contingent liabilities
in respect of certain litigations including direct and Obtained a status of pending litigation and reviewed recent
indirect taxes, various claims filed by other parties copies of communications/orders received from various
not acknowledged as debt. It involves a high level forums and action taken by the Company.
of judgment/assumptions in estimating the level of
2. Review and analysis of the contentions of the Company
provisioning. Associated uncertainty relating to the
outcome requires application of judgment based on through verbal discussions.
interpretation of law. Accordingly unexpected adverse
Our procedures did not identify any material exceptions.
outcomes may significantly impact the financial
statements of the Company.

Refer Note No. 16 (1) to the Financial Statements

Provision for Coal Quality Variance: Samples of sales taken from which are sent for testing of
grade.
Coal quality variance is adjustment made to sale due
to mismatch in quality of coal as pr sale and external Checked grade slippage provision made during the current
quality test report. period and adjustment made to prior provisions for grade
slippage.
Revenue from sale of coal is recognized on date of
3. dispatch at the reported grade of coal and adjustment Test checked debit/ credit note issued during the year based
for coal quality variance is made on external quality on outcome of quality test report and impact on revenue and
test report as grade slippage provision. statutory liabilities in accounts.

Calculation involves judgment of management and Our procedures did not identify any material exceptions.
technical assessment of past test results of coal quality.

Refer Note No. 12.1 to the Financial Statements

113
 S. Key Audit Matters Principal Audit Procedures
No.
4. Ind AS 115 “Revenue from Contracts with Customers”: Our Audit procedures based on which we arrived at the
conclusion regarding reasonableness of Revenue recognition
Revenue recognition and adjustments for coal quality includes the following:
variances involve critical estimates.

The revenue recognized by the Company in a • Assessment of the application of the provisions of Ind
particular contract is dependent on the sale agreement AS 115 in respect of the Company revenue recognition
/ allotment in e-auction for the respective customer. and appropriateness of the estimated adjustments in
the process;
Revenue from sale of coal is recognized in financial • Obtained and evaluated trend of past results prepared
statements at declared grade of coal. Subsequent based on the outcome of test from mutually agreed
adjustments are made to the transaction price due to quality testing laboratory or Referee quality testing
grade mismatch/slippage of the transferred coal. The laboratory;
variation in the contract price if not settled mutually
between theparties to the contract is referred to third • Obtained and evaluated calculation and working of
party testing and the adjustments required for revenue grade slippage provision;
recognition pending settlement of such dispute. Such • Evaluated the controls in place for estimation,
adjustments in revenue are made on estimated basis recognition and disclosure in financial statements;
following historical trend, so revenue includes and • Checking of selected transactions on sample basis and
accrual of adjustment against coal quality variance to testing for identification of contracts involving disputes
customer but not yet billed i.e. unbilled revenue. relating to grade mismatch/ slippage with respect to
Further, Performance incentive/compensation the terms of the contract, evaluation of the satisfaction
accounted for on provisional basis as per estimate of of performance obligation checking the adjustment to
availability by the Company, but not yet billed, also i.e. the revenue due to variation in transaction price;
unbilled revenue. • Reviewed the agreement with the customers and
invoices raised considering the terms and conditions
The revenue recognition being a significant matter thereof;
involving material adjustment for Grade Slippage
requiring judgements and estimates for past trend, • We have performed tests to establish the basis of
etc., has been considered to be a key audit matter. estimation of the consideration and whether such
estimates are in accordance with the accounting policy
Refer Note No. 12.1 to the Financial Statements of the Company;
• Reviewed the Adequacy of the disclosure as per Ind AS
115;
• Quality parameters and assessment, require technical
knowledge and therefore reliance have been placed on
technical findings and reports in this respect.

5. Stripping Activity Expense/ Adjustment We have reviewed verified and analysed detailed working
and calculation sheets of over burden accounting.
Accounting and measurement of OBR calculation
being a technical assessment, technical data is used Our procedures did not identify any material exceptions.
in respect of Advance Stripping, OBR, Current and
Average Ratio etc. in the matter of OBR accounting
including adjustments for substantial variation
between Average Ratio and Current Ratio of OBR.

(Refer Material Accounting Policies 2.19 of Note 2)

Information other than the Financial Statements and comprises the information included in the Management
Auditor’s Report thereon Discussion and Analysis Report, Directors’ Report including
Annexures to Directors’ Report, CSR Report and Report on
The Company’s Board of Directors is responsible for the
Corporate Governance, but does not include the Financial
preparation of the other information. The other information
Statements and the Auditor’s Report thereon.

114
Our opinion on the Financial Statements does not cover detect a material misstatement when it exists. Misstatements
the other information and we do not express any form of can arise from fraud or error and are considered material if,
assurance conclusion thereon. individually or in the aggregate, they could reasonably be
In connection with our audit of the Financial Statements, expected to influence the economic decisions of users taken
our responsibility is to read the other information identified on the basis of these Financial Statements.
above when it becomes available and, in doing so, consider As part of an audit in accordance with SAs, we exercise
whether the other information is materially inconsistent with professional judgment and maintain professional skepticism
the Financial Statements or our knowledge obtained during throughout the audit. We also:
the course of our audit or otherwise appears to be materially
misstated. • Identify and assess the risks of material misstatement
of the Financial Statements, whether due to fraud or
When we read the other information as stated above and if
error, design and perform audit procedures responsive
we conclude that there is a material misstatement therein, we
to those risks, and obtain audit evidence that is sufficient
are required to communicate the matter to those charged with
and appropriate to provide a basis for our opinion. The
governance and describe necessary actions required as per
risk of not detecting a material misstatement resulting
applicable laws and regulations.
from fraud is higher than for one resulting from error,
Responsibilities of Management and Those charged with as fraud may involve collusion, forgery, intentional
Governance for the Financial Statements omissions, misrepresentations, or the override of
The Company’s Board of Directors is responsible for the internal control.
matters stated in section 134(5) of the Act with respect to the
• Obtain an understanding of internal financial control
preparation and presentation of these Financial Statements
relevant to the audit in order to design audit procedures
that give a true and fair view of the financial position,
that are appropriate in the circumstances. Under
financial performance including other comprehensive
section 143(3)(i) of the Act, we are also responsible
income, changes in equity and cash flows of the Company in
for expressing our opinion on whether the Company
accordance with the Ind AS specified under Sec 133 of the Act
has adequate internal financial controls system with
and other accounting principles generally accepted in India.
reference to financial statement in place and the
This responsibility also includes maintenance of adequate
operating effectiveness of such controls.
accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing • Evaluate the appropriateness of accounting policies used
and detecting frauds and other irregularities; selection and and the reasonableness of accounting estimates and
application of appropriate accounting policies; making related disclosures made by management.
judgments and estimates that are reasonable and prudent; and
• Conclude on the appropriateness of management’s use of
design, implementation and maintenance of adequate internal
the going concern basis of accounting and, based on the
financial controls, that were operating effectively for ensuring
audit evidence obtained, whether a material uncertainty
the accuracy and completeness of the accounting records,
exists related to events or conditions that may cast
relevant to the preparation and presentation of the Financial
significant doubt on the Company’s ability to continue
Statements that give a true and fair view and are free from
as a going concern. If we conclude that a material
material misstatement, whether due to fraud or error.
uncertainty exists, we are required to draw attention
In preparing the Financial Statements, Management and in our Auditor’s Report to the related disclosures in
Board of Directors is responsible for assessing the Company’s the Financial Statements or, if such disclosures are
ability to continue as a going concern, disclosing, as applicable, inadequate, to modify our opinion. Our conclusions
matters related to going concern and using the going concern are based on the audit evidence obtained up to the
basis of accounting unless Board of Directors either intends date of our Auditor’s Report. However, future events or
to liquidate the Company or to cease operations, or has no conditions may cause the Company to cease to continue
realistic alternative but to do so. as a going concern.
The Company’s Board of Directors is also responsible for
• Evaluate the overall presentation, structure and content
overseeing the Company’s financial reporting process.
of the Financial Statements, including the disclosures,
Auditor’s Responsibilities for the Audit of the Ind AS and whether the Financial Statements represent the
Financial Statements underlying transactions and events in a manner that
Our objectives are to obtain reasonable assurance about achieves fair presentation.
whether the Financial Statements as a whole are free from Materiality is the magnitude of misstatements in the financial
material misstatement, whether due to fraud or error, and to statements that, individually or in aggregate, makes it probable
issue an Auditor’s Report that includes our opinion. Reasonable that the economic decisions of a reasonably knowledgeable
assurance is a high level of assurance, but is not a guarantee user of the Financial Statements may be influenced. We
that an audit conducted in accordance with SAs will always consider quantitative materiality and qualitative factors in

115
 (i) planning the scope of our audit work and in evaluating for classification of vendor into MSEs. In absence of that
the results of our work; and (ii) to evaluate the effect of any we are unable to comment on the compliance of the
identified misstatements in the Financial Statements. provisions of MSMED Act, 2006.
We communicate with those charged with governance Our opinion is not modified in respect of these matters
regarding, among other matters, the planned scope and Report on Other Legal and Regulatory Requirements
timing of the audit and significant audit findings, including
1. As required by the Companies (Auditor’s Report) Order,
any significant deficiencies in internal control that we identify
2020 (“the Order”), issued by the Central Government
during our audit.
of India in terms of sub-section (11) of section 143 of
We also provide those charged with governance with a the Companies Act, 2013, we give in the Annexure “A”, a
statement that we have complied with relevant ethical statement on the matters specified in paragraphs 3 and 4
requirements regarding independence, and to communicate of the Order, to the extent applicable.
with them all relationships and other matters that may
2. As required by section 143(5) of the Companies Act,
reasonably be thought to bear on our independence, and
2013, we give in Annexure “B” (i) & (ii), a statement
where applicable, related safeguards.
on the directions and additional directions issued by
From the matters communicated with those charged with the Comptroller and Auditor General of India after
governance, we determine those matters that were of most complying the suggested methodology of audit, the
significance in the audit of the Financial Statements of the action taken thereon and its impact on the accounts and
current period and are therefore the key audit matters. We financial statements of Company.
describe these matters in our Auditor’s Report unless law or 3. As required by Section 143(3) of the Act, we report that:
regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a a) We have sought and obtained all the information
matter should not be communicated in our report because and explanations which to the best of our
the adverse consequences of doing so would reasonably be knowledge and belief were necessary for the
expected to outweigh the public interest benefits of such purposes of our audit;
communication. b) In our opinion, proper books of account as
Other Matters: required by law have been kept by the Company
so far as it appears from our examination of those
1. We did not audit the Financial Statements/ Financial books and reports of branch auditors adequate for
information of following branches whose financial the purposes of our audit have been received from
statements reflect given below for total assets as at 31- the branches not visited by us;
03-2024, Total Revenue for the year ended on that date c) The reports on the accounts of the branch offices of
to the extent to which they are reflected in the financial the Company audited under Section 143(8) of the
statements. The financial statements of these branches Act by branch auditors have been sent to us and
have been audited by the branch auditors whose reports have been properly dealt with by us in preparing
have been furnished to us, and our opinion in so far as this report;
it relates to the amounts and disclosures included in
d) The Balance Sheet, the Statement of Profit and
respect of these branches and our report in terms of
Loss including Other Comprehensive Income,
subsection (3) of Section 143 of the Act, in respect of
Statement of Change in Equity and Statement
the below branches, is based solely on the report of such
of Cash Flow dealt with by this report are in
branch auditors.
agreement with the books of account;
Assets (in Revenue (in e) In our opinion, the aforesaid Financial Statement
Branches
Crores) Crores) comply with the Indian Accounting Standards
Kakri 222.31 494.32 specified under section 133 of the Companies Act,
Bina 3375.35 1926.38 2013, read with Rule 7 of the Companies (Indian
Accounting Standards) Rules, 2015, as amended
Krinshashila 1894.97 2154.46 from time to time;
Khadia 3443.40 3118.09 f) In terms of Notification no. G.S.R. 463 (E) dated
Jayant 4341.15 4736.23 05th June 2015 issued by the Ministry of Corporate
Nigahi 5022.11 3912.16 Affairs, provisions of Section 164(2) of the Act
regarding disqualifications of the Directors, the
CWS 43.37 220.77
same is not applicable to Government Companies;
Total 18342.66 16562.41 and
2. The Company is not maintaining complete records of g) With respect to the adequacy of the internal
MSEs registered vendors, also there is no uniform basis financial controls with reference to Financial

116
 Statements of the Company and the operating by or on behalf of the Funding Party (“Ultimate
effectiveness of such controls, refer to our separate Beneficiaries”) or provide any guarantee, security or
Report in Annexure “C”. Our report expresses an the like on behalf of the Ultimate Beneficiaries; and
unmodified opinion on the adequacy and operating (iii) Based on audit procedures which we considered
effectiveness of the Company’s internal financial reasonable and appropriate in the circumstances,
control with reference to financial statements. nothing has come to our notice that has caused us
h) As per notification number G.S.R. 463 E dated June to believe that the representations under sub-clause
5, 2015 issued by Ministry of Corporate Affairs, (i) and (ii) of rule 11(e), contain any material mis-
section 197 of the Act as regards the managerial statement.
remuneration is not applicable to the Government
e) As stated in Note No. 7.2 to the financial statement
companies.
(i) The Final Dividend for the previous financial year
i) With respect to the other matters to be included
declared and paid during the year is in accordance
in the Auditor’s Report in accordance with Rule
with sec 123 of the Act as applicable, after approval
11 of the Companies (Audit and Auditors) Rules,
by the members in the annual general meeting held
2014, as amended, in our opinion and to the best of
our information and according to the explanations during the year;
given to us and based on the consideration of the (ii) Interim Dividend for the financial year declared and
reports of the branch auditors as referred to in Para paid during the year is in accordance with section
Other Matter above; 123 of the Companies Act 2013 as applicable; and
a) The Company has disclosed the impact of pending (iii) The Board of Directors of the Company have
litigations on its financial position in its financial proposed final dividend for the year which is subject
statements – Refer Note No. 16 (1) to the financial to the approval of the Members at the Annual
statements; General Meeting. The amount of dividend proposed
b) The Company has made provision, as required is in accordance with section 123 of the Companies
under the applicable law or accounting standards, Act 2013 as applicable.
for material foreseeable losses, if any, on long-term f) Bases on our examination which includes test check,
contracts including derivative contracts; and the Company has used an accounting software for
c) There was no amount which were required to maintaining its books of accounts for the financial year
be transferred to the Investor Education and ended March 31st 2024, which has a feature of recording
Protection Fund by the Company. audit trail (edit log) and same has operated throughout
d) (i) The management has represented that, to the the year for all the relevant transactions recorded in the
best of its knowledge and belief, no funds have software. Further, during the course of our audit we did
been advanced or loaned or invested (either from not come across any instances of audit trail feature being
borrowed funds or share premium or any other tempered with.
sources or kind of funds) by the Company to or in
As proviso to Rule 3(1) of the Companies (Accounts)
any other person(s) or entity(ies), including foreign
Rules, 2014 is applicable from April 1, 2023, reporting
entities (“Intermediaries”), with the understanding,
under Rule 11(g) of the Companies (Audit and Auditors)
whether recorded in writing or otherwise, that the
Rules, 2014 on preservation of audit trail as per statutory
Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified requirements for the record retention is not applicable
in any manner whatsoever by or on behalf of the for the financial year ended March 31, 2024.
Company (“Ultimate Beneficiaries”) or provide For R. SHAH & CO.
any guarantee, security or the like on behalf of the
Chartered Accountants
Ultimate Beneficiaries;
Firm Registration No.502010C
(ii) The management has represented, that, to the best of
its knowledge and belief, no funds have been received
by the Company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with Sd/-
the understanding, whether recorded in writing GOTAM KUMAR BAGARIYA
or otherwise, that the Company shall, whether, Place: Singrauli Partner
directly or indirectly, lend or invest in other persons Date: 24-04-2024 Membership No. 425104
or entities identified in any manner whatsoever UDIN: 24425104BKEZID8700

117
 Annexure “A”
(Referred to in paragraph 1 of Report on Other Legal and appointed for this purpose. Further, the physical
Regulatory Requirements’ section of our report for the year verification has not been conducted as on 31.03.2024,
ending on 31st March 2024, we report that: Since Physical verification for the year not done yet, we
are unable to comment on whether any discrepancies
i) In respect of the Company’s Property, Plant and are there which needs to be accounted for in the FY
Equipment and Intangible assets: 2023-24.
a. (A) The Company has maintained proper records showing c. According to the information and explanations given to
full particulars, including quantitative details and us and on the basis of our examination of the records of
situation of Property, Plant and Equipment in the Company, the lease hold land is acquired as per the
general. However, description, quantity, location & notification issued by Ministry under the provision of
identification marks of some assets are not properly Coal Bearing Area (Acquisition and Development) Act,
filled in asset register. 1957, no such title deeds are necessary to hold in the
name of the Company, although it has been explained
(B) The Company has maintained proper records
that mutation of the properties is been made in the name
showing full particulars of intangible assets.
of the Company in the land records of the Government,
b. Property, Plant and Equipment have been physically details of mutation pending are given below.
verified by the management at reasonable intervals.
The Company has given some portion of lease hold land
There is a regular programme of verification which in
on lease to NTPC Limited but details of land given on
our opinion, is reasonable having regard to the size of
lease to NTPC Limited has not been provided to us.
the Company and the nature of its assets. Last such
(Refer note no 16 (6) (f) to the Financial Statement).
verification was done as on 31.12.2022 by auditor

Gross Whether Promoter, Period held-

Description Held in Reason for not being held in the
carrying director, or their indicate range
of property name of name of Company
value relative or employee where appropriate
The total land acquired under the
CBA (Acquisition and Development)
Act, 1957, and the Land Acquisition
Act, 1894 and others acts, amounts to
24,294.61 hectares (Ha). Out of this
Other Land 1486.59 NA NA Various Period
total, 9241.31 hectares (Ha) require
mutation. Thus, mutation has been
completed for 5238.23 hectares (Ha)
of this land. Pending for mutation
4003.08 hectares (Ha).

d. As per information and explanations given to us, and the nature of its assets. Coal stock inventory was
the Company has not revalued property plant and physically verified as on 31.03.2024. However last
equipment (including Right of Use assets) or intangible physical verification for store and spares inventory
assets or both during the year. Therefore, the provisions was done as on 31.12.2022 by Chartered Accountants
of paragraph 3 (i) (d) of the order are not applicable to appointed for this purpose. Further, the physical
the Company. verification not been conducted as on 31.03.2024. Since
e. As per information and explanations given to us, no Physical verification for the year not done yet, we are
proceedings have been initiated or are pending against unable to comment on whether any discrepancies
the Company for holding any benami property under are there which needs to be accounted for in the
the Benami Transactions (Prohibition) Act, 1988 (45 of FY 2023-24.
1988) (as amended in 2016) and rules made thereunder. b. According to the information and explanations given to
ii) In respect of inventories: - us the Company has not been sanctioned any working
capital limits during the year from any banks or financial
a. Inventories have been physically verified by the institutions.
management at reasonable intervals. There is a regular
programme of verification which in our opinion, is iii) According to information and explanation given to
reasonable having regard to the size of the Company us, the Company has not made any investment nor

118
 given any guarantee or security or granted any loans & vi) We have broadly reviewed the books of account
advances in the nature of loans, secured or unsecured, maintained by the Company, pursuant to the rules
to companies, firms, and limited liability partnerships made by the Central Government, for maintenance of
or other parties, therefore clause (iii) of para is not Cost records under sub section (1) of section 148 of
applicable on the Company; the Act and we are of the opinion that prima-facie the
iv) In our opinion and according to the information and prescribed accounts and records have been maintained.
explanations given to us, the Company has complied vii) In respect of statutory dues:
with the provisions of section 185 and 186 of the Act, a. The Company is generally regular in depositing
in respect of grant of loans, making investments and undisputed statutory dues including Provident Fund,
providing guarantees and securities, as applicable. Income Tax, Sales Tax, Goods and Services Tax, Service
v) According to information and explanation given to Tax, Duty of Custom, Duty of Excise, Value Added
us, the Company has not accepted deposits from the Tax, Cess and other statutory dues as applicable to the
Public in terms of directive issued by the Reserve Bank Company with the appropriate authorities. As informed
of India and the provisions of Sections 73 to 76 or any to us, the provisions of Employees State Insurance Act,
other relevant provisions of the Companies Act 2013 1948 are not applicable to the Company.
and the rules made there under. Therefore, the provision b. According to the information and explanations provided
of Paragraph 3(v) of the order ae not applicable to the to us and the particulars of disputed statutory dues are
Company. detailed below:

Status of pending cases at various level as on 31.03.2024

Demand Amount
Sr Nature of Period to which the Forum where dispute is
Name of the Statute (in paid under
No. Dues amount relates pending
Crores) protest
Commissioner of Income Tax
1068.59 166.26 2012-13 to 2022-23
(Appeal), Jabalpur
Income Commissioner of Income Tax
1 Income Tax Act, 1961 1.34 0.00 2018-19
Tax (Appeal), Allahabad
Income Tax Appellate
0.90 0.90 2014-15
Tribunal, Jabalpur
Various years from
19.17 13.13 MP High Court
1990-91 to 2004-05
Goods and Service
2 GST 417.46 38.76 2017-2021 CESTAT, New Delhi
Tax,2017
Service Various years from
3 Finance Act, 1994 95.40 3.68 CESTAT, New Delhi
Tax 2011-12 to 2015-16
4 M.P. VAT Act, Various years from 1st Appellant Authority,
176.23 51.36
Central Sales Tax 2011-12 to 2017-18 Jabalpur
Act, 1956, Entry Tax Various years from Additional/Deputy
and M.P. Forest Act 60.47 24.19
1998-99 to 2011-12 Commissioner, Satna
MP VAT
Various years from Commercial Tax Appellate
126.13 58.37
2005-06 to 2015-16 Board, Bhopal
Various years from
46.21 20.54 MP High Court, Jabalpur
2001-02 and 2012-13
Various years from 1st Appellant Authority,
114.51 11.45
1992-93 to 2017-18 Jabalpur
Various years from Additional/Deputy
162.94 22.68
Central 1997-98 to 2010-11 Commissioner, Satna
Sales Tax Additional Commissioner,
0.82 0.31 2012-13 to 2017-18 Grade-2 (Appeal),
Sonebhadra
0.03 0.00 2016-17 Appellate Authority Mirzapur

119
 Various years from Commercial Tax Appellate
295.33 48.35
2002-03 to 2015-16 Board, Bhopal
Various years from Commercial Tax Appellate
1.48 0.90
1998-99 to 2014-15 Board, Varanasi
Various years from
464.95 62.59 MP High Court, Jabalpur
2007-08 to 2014-15
Various years from 1st Appellant Authority,
170.45 59.76
1996-97 to 2017-18 Jabalpur
Various years from Additional/Deputy
41.54 18.68
1997-98 to 2010-11 Commissioner, Satna
Various years from Commercial Tax Appellate
132.33 54.34
2001-02 to 2015-16 Board, Bhopal
Various years from
25.04 12.43 MP High Court, Jabalpur
2001-02 to 2011-12
Various years from Appellant Authority,
8.65 4.02
1988-89 to 2017-18 Robertsganj /Mirzapur
Various years from Additional Comm. Appeal Gr
3.37 1.31
2007-08 to 2017-18 -2 Sonebhadra
Additional Commissioner
Various years from
UP VAT 14.12 3.92 Grade II, (Appeal),
2012-13 to 2017-18
Commercial Tax, Varanasi
Various years from Commercial Tax Appellate
10.82 3.69
2007-08 to 2015-16 Board, Varanasi
Various years from
UP VAT Act & Entry 2.32 0.68 UP High Court, Allahabad
5 2007-08 to 2009-10
Tax
Various years from 1st Appellant Authority,
6.83 3.42
2010-11 to 2017-18 Mirzapur
Additional Commissioner,
Various years from
Entry Tax 45.26 17.16 Grade 2 (Appeal),
2009-10 to 2017-18
Sonebhadra
Various years from Commercial Tax Appellate
13.30 4.97
2008-09 to 2015-16 Board, Varanasi
UP
Commercial Tax Appellate
TRADE .10 0.10 1998-99 and 2003-04
Board, Varanasi
TAX
Terminal Supreme Court of India, New
Municipal 191.64 20.14 2002-03 to 2012-13
Tax Delhi
6 Corporation Act
1961 Licence Madhya Pradesh High Court,
9.87 6.00 2002
Fees Jabalpur
CBA (A&D) Act, Lease
7 119.98 3.00 2005 Court of SDO, Singrauli
1957 Rent
GRAND TOTAL 3847.58 737.08
As informed to us, an amount of Rs. 737.08 Crores has been paid under protest against above demands.

viii) As per information and explanations given to us that ix) The Company does not have any loans or borrowings
no transactions which is not recorded in the books of from any financial institutions and/or Banks,
Government nor has issued any Debentures during the
account and which has been surrendered or disclosed as
year. Therefore, the provisions of paragraph 3 (ix)(a) to
income during the year in the tax assessments under the paragraph 3 (ix)(f) of the order are not applicable to the
Income Tax Act, 1961. Company.

120
x) (a) The Company has not raised any money by way of (b) Report of the internal auditor for the period have
initial public offer or further public offer (including been provided & considered.
debt instruments) during the year. Accordingly, xv) According to the information and explanations given to
paragraph 3(x)(a) of the order is not applicable. us and based on our examination of the records of the
(b) The Company has not made any preferential Company, the Company has not entered into non-cash
allotment or private placement of shares or fully transactions with directors or persons connected with
or partly convertible debentures during the year. them. Accordingly, paragraph 3(xv) of the order is not
Accordingly, paragraph 3(x)(b) of the order is not applicable
applicable. xvi) The Company is not required to be registered under
xi) (a) According to the information and explanations given section 45-IA of the Reserve Bank of India Act 1934.
to us, no material fraud by the Company or on the Therefore, the provisions of paragraph 3 (xvi)(a) to
Company by its officer or employees has been noticed paragraph 3 (xvi)(d) of the order are not applicable to
or reported during the year. the Company.
(b) As explain to us that no report under sub-section xvii) The Company has not incurred Cash Losses during
(12) of Section 143 of the Companies Act has been Current Financial Year & in the immediately preceding
filed in Form ADT-4 as prescribed under rule 13 of financial year. Therefore, the provisions of paragraph 3
Companies (Audit and Auditors) Rule, 2014 with the (xvii) of the order are not applicable to the Company.
Central Government, during the year and upto the xviii) There was no resignation of the statutory auditors of the
date of this report. Company during the year. However, M/s R SHAH &
(c) We have taken into consideration the whistle blower CO. has been appointed as a new Statutory Auditor of
complaints received by the Company during the year the Company by CAG as a routine procedure. Therefore,
(and upto the date of this report), while determining the provisions of paragraph 3 (xviii) of the order are not
the nature, timing and extent of our audit procedure. applicable to the Company.
xii) In our opinion and according to the information and xix) On the basis of the financial ratios, ageing and expected
explanations, the Company is not a Nidhi Company dates of realization of financial assets and payment of
and accordingly, paragraph 3(xii) of the order is not financial liabilities, other information accompanying the
applicable to the Company. financial statements, we have opinion that no material
xiii) Based on the audit procedures performed and according uncertainty exists as on the date of the audit report and
to the information and explanations given to us, the Company is capable of meeting its liabilities existing
transaction with the related parties are in compliance at the date of Balance sheet as and when they fall due
with section 177 and 188 of the Companies Act, where within a period of one year from the Balance sheet date;
applicable and details of such transactions have been xx) According to information and explanations give to us,
disclosed in the Financial Statements as required by the there is no unspent amount under sub section (5) of
applicable Indian Accounting Standards. Section 135 of Companies Act. Therefore, the provisions
xiv) (a) The Company has an internal audit system of paragraph 3(xx)(a) and 3(xx)(b) of the order is not
commensurate with the size and nature of its applicable to Company.
business. xxi) Reporting under paragraph 3 (xxi) of the order is not
applicable for financial statements.

For R. SHAH & CO.

Chartered Accountants
Firm Registration No. 0502010C

Sd/-
GOTAM KUMAR BAGARIYA
Place: Singrauli Partner
Date: 24-04-2024 Membership No. 425104

UDIN: - 24425104BKEZID8700

121
 Annexure– “B” (i)
Referred to in paragraph 2 of “Report on Other Legal and Regulatory Requirements” of our Independent Auditor’s Report on
the Financial Statements of Company for the year ended 31st March 2024, we report that:

Report on directions under section 143(5) of Companies Act 2013 for the year 2023-24 in respect of Company

S.
Directions Action taken and Auditor’s reply
No.
Whether the Company has system in place to process all
Yes, Company has a system in place to process all the
the accounting transactions through IT system? If yes, the
accounting transactions through IT systems. However,
1. implications of processing of accounting transactions outside
accounting of several item based on schedules prepared
IT system on the integrity of the accounts along with the
and updated manually in excel form.
financial implications, if any, may be stated.
Whether there is any restructuring of an existing loan or cases
of waiver/ write off of debts/ loans/ interest etc. made by a
lender to the Company due to the Company’s inability to repay No any restructuring of any existing loan or waiver/
2. the loan? If yes, the financial impact may be stated. Whether write off of debts/ loans/ interest etc. observed during
such cases are properly accounted for? (In case, lender is a the year.
government Company, then this direction is also applicable
for statutory auditor of lender Company).
Whether funds (grants/ subsidy etc.) received/ receivable On the basis of information and explanation given
for specific schemes from Central/ State Government or its by the management no such case of fund received/
3.
agencies were properly accounted for/ utilized as per its term receivable for specific schemes from Central/ State
and conditions? List the cases of deviation. Agencies observed during the year.

122
 Annexure– “B” (ii)
Report on Additional directions under section143(5) of the Companies Act, 2013 in respect of Company for the year 2023-24

S. No. Directions Action taken and Auditor’s reply

Whether coal stock measurement was based on Yellow Yes, stock measurement was done keeping in view the
Book? Whether physical stock measurement reports Yellow Book and physical stock measurement reports are
1. are accompanied by contour map in all cases? Whether accompanied by contour map. As informed to us approval
approval of the competent authority was obtained for from competent authority has been taken for creation of
new heap, if any, created during the year? new heap during the year.
Whether the Company has conducted physical
verification exercised of assets and properties at the
No such merger/ split/ re-structure of an Company during
2. time of merger/ split/ re-structure of an Company. If so,
the year.
whether the concerned subsidiary followed the requisite
procedure?
The Company has maintained separate Escrow Account
for each mine. The mine closure expenses incurred
Whether separate Escrow Accounts for each mine has on year to year basis forming part of the total mine
3. been maintained in CIL and its subsidiary companies? closure obligation are initially recognized as recoverable
Also examine the utilization of the fund of the account. from Escrow Account and thereafter adjusted with the
obligation in the year in which the amount is withdrawn
after the concurrence of the certifying agency.
Whether the impact of penalty for illegal mining as
imposed by the Hon’ble Supreme Court/ National
4. No such cases noticed during the year.
Green Tribunal/ State Pollution control Board has been
duly considered and accounted for?
Whether any Independent Assessment/ Certification in No Independent Assessment/ Certification in respect of
5. respect of migration process of data from Coalnet Portal migration process of data from Coalnet portal to SAP has
to SAP has been done. been carried out during the year.

For R. SHAH & CO.

Chartered Accountants
Firm Registration No. 0502010C

Sd/-
GOTAM KUMAR BAGARIYA
Place: Singrauli Partner
Date: 24-04-2024 Membership No. 425104

UDIN: - 24425104BKEZID8700

123
 Annexure– “C”

ANNEXURE TO THE
INDEPENDENT AUDITOR’S REPORT OF
EVEN DATE ON THE FINANCIAL STATEMENTS OF
NORTHERN COALFIELDS LIMITED
(Referred to in paragraph 2 (g) under ‘Report on Other to be prescribed under section 143(10) of the Companies Act,
Legal and Regulatory Requirement’ section of our report to 2013, to the extent applicable to an audit of Internal Financial
the members of Northern Coalfields Limited of even date) Controls with reference to financial statement. Those
Standards and the Guidance Note require that we comply
Report on the Internal Financial Controls under Clause (i) of with ethical requirements and plan and perform the audit to
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the obtain reasonable assurance about whether adequate internal
Act”) financial controls with reference to financial statement was
established and maintained and if such controls operated
We have audited the internal financial controls over financial
effectively in all material respects.
reporting of Northern Coalfields Limited (“the Company”)
as of March 31, 2024 in conjunction with our audit of the Our audit involves performing procedures to obtain audit
financial statements of the Company for the year ended on evidence about the adequacy of the internal financial controls
that date, further we relied on the Report on the Internal with reference to financial statement system and their
Financial Control of Company & Branches for the Financial operating effectiveness. Our audit of internal financial controls
year ended as on 31/03/2024 conducted by auditors appointed with reference to financial statement included obtaining an
by the management in this regard. understanding of internal financial controls with reference to
financial statement, assessing the risk that a material weakness
Management’s Responsibility for Internal Financial
exists, and testing and evaluating the design and operating
Controls
effectiveness of internal control based on the assessed risk.
The Company’s management is responsible for establishment The procedures selected depend on the auditor’s judgment,
and maintaining internal financial controls based on the including the assessment of the risks of material misstatement
internal control over financial reporting criteria established of the financial statements, whether due to fraud or error.
by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of We believe that the audit evidence we have obtained is sufficient
Internal Financial Controls Over Financial Reporting issued and appropriate to provide a basis for our audit opinion on the
by the Institute of Chartered Accountants of India (“ICAI”). Internal Financial Controls system with reference to financial
These responsibilities include the design, implementation and statement.
maintenance of adequate internal financial controls that were
Meaning of Internal Financial Controls with reference to
operating effectively for ensuring the orderly and efficient
Financial Statement
conduct of its business, including adherence to Company’s
policies, the safeguarding of its assets, the prevention and A Company’s Internal Financial Control with reference
detection of frauds and errors, the accuracy and completeness to financial statement is a process designed to provide
of the accounting records, and the timely preparation of reliable reasonable assurance regarding the reliability of financial
financial information, as required under the Companies Act, reporting’ and the preparation of financial statements for
2013. external purposes in accordance with generally accepted
accounting principles. A Company’s internal financial
Auditor’s Responsibility control with reference to financial statement includes those
Our responsibility is to express an opinion on the Company’s policies and procedures that (1) pertain to the maintenance
Internal financial controls with reference to financial statement of records that, in reasonable detail, accurately and fairly
based on our audit. We conducted our audit in accordance reflect the transactions and dispositions of the assets of the
with the Guidance Note on Audit of Internal Financial Company; (2) provide reasonable assurance that transactions
Controls over Financial Reporting (the “Guidance Note”) are recorded as necessary to permit preparation of financial
and the standards on auditing, issued by ICAI and deemed statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Company

124
are being made only in accordance with authorizations Opinion
of management and directors of the Company; and (3)
While framing our opinion, we have relied upon the Report
provide reasonable assurance regarding prevention or timely
on Internal Financial Control of Company & Branches for
detection of unauthorized acquisition, use, or disposition of
the financial year ended on 31/03/2024 issued by auditors
the Company’s assets that could have a material effect on the
appointed by the management in this regards provided to us
financial statements.
and in our opinion, the Company has, in all material respects,
Inherent Limitations of Internal Financial Controls with an adequate Internal Financial Controls system with reference
reference to Financial Statement to financial statement, and such internal financial controls
with reference to financial statement were operating effectively
Because of the inherent limitations of internal financial as on March 31, 2024, based on the criteria for internal control
controls over financial reporting, including the possibility with reference to financial statement established by the
of collusion or improper management override of controls, Company considering the essential components of internal
material misstatements due to error or fraud may occur control stated in the Guidance Note on Audit of Internal
and not be detected. Also, projections of any evaluation of Financial Controls Over Financial Reporting issued by the
the internal financial controls with reference to financial Institute of Chartered Accountants of India. However, IFC
statement to future periods are subject to the risk that the testing module should be implemented in accounting software
internal financial control with reference to financial statement used by the Company.
may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures
may deteriorate.

For R. SHAH & CO.

Chartered Accountants
Firm Registration No. 0502010C

Sd/-
GOTAM KUMAR BAGARIYA
Place: Singrauli Partner
Date: 24-04-2024 Membership No. 425104

UDIN: - 24425104BKEZID8700

125
126
 COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
INDER SECTION 143(6)(b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL
STATEMENTS OF NORTHERN COALFIELDS LIMITED FOR THE YEAR ENDED
31 MARCH 2024

The preparation of financial statements of Northern Coalfields Limited for the year ended 31 March 2024 in accordance with
the financial reporting framework prescribed under the Companies Act. 2013 is the responsibility of the management of the
company. The statutory auditors appointed by the Comptroller and Auditor General of India under section 139 (5) of the Act
is responsible for expressing opinion on the financial statements under section 143 of the Act based on independent audit in
accordance with the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them
x ide their Audit Report dated 24 April 2024.
I. on behalf of the Comptroller and Auditor General of India, have conducted a supplementary’ audit of the financial statements
of Northern Coalfields Limited for the y ear ended 31 March 2024 under section 143(6)(a) of the Act. This supplementary audit
has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to
inquiries of the statutory auditors and company personnel and a selective examination of some of the accounting records.
Based on my supplementary audit. I would like to highlight the following significant matter under section 143(6)(b) of the
Act which have come to my attention and w hich in my view is necessary for enabling a better understanding of the financial
statements and the related audit report;
A. Comment on Disclosure
A.l Balance Sheet
Assets
Non-Current Assets
Property, Plant and Equipment (Note 3.1)
Paragraph 16 of Ind AS 37 on Provisions. Contingent Liabilities, and Contingent Assets states that in almost all cases it will he
clear whether a past event has given rise to a present obligation In rare cases, it may he disputed either whether certain events
have occurred or whether those events result in a present obligation. In such a case, an entity determines whether a present
obligation exists at the end of the repo; ting period by taking account of all available evidence, including the opinion of experts
Paragraph I 18 of Ind AS i on Presentation of Financial Statements states that it is important for an entity to inform timers of
the measurement basis or bases used in the financial statements because ‘he basis on which an entity prepares the financial
statements significantly affects users ‘ analysis.
Coal India Limited (CIL) also obtained (2021i an expert opinion from their statutory auditors (M/s Ray & Ray), wherein it was
opined that in respect of estimate amount payable to the PDF. a provision should be recogr.hed bused on hew estimate of the
expenditure require to settle the obligation on the date of acquisition of land from such PDF irrespective of fulfilment of various
conditions.
Northern Coalfields Limited acquired land under the Coal Bearing Act (CBA) 1957 through a Government Notification. NCL.
after obtaining approval of competent authority, pay the compensation in respect of the above notified land, to the affected
parties/families. NCI. is accounting the compensation on actual payment basis against the total sanctioned amount.
Despite having the opinion. C1L and its subsidiaries has neither framed any uniform accounting policy nor made any uniform
disclosure as to what constitute “Acquisition of Land” and when to earn out capitalization of Land and to create liability for
payment of compensation. Consequently, diverse approach have been adopted among the group subsidiaries for accounting the
recognition of liability and accounting of Land in the Financial Statements. Thus, there is inconsistency in respect of the above
among the group subsidiaries.
Northern Coalfields Limited (NCL) released ^843.27 crore (tor 318.03 Ha land) towards as land compensation against
?1202.41crore (for 477.42 Ha land) sanctioned lor Jayant. Block B and Dudhichua projects as on 31 March 2024. Notification
under CBA (A&D) Act. 1957 for acquisition of total land area of 477.42 Ha had already been issued, and approval for payment
of final compensation was also given by Board of Directors of NCL. The balance payable amount of ?359.14 crore in respect of
remaining land area of 159.39 Ha was neither accounted nor disclosed in the financial statements in deviation of the provisions
of IND AS 01 and 37 on the plea that land can be capitalised as an asset only after the completion of ’acquisition process’.
Thus, the accounting policy as well as disclosure in respect of accounting treatment of obligation towards compensation is
deficient to the above extent.

127
 A.2 Material Accounting Policies (Note 2)
Stripping Activity Expense / Ad justment (Note 2.19)
Material Accounting Policy on Stripping Activity of NCL, inter alia, mentions that when the actual volume of overburden
removed is greater than the expected volume of overburden removal, the stripping cost for excess overburden removed over the
expected overburden removal is capitalized to the stripping activity asset. The stripping activity asset is amortized over the life
of the mine.
Pursuant to change in Accounting Policy concerning Stripping Activity by Coal India Limited (CIL), systematically reversing
the balance of Ratio Variance Reserve without further addition (Policy 2.24). and creation of only Stripping Activity Assets
(Policy 2.19). all Subsidiaries were instructed through Uniform Process Notes to follow the same. By virtue of this change in
accounting policy. Stripping Activity Asset is being consistently featured under Property. Plant, and Equipment (Note 3.1)
w.e.f. 01.04.2022 onwards with retrospective effect of change, instead of the existing policy of adjusting the figure of such asset
with ratio variance as and when the situation arises that was followed till 2022-23. The sentence ‘ The stripping activity’ asset is
amortized over the life of the mine’ is also inserted by virtue of the above change in accounting policy.
Generally, amortization is given effect to on three account heads, viz., leasehold land, intangibles, and stripping activity asset.
Unlike leasehold land and intangibles where the amortization for the related asset is charged in the same year. NCL chose to
amortize stripping activity asset in the following year on the plea that the benefits to be accrued from advance stripping would
only be realized from the succeeding year onwards. However, this deviation adopted by the Company from the usual application
of amortization is not disclosed in the Material Accounting Policy. Further, the said policy is also silent on the fact whether the
stripping activity asset would be amortized over the ‘entire’ life of the mine or the ‘balance’ life of the mine.
Paragraph 29 of Ind AS 8: Accounting Policies. Changes in Accounting Estimates and Errors states that when a voluntary change
in accounting policy has an effect on the current period or any prior period, an entity shall disclose (a) the nature of the change
in accounting policy: (h) the reasons why applying the new accounting policy provides reliable and more relevant information.
Further. Paragraph 121 of Ind AS 1: Presentation of Financial Statements states that an accounting policy may he significant
because of the nature of the entity’s operations.
Stripping activity being an integral part of the operations of a coal mine, disclosure about the basis and method of amortization on
stripping activity asset alongwith reasons thereto was necessary to cater to the requirements of the users of financial statements
in taking informed decisions which, incidentally, was absent irom such Policy.
Thus, disclosure on Material Accounting Policy No.2.19 on Stripping Activity is deficient to that extent.

For and on behalf of the

Comptroller & Auditor General of India

(Bibhudutta Basantia)
Place: Kolkata Director General of Audit (Coal)
Dated: 27 June 2024 Kolkata

128
 MANAGEMENT EXPLANATION TO COMMENTS OF THE COMPTROLLER
AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (b) OF THE
COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF NORTHERN
COALFIELDS LIMITED FOR THE YEAR ENDED 31st MARCH, 2024
Comments on Financial Position Management Explanation
A. Comment on Disclosure The company has consistently applied
A.l Balance Sheet Assets - Non-Current Assets Property, the uniform material accounting policy
Plant and Equipment (Note -3.1) under Ind AS 16 for property, plant,
Paragraph l6 of lnd AS 37 on Provisions. Contingent Liabilities. and and equipment, as well as Ind AS 37
Contingent Assets states that in almost all cases it will be clear whether a past for provisions, contingent liabilities,
event has given rise to a Present obligation. In rare cases, it may be disputed and contingent assets, regarding the
either whether certain events have occurred or whether those events result in capitalization of land acquired under the
a present obligation. In such a case, an entity determines whether a present Coal Bearing Act (CBA) 1957.
obligation exists at the end of the reporting period by taking account of all
available evidence, including the opinion of experts. Accordingly, the accounting policy and
Paragraph 118 of Ind AS I on Presentation of Financial Statements states that disclosure pertaining to the treatment
it is important for an entity to inform users of the measurement basis or bases of obligations for compensation are in
used in the financial statements because the basis on which an entity prepares compliance with the applicable Ind AS
the financial statement significantly affect s users’ analysis. standards. The issue of uniformity in
Coal India Limited (CIL) also obtained (2021) an expert opinion from their recognizing assets and corresponding
statutory auditors (M/s Ray & Ray), wherein it was opined that in respect of liabilities among subsidiaries will be
estimate amount payable to the PDF, a provision should he recognized based referred to the holding company for their
on best estimate of the expenditure require to settle the obligation on the date review.
of acquisition of land .from such PDF irrespective of fulfilment of various
conditions.
Northern Coalfields Limited acquired land under the Coal Bearing Act (CBA)
1957 through a Government Notification. NCL, after obtaining approval of
competent authority, pay the compensation in respect of the above notified
land, to the affected parties/families. NCL is accounting the compensation on
actual payment basis against the total sanctioned amount.
Despite having the opinion, CIL and its subsidiaries has neither framed any
uniform accounting policy nor made any uniform disclosure as to what
constitute “Acquisition of Land” and when to carry out capitalization of Land
and to create liability for payment of compensation. Consequently. diverse
approach have been adopted among the group subsidiaries for accounting the
recognition of liability and accounting of Land in the Financial Statements.
Thus, there is inconsistency in respect of the above among the group
subsidiaries.
Northern Coalfields Limited (NCL) released 843.27 crore (for 318.03 Ha
land) towards as land compensation against Rs.l202.41crore (for 477.42 Ha
land) sanctioned for Jayant. Block B and Dudhichua projects as on 3l March
2024. Notification under CBA (A&D) Act. 1957 for acquisition of total land
area of 477.42 Ha had already been issued, and approval for payment of final
compensation was also given by Board of Directors of NCL. The balance
payable amount of Rs.359.14 crore in respect of remaining land area of 159.39
Ha was neither accounted nor disclosed in the financial statements in deviation
of the provisions of IND AS 0l and 37 on the plea that land can be capitalized
as an asset only after the completion of ‘acquisition process’.
Thus. the accounting policy as well as disclosure in respect of accounting
treatment of obligation towards compensation is deficient to the above extent.

129
 Comments on Disclosure Management Explanation
A.2 Material Accounting Policies (Note 2) Para 15 of the appendix B of Ind AS
Stripping Activity Expense / Adjustment (Note 2.19) 16 property, plant and equipment the
Material Accounting Policy on Stripping Activity of NCL. inter alia. mentions stripping activity asset shall be depreciated
that when the actual volume of overburden removed is greater than the or amortised on a systematic basis, over
expected volume of overburden removal, the stripping cost for excess the expected useful life of the identified
overburden removed over the expected overburden removal is capitalized to component of the ore body that becomes
the stripping activity asset. The stripping activity asset is amortized over the more accessible as a result of the stripping
life of the mine. activity.
Pursuant to change in Accounting Policy concerning Stripping Activity by The accounting policy of the company
Coal lndia limited (CIL). Systematically reversing the balance of Ratio Variance states that the stripping activity asset is
Reserve without further addition (Policy 2.24), and creation of only Stripping amortized over the life of the mine.
Activity Assets (Policy 2.19), all Subsidiaries were instructed through Uniform
Process Notes to follow the same. By virtue of this change in accounting policy, It is implied that the Stripping activity asset
Stripping Activity Asset is being consistently featured under Property, Plant will be amortised over the expected useful
and Equipment (Note 3.1) w.e.f. 01.04.2022 onwards with retrospective effect life of the identified component of the ore
of change. instead of the existing policy of adjusting the figure of such asset body that becomes more accessible as a
with ratio variance as and when the situation arises that was followed till 2022- result of the stripping activity.
23. The sentence ‘The stripping activity asset is amortized over the life of the Further the depreciation/amortisation
mine’ is also inserted by virtue of the above change in accounting policy. of property, plant, and equipment and
Generally, amortization is given effect to on three account heads. viz., intangible assets are covered by different
leasehold land, intangibles, and stripping activity asset. Unlike leasehold land policies.
and intangibles where the amortization for the related asset is charged in the
same year, NCL choose to amortize stripping activity asset in the following The aforesaid policy is also similar in other
year on the plea that the benefits to be accrued from advance stripping would mining companies which comply Ind AS or
only be realized from the succeeding year onwards. However, this deviation IFRS.
adopted by the Company from the usual application of amortization is not However to comply with the observation
disclosed in the Material Accounting Policy. Further, the said policy is also given in supplementary audit, the policy of
silent on the fact whether the stripping activity asset would be amortized over amortisation of Stripping activity asset will
the ‘entire’ life of the mine or the ‘balance’ life of the mine. be modified suitably from the next financial
Paragraph 29 of lnd AS 8: Accounting Policies, Changes in Accounting year 2024-25 and onwards in consultation
Estimates and Errors states that when a voluntary change in accounting policy with Holding company.
has an effect on the current period or any prior period. an entity shall disclose
(a) the nature of the change in accounting policy: (b) the reasons why applying
lhe new accounting policy provides reliable and more relevant information.
Further, Paragraph, 121 of Ind AS 1 : Presentation of Financial Statements
states that an accounting policy may he significant because of the nature of the
entity’s operations.
Stripping activity being an integral part of the operations of a coal mine,
disclosure about the basis and method of amortization on stripping activity
asset along with reasons thereto was necessary to cater to the requirements
of the users of financial statements in taking informed decisions which,
incidentally, was absent from such Policy.
Thus, disclosure on Material Accounting Policy No.2.l9 on Stripping Activity
is deficient to that extent.

130
Annual Financial Statements
2023-24

131
132
 NORTHERN COALFIELDS LIMITED
(A Subsidiary of Coal India Ltd.)
BALANCE SHEET
(Rs. in Crore )
As at
Note No. 31.03.2024 31.03.2023 01.04.2022
(Restated) (Restated)
ASSETS
Non-Current Assets
(a) Property, Plant and Equipments 3.1 16,414.24 12,714.82 12,498.79
(b) Capital Work in Progress 3.2 1,976.65 2,334.77 1,316.38
(c) Exploration and Evaluation Assets 3.3 288.53 271.31 254.70
(d) Intangible Assets 3.4 8.36 10.04 -
(e) Intangible Assets under Development 3.5 - - 7.51
(f) Financial Assets
(i) Other Financial Assets 4.6 1,507.51 1,228.58 1,047.64
(g) Other non-current assets 6.1 1,112.56 997.84 779.79
Total Non-Current Assets (A) 21,307.85 17,557.36 15,904.81
Current Assets
(a) Inventories 5.1 1,196.09 1,072.38 1,066.89
(b) Financial Assets
(i) Investments 4.1 684.04 600.71 1,018.33
(ii) Loans 4.2 20.07 20.77 2.19
(iii) Trade Receivables 4.3 2,227.97 2,471.34 1,309.70
(iv) Cash and Cash equivalents 4.4 2,560.95 958.37 571.93
(v) Other Bank Balances 4.5 1,671.02 3,776.17 4,647.26
(vi) Other Financial Assets 4.6 63.71 66.63 118.08
(c) Current Tax Assets (Net) 11.1 3,254.59 3,030.04 2,640.44
(d) Other Current Assets 6.2 5,738.64 5,173.68 4,364.56
Total Current Assets (B) 17,417.08 17,170.09 15,739.38
Total Assets (A+B) 38,724.93 34,727.45 31,644.19
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 7.1 2,523.76 630.94 630.94
(b) Other Equity 7.2 12,851.78 10,694.93 7,240.40
Total Equity (A) 15,375.54 11,325.87 7,871.34
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
- Other Financial Liabilities 8.2 387.27 333.41 181.16

133
 As at
Note No. 31.03.2024 31.03.2023 01.04.2022
(Restated) (Restated)
(b) Provisions 9.1 15,183.21 15,642.18 16,214.11
(c) Deferred Tax Liabilities (net) 11.2 274.83 387.08 237.37
(d) Other Non-Current Liabilities 10.1 9.32 10.23 11.13
Total Non-Current Liabilities (B) 15,854.63 16,372.90 16,643.77
Current Liabilities
(a) Financial Liabilities
(i) Trade payables
Total outstanding dues of MSE 8.1 20.05 4.28 2.79
Total outstanding dues other than MSE 8.1 1,162.85 1,184.76 1,222.56
(ii) Other Financial Liabilities 8.2 1,257.26 953.99 1,093.13
(b) Other Current Liabilities 10.2 4,769.06 4,178.85 4,627.15
(c) Provisions 9.1 285.54 706.80 183.45
Total Current Liabilities (C) 7,494.76 7,028.68 7,129.08
Total Equity and Liabilities (A+B+C) 38,724.93 34,727.45 31,644.19

The Accompanying Notes No. 1 to 16 form an integral part of Financial Statements.

As per our report annexed For and On Behalf of the Board of Directors

For R Shah & Co. Sd/- Sd/-

Chartered Accountants (B. Sairam) (Rajneesh Narain)
Firm Regn. No. 502010C Chairman-cum-managing Director Director (Finance) & C.F.O.
DIN-09784229 DIN-09759359

Sd/-
(CA Gotam Kumar Bagariya) Sd/- Sd/-
Partner (Darla Sunil Kumar) (S.K. Panda)
M.No. 425104 General Manager (Finance) Company Secretary

Date : 24.04.2024
Place : Singrauli

134
 NORTHERN COALFIELDS LIMITED
(A Subsidiary of Coal India Ltd.)
STATEMENT OF PROFIT & LOSS
(Rs. in Crore)
For the year ended For the year ended
Note
No. 31.03.2023
31.03.2024
(Restated)

Revenue from operations (Net of Levies)

Sales 12.1 22,555.95 21,593.94

Other Operating Revenue (Net) 12.1 2,076.94 1,733.91

(I) Revenue from operations 24,632.89 23,327.85

(II) Other Income 12.2 801.22 752.42

(III) Total Income (I+II) 25,434.11 24,080.27

(IV) EXPENSES

Cost of Materials Consumed 13.1 3,510.90 4,099.25

Changes in inventories of finished goods 13.2 170.63 103.67

Employee Benefits Expense 13.3 3,445.47 3,368.48

Finance Costs 13.4 82.52 60.54

Depreciation/Amortization/ Impairment 13.5 1,317.20 1,066.19

Stripping Activity Adjustment (Net) 13.6 (1,361.02) (415.39)

Contractual Expense 13.7 4,662.89 4,391.52

Other Expenses 13.8 2,761.89 1,899.15

Total Expenses (IV) 14,590.48 14,573.41

(V) Profit before exceptional items (III-IV) 10,843.63 9,506.86

(VI) Exceptional Items - -

(VII) Profit before Tax (V-VI) 10,843.63 9,506.86

(VIII) Current Tax 14.1 2,637.75 2,233.76

(IX) Deferred Tax (112.25) 149.71

(X) Profit For the Year (VII-VIII-IX) 8,318.13 7,123.39

(XI) Other Comprehensive Income 15.1

135
 Items that will not be reclassified to P&L (97.15) (12.58)

Income tax relating to items that will not be reclassified to

24.45 3.17
profit or loss

Total Other Comprehensive Income (72.70) (9.41)

(XII) Total Comprehensive Income (X+XI) 8,245.43 7,113.98

(XIII) Earnings per equity share : (in Rs.)

(1) Basic 3,295.92 2,822.53

(2) Diluted 3,295.92 2,822.53

The Accompanying Notes No. 1 to 16 form an integral part of Financial Statements.

As per our report annexed For and On Behalf of the Board of Directors

For R Shah & Co. Sd/- Sd/-

Chartered Accountants (B. Sairam) (Rajneesh Narain)
Firm Regn. No. 502010C Chairman-cum-managing Director Director (Finance) & C.F.O.
DIN-09784229 DIN-09759359

Sd/-
(CA Gotam Kumar Bagariya) Sd/- Sd/-
Partner (Darla Sunil Kumar) (S.K. Panda)
M.No. 425104 General Manager (Finance) Company Secretary

Date : 24.04.2024
Place : Singrauli

136
 NORTHERN COALFIELDS LIMITED
(A Subsidiary of Coal India Ltd.)
STATEMENT OF CASH FLOWS
(Rs. in Crores)
For the year ended For the year ended
31.03.2024 31.03.2023 (Restated)
I. CASH FLOW FROM OPERATING ACTIVITIES
Profit Before Tax 10,843.63 9,506.86
Adjustments for :
Depreciation/ Impairment on Fixed Assets 1,317.20 1,066.19
Interest and Dividend Income (509.35) (385.46)
Finance Costs - related to financing activity 82.52 60.54
Loss/ (Profit) on sale of Fixed Assets (1.69) 3.99
Allowance for trade Receivables 221.47 (0.11)
Provision made and Write-off during the period (12.25) 6.20
Stripping Activity Adjustment (Net) (1,361.02) (415.39)
Cash flows from operating activities before changes in following
10,580.51 9,842.82
assets and liabilities
Adjustment for :
Trade Receivable 243.37 (1,161.64)
Inventories (123.71) (5.49)
Short/Long Term Loans/Advances & Other Current Assets (784.40) (1,011.55)
Short/Long term Liabilities and Provisions 355.87 (210.35)
Trade Payables (6.14) 13.50
Cash Generated from Operations 10,265.50 7,467.29
Income tax (paid)/Refund (2,837.85) (2,620.19)
Net Cash Flow from Operating Activities (A) 7,427.65 4,847.10
II. CASH FLOW FROM INVESTING ACTIVITIES
Payments for Property, Plant and Equipments and Intangible assets (3,878.86) (2,293.77)
Proceeds from Sale of Property, Plant and Equipments 13.66 28.83
Payments for Exploration and Evaluation Asset (17.13) (23.71)
Realisation of deposits/(Deposits) with Banks 1,832.45 692.05
Proceeds from/(Investment in) Mutual Fund, Shares etc. (12.36) 477.39
Interest received on Investment 432.93 318.00
Net Cash (used) in Investing Activities (B) (1,629.31) (801.21)

137
 For the year ended For the year ended
31.03.2024 31.03.2023 (Restated)
III. CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid on Equity shares (4,195.76) (3,659.45)
Net Cash (used) in Financing Activities (C ) (4,195.76) (3,659.45)
Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 1,602.58 386.44
Cash & cash equivalents as at the beginning of the year (Refer Note 4.4
958.37 571.93
for components of cash & cash equivalents)
Cash & cash equivalents as at the end of the year (Refer Note 4.4 for
2,560.95 958.37
components of cash & cash equivalents)
Components of Cash and Cash Equivalents
Balances with Banks
- in Deposit Accounts 2,419.00 790.00
- in Current Accounts 81.39 48.07
Others e-procurement account/GeM account/Imprest balances 60.56 120.30
Total 2,560.95 958.37

(All figures in bracket represent outflow)

The above statement of cash flow is prepared with the Indirect Method prescribed in Ind AS 7 - ‘Statement of Cash flows.’
2. The Company has spent ₹ 157.87 crores (Previous year ₹ 133.64 crore) (Refer note no. 13.8) on account of Corporate Social
Responsibility (CSR) expenditure For the year ended 31.03.2024

Refer note 16 (6) (b) for calculation of EPS

As per our report annexed For and On Behalf of the Board of Directors

For R Shah & Co. Sd/- Sd/-

Chartered Accountants (B. Sairam) (Rajneesh Narain)
Firm Regn. No. 502010C Chairman-cum-managing Director Director (Finance) & C.F.O.
DIN-09784229 DIN-09759359

Sd/-
(CA Gotam Kumar Bagariya) Sd/- Sd/-
Partner (Darla Sunil Kumar) (S.K. Panda)
M.No. 425104 General Manager (Finance) Company Secretary

Date : 24.04.2024
Place : Singrauli

138
 NORTHERN COALFIELDS LIMITED
(A Subsidiary of Coal India Ltd.)
Statement of change in Equity For the year ended 31.03.2024

A. EQUITY SHARE CAPITAL

(Rs. in Crore)
Balance As at 1st Changes in equity share Balance as at
Particulars
April, 2023 capital during the year 31.03.2024
25237620 Equity shares of Rs. 1000/- each
630.94 1,892.82 2,523.76
fully paid-up
Balance As at Changes in equity share Balance as at
Particulars
1st April, 2022 capital during the year 31st Mar, 2023
6309405 Equity shares of Rs. 1000/- each fully
630.94 - 630.94
paid-up

B : OTHER EQUITY
(Rs. in Crore)
Particulars Capital General Retained OCI Total Other
Redemption Reserve Earnings -Remeasurement Equity
reserve (Profit & Loss of Defined Benefits
Component) Plans (net of Tax)
Opening Balance as previously
51.86 2,890.09 7,701.07 (97.49) 10,545.53
reported
Changes in accounting policy or prior
- - 149.40 - 149.40
period errors
Restated Balance as at 01.04.2023 51.86 2,890.09 7,850.47 (97.49) 10,694.93
Total Comprehensive Income 8,318.13 (72.70) 8,245.43
Transfer to/from General reserve 415.91 (415.91) -
Interim Dividend (3,438.63) (3,438.63)
Final Dividend (757.13) (757.13)

Utilization for Issue of Bonus Share (51.86) (1,892.82)

(1,840.96)
Balance as at 31.03.2024 - 1,465.04 11,556.93 (170.19) 12,851.78
Opening Balance as previously
51.86 2,541.39 4,735.23 (88.08) 7,240.40
reported
Changes in accounting policy or prior
- - - - -
period errors

139
 Particulars Capital General Retained OCI Total Other
Redemption Reserve Earnings -Remeasurement Equity
reserve (Profit & Loss of Defined Benefits
Component) Plans (net of Tax)
Restated Balance as at 01.04.2022 51.86 2,541.39 4,735.23 (88.08) 7,240.40
Total Comprehensive Income (Restated) 7,123.39 (9.41) 7,113.98
Transfer to / from General reserve 348.70 (348.70) -
Interim Dividend (3,028.51) (3,028.51)
Final Dividend (630.94) (630.94)
Balance as at 31.03.2023 Restated 51.86 2,890.09 7,850.47 (97.49) 10,694.93
Refer Note 7.1 for Issue of Bonus share and refer Note 7.2 for dividend & nature and purpose of Reserves and Surplus.
The Accompanying Notes No. 1 to 16 form an integral part of Financial Statements.

As per our report annexed For and On Behalf of the Board of Directors

For R Shah & Co. Sd/- Sd/-

Chartered Accountants (B. Sairam) (Rajneesh Narain)
Firm Regn. No. 502010C Chairman-cum-managing Director Director (Finance) & C.F.O.
DIN-09784229 DIN-09759359

Sd/-
(CA Gotam Kumar Bagariya) Sd/- Sd/-
Partner (Darla Sunil Kumar) (S.K. Panda)
M.No. 425104 General Manager (Finance) Company Secretary

Date : 24.04.2024
Place : Singrauli

140
Note: 1 certain financial instruments that are measured in terms
A. CORPORATE INFORMATION of relevant Ind AS at amortized costs or fair value at the
end of each reporting period.
Northern Coalfields Limited (NCL) has voluntarily
chosen to implement a Companywide comprehensive Historical cost convention is generally based on the fair
and unified Integrated Management System (IMS) value of the consideration given in exchange for goods
complying to Standards ISO 9001:2008, ISO 14001:2004 and services.
and OHSAS 18001:2007 for simultaneous management The functional currency of the company is determined
of economic, environmental and occupational health as the currency of the primary economic environment
and safety. The Company has framed its own Corporate in which it operates. The Financial Statements are
Management Policy and committed to achieve the presented in Indian Rupees and all values are rounded
organizational objectives and targets. off to the ‘rupees in crore’ up to two decimal points.
Northern Coalfields Limited was formed in November 2.2 Current and non-current Classification
1985 as a subsidiary Company of Coal India Limited. The Company presents assets and liabilities in the Balance
Its headquarter is located at Singrauli, Distt. Singrauli Sheet based on current/ non-current classification. An
(M.P.). Singrauli is connected by road with Varanasi asset is treated as current by the Company when:
(220 Km), the nearest railway station is Singrauli located
on the Katni-Chopan branch line running parallel to the (a) It expects to realize the asset, or intends to sell or
northern boundary of the Coalfield. The nearest railway consume it, in its normal operating cycle;
station for reaching directly to Delhi is Renukoot that (b) It holds the asset primarily for the purpose of
is located on the Garhwa-Chopan rail-line. Nearest trading;
(private) airstrip is at Muirpur (60 Km.).
(c) It expects to realize the asset within twelve months
The area of Singrauli Coalfields is about 2202 Sq.Km. after the reporting period; or
The coalfield can be divided into two basins, viz. Moher
(d) The asset is cash or a cash equivalent (as defined in
sub-basin (312 Sq.Km.) and Singrauli Main basin (1890
Ind AS 7) unless the asset is restricted from being
Sq.Km.). Major part of the Moher sub-basin lies in the
exchanged or used to settle a liability for at least
Sidhi district of Madhya Pradesh and a small part lies
twelve months after the reporting period. All other
in the Sonebhadra district of Uttar Pradesh. Singrauli
assets are classified as non-current.
main basin lies in the western part of the coalfield and
is largely unexplored. The present coal mining activities A liability is treated as current by the Company when:
and future blocks are concentrated in Moher sub-basin. (a) It expects to settle the liability in its normal
B. Statement of Compliance operating cycle;
i) Statement of Compliance (b) It holds the liability primarily for the purpose of
trading;
Financial statements have been prepared in
accordance with the Indian Accounting Standards (c) The liability is due to be settled within twelve
(hereinafter referred to as the “Ind AS”) as months after the reporting period; or
notified under the Companies (Indian Accounting (d) It does not have an unconditional right to defer
Standards) Rules, 2015 (as amended) read with settlement of the liability for at least twelve months
Section 133 of the Companies Act, 2013 (“the Act”). after the reporting period. Terms of a liability that
The Ind ASs issued, notified and made effective till could, at the option of the counterparty, result in
the financial statements are authorized and have its settlement by the issue of equity instruments do
been considered for the purpose of preparation of not affect its classification.
these financial statements.
All other liabilities are classified as non-current.
The accounting policies are applied consistently
except where a newly issued accounting 2.3 Revenue recognition
standard is initially adopted or a revision Revenue from contracts with customers
to an existing accounting standard requires Revenue is principally derived from the sale of coal,
a change in the accounting policy hitherto related ancillary services, and products. Revenue from
in use. sales of products is recognized when control of the
Note 2: MATERIAL ACCOUNTING POLICIES products has transferred, being when the products
2.1 Basis of preparation of financial statements are delivered to the customer. Delivery occurs when
the products have been shipped or delivered to the
The Financial Statements have been prepared under specific location as the case may be, and the risks of
the historical cost convention on accrual basis except

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 loss have been transferred in accordance with the sales a lease, at inception of a contract. A contract is, or
contract. The amount of revenue recognized reflects contains, a lease if the contract conveys the right to
the consideration to which the Company is or expects control the use of an identified asset for a period of
to be entitled in exchange for those goods or services. time in exchange for consideration. To assess whether
Accumulated experience is used to estimate and a contract conveys the right to control the use of an
provide for the variable consideration as per the sales identified asset, the Company assesses whether: (i) the
contract, using the most likely method, and revenue is contract involves the use of an identified asset (ii) the
only recognized to the extent that it is highly probable Company has substantially all of the economic benefits
that a significant reversal will not occur. The amount of from use of the asset through the period of the lease and
consideration does not contain a significant financing (iii) the Company has the right to direct the use of the
component as payment terms are less than one year as asset.
per the sales contracts. At the commencement date, a lessee shall recognise
The Company has a number of long-term contracts a right-of-use asset at cost and a lease liability at the
to supply products to customers in future periods. present value of the lease payments that are not paid at
Generally, revenue is recognized on an invoice basis, as that date for all leases unless the lease term is 12 months
each unit sold is a separate performance obligation, and or less or the underlying asset is of low value.
therefore the right to consideration from a customer Subsequently, right-of-use asset is measured using
corresponds directly with our performance completed cost model whereas, the lease liability is measured
to date. by increasing the carrying amount to reflect interest
2.4 Grants from Government on the lease liability, reducing the carrying amount to
Government Grants are not recognised until there is reflect the lease payments made and re-measuring the
reasonable assurance that the Company will comply carrying amount to reflect any reassessment or lease
with the conditions attached to them and that there is modifications
reasonable certainty that grants will be received. The lease liability is initially measured at amortized
Government grants are recognised in Statement of Profit cost at the present value of the future lease payments.
and Loss on a systematic basis over the periods in which The lease payments are discounted using the interest
the Company recognises the related expenses or costs rate implicit in the lease or, if not readily determinable,
for which the grants are intended to compensate. using the incremental borrowing rates of these leases.
Lease liabilities are premeasured with a corresponding
Government Grants related to assets are presented in adjustment to the related right of use asset if the Company
the balance sheet by setting up the grant as deferred changes its assessment if whether it will exercise an
income and are recognised in Statement of Profit and extension or a termination option. Lease liability and
Loss on systematic basis over the useful life of asset. ROU asset are separately presented in the Balance Sheet
Grants related to income (i.e. grant related to other than and lease payments are classified as financing cash flows.
assets) are presented as part of statement of profit and Lease liability obligations is presented separately under
loss under the head ‘Other Income’. the head “Financial Liabilities”.
A government grant/assistance that becomes receivable Finance charges are recognised in finance costs in the
as compensation for expenses or losses already incurred Statement of Profit and Loss, unless the costs are included
or for the purpose of giving immediate financial in the carrying amount of another asset applying other
support to the Company with no future related costs, applicable standards.
is recognised in profit or loss of the period in which it Right-of-use asset is depreciated over the useful life of
becomes receivable. the asset, if the lease transfers ownership of the asset to
The Government grants or grants in the nature of the lessee by the end of the lease term or if the cost of
promoter’s contribution is recognised directly in the right-to-use asset reflects that the lessee will exercise
“Capital Reserve” which forms part of the “Shareholders a purchase option. Otherwise, the lessee shall depreciate
fund”. the right-to-use asset from the commencement date to
the earlier of the end of the useful life of the right-of-use
2.5 Leases
asset or the end of the lease term.
A contract is, or contains, a lease if the contract conveys
2.5.2 Company as a lessor
the right to control the use of and identified asset for a
period of time in exchange for consideration. Assets are given on lease either as finance lease or
operating lease.
2.5.1 Company as a lessee
Finance Lease: A lease is classified as finance lease
The Company assesses whether a contract contains
if it transfers substantially all the risks and rewards

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 incidental to ownership of an underlying asset. Initially, measured reliably.
asset held under finance lease is recognised in Balance PPE are initially measured at cost of acquisition/
Sheet and presented as a receivable at an amount equal construction including decommissioning or restoration
to the net investment in the lease. Finance income cost wherever required. Cost of land includes
is recognised over the lease term, based on a pattern expenditures which are directly attributable to the
reflecting a constant periodic rate of return on Company acquisition of the land like, rehabilitation expenses,
net investment in the lease. resettlement cost and compensation in lieu of
Operating Lease: A lease which is not classified as employment incurred for concerned displaced persons
a finance lease is an operating lease. The Company etc.
recognises lease payments in case of assets given on After recognition, an item of all other Property, plant and
operating leases as income on a straight line basis. equipment are carried at its cost less any accumulated
2.6 Non-current assets held for sale depreciation and any accumulated impairment losses
under Cost Model. The cost of an item of property, plant
The Company classifies non-current assets and (or
and equipment comprises:
disposal groups) as held for sale if their carrying
amounts will be recovered principally through a sale (a) its purchase price, including import duties and
rather than through continuing use. Actions required to non-refundable purchase taxes, after deducting
complete the sale should indicate that it is unlikely that trade discounts and rebates.
significant changes to the sale will be made or that the (b) any costs directly attributable to bringing the asset
decision to sell will be withdrawn. Management must be to the location and condition necessary for it to be
committed to the sale expected within one year from the capable of operating in the manner intended by
date of classification. management.
For these purposes, sale transactions include exchanges (c) the initial estimate of the costs of dismantling
of non-current assets for other non-current assets when and removing the item and restoring the site on
the exchange has commercial substance. The criteria for which it is located, the obligation for which the
held for sale classification is regarded met only when the Company incurs either when the item is acquired
assets or disposal group is available for immediate sale or as a consequence of having used the item during
in its present condition, subject only to terms that are a particular period for purposes other than to
usual and customary for sales of such assets (or disposal produce inventories during that period.
groups), its sale is highly probable; and it will genuinely
be sold, not abandoned. The Company treats sale of the (d) Interest on Borrowings utilized to finance the
asset or disposal group to be highly probable when: construction of qualifying assets are capitalised
as part of cost of the asset until such time that the
• The appropriate level of management is committed asset is ready for its intended use.
to a plan to sell the asset (or disposal group),
Each part of an item of property, plant and equipment
• An active programme to locate a buyer and complete with a cost that is significant in relation to the total
the plan has been initiated cost of the item is depreciated separately. However,
• The asset (or disposal group) is being actively significant part(s) of an item of PPE having same useful
marketed for sale at a price that is reasonable in life and depreciation method are grouped together in
relation to its current fair value, determining the depreciation charge.
• The sale is expected to qualify for recognition as Costs of the day to-day servicing described as ‘repairs
a completed sale within one year from the date of and maintenance’ are recognised in the statement
classification, and of profit and loss in the period in which the same are
incurred.
• Actions required to complete the plan indicate that
it is unlikely that significant changes to the plan will Subsequent cost of replacing parts which are significant
be made or that the plan will be withdrawn. in relation to the total cost of an item of property, plant
and equipment are recognised in the carrying amount of
Non-current asset or disposal groups classified as held
the item, if it is probable that future economic benefits
for sale are measured at the lower of carrying amount
associated with the item will flow to the Company;
and fair value less costs to sell
and the cost of the item can be measured reliably. The
2.7 Property, Plant and Equipment (PPE) carrying amount of those parts that are replaced is
An item of PPE is recognized as an asset if it is probable derecognised in accordance with the derecognition
that future economic benefits associated with the item policy mentioned below.
will flow to the Company and the cost of the item can be

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 When major inspection is performed, its cost is recognised Value of “Other Land” includes land acquired under Coal
in the carrying amount of the item of property, plant and Bearing Area (Acquisition & Development) (CBA) Act, 1957,
equipment as a replacement if it is probable that future Land Acquisition Act, 1894, Right to Fair Compensation
economic benefits associated with the item will flow to the and Transparency in Land Acquisition, Rehabilitation and
Company; and the cost of the item can be measured reliably. Resettlement (RFCTLAAR) Act, 2013, Long term transfer of
Any remaining carrying amount of the cost of the previous government land etc., which are amortised on the basis of the
inspection (as distinct from physical parts) is derecognised. balance life of the project; and in case of Leasehold land such
amortisation is based on lease period or balance life of the
An item of Property, plant or equipment is derecognised upon project whichever is lower.
disposal or when no future economic benefits are expected
from the continuing use of assets. Any gain or loss arising on Assets that are fully depreciated and retired from active use
such derecognition of an item of property plant and equipment are disclosed separately as surveyed off assets at its residual
is recognised in profit and Loss. value under Property, Plant Equipment and are tested for
impairment.
Depreciation on property, plant and equipment, except
freehold land, is provided as per cost model on straight line Capital Expenses incurred by the Company on the
basis over the estimated useful lives of the asset as follows: construction/development of certain assets which are
essential for production, supply of goods or for the access to
Other Land any existing Assets of the Company are recognised as Enabling
Assets under Property, Plant and Equipment.
(incl. Leasehold Land) : Life of the project or lease term
whichever is lower Transition to Ind AS
Building (incl. Roads) : 3-60 years The Company elected to continue with the carrying value as
per the cost model (for all of its property, plant and equipment
Telecommunication : 3-9 years
as recognised in the financial statements as at the date of
Railway Sidings : 15 years transition to Ind ASs, measured as per the previous GAAP.

Plant and Equipment : 1-40 years 2.8 Mine Closure, Site Restoration and Decommissioning
Obligation
Computers and Laptops : 3 Years
The Company obligation for land reclamation and
Office equipment : 3-5 years decommissioning of structures consists of spending at
both surface and underground mines in accordance with
Furniture and Fixtures : 10 years the guidelines from the Ministry of Coal, Government
of India. The Company estimates its obligation for Mine
Vehicles : 8-10 years
Closure, Site Restoration and Decommissioning based
Based on technical evaluation, the management believes that upon detailed calculation and technical assessment of
the useful lives given above best represent the period over the amount and timing of the future cash spending to
which the management expects to use the asset. Hence the perform the required work. Mine Closure expenditure
useful lives of the assets may be different from the useful lives is provided as per approved Mine Closure Plan. The
as prescribed under Part C of Schedule II of the companies estimates of expenses are escalated for inflation, and
act, 2013. then discounted at a discount rate that reflects current
market assessment of the time value of money and
The estimated useful life of the assets is reviewed at the end of the risks, such that the amount of provision reflects
each financial year. the present value of the expenditures expected to be
incurred to settle the obligation. The Company records
The residual value of Property, plant and equipment is a corresponding asset associated with the liability for
considered as 5% of the original cost of the asset except for final reclamation and mine closure. The obligation and
some items of assets such as other land, site restoration asset, corresponding assets are recognised in the period in
other mining infrastructure, surveyed off assets. Useful life which the liability is incurred. The asset representing the
has been technically estimated to be one year with nil residual total site restoration cost (as estimated by Central Mine
value for items such as Coal tub, winding ropes, haulage ropes, Planning and Design Institute Limited) as per the mine
stowing pipes and safety lamps etc. closure plan is recognised as a separate item in PPE and
amortised over the balance project/mine life.
Depreciation on the assets added/disposed of during the year
is provided on pro-rata basis with reference to the month of The value of the provision is progressively increased
addition / disposal. over time as the effect of discounting unwinds; creating

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 an expense recognised as a financial expense. capitalised exploration and evaluation cost is
Further, a specific escrow fund account is maintained recognised as assets under construction and disclosed
for this purpose as per the approved mine closure plan. as a component of capital work in progress under the
head “Development”. All subsequent development
The progressive mine closure expenses incurred on expenditure is also capitalised. The development
year to year basis forming part of the total mine closure expenditure capitalised is net of proceeds from the sale
obligation are initially recognised as receivable from of coal extracted during the development phase.
the escrow account and thereafter adjusted with the
obligation in the year in which the amount is withdrawn Commercial Operation
after the concurrence of the certifying agency. The project/mines are brought to revenue; when
2.9 Exploration and Evaluation Assets commercial readiness of a project/mine to yield
production on a sustainable basis is established either on
Exploration and evaluation assets comprise costs that are the basis of conditions specifically stated in the project
attributable to the search for coal and related resources, report or on the basis of the following criteria:
pending the determination of technical feasibility and
the assessment of commercial viability of an identified (a) From the beginning of the financial year
resource which comprises inter alia the following: immediately after the year in which the project
achieves physical output of 25% of rated capacity
• acquisition of rights to explore as per the approved project report, or
• researching and analysing historical exploration (b) 2 years of touching coal, or
data;
(c) From the beginning of the financial year in
• gathering exploration data through topographical, which the value of production is more than total,
geo-chemical and geo-physical studies; expenses.
• exploratory drilling, trenching, and sampling; Whichever event occurs first;
• determining and examining the volume and grade On being brought to revenue, the assets under capital
of the resource; work in progress are reclassified as a component of
• surveying transportation and infrastructure property, plant, and equipment under the nomenclature
requirements; “Other Mining Infrastructure”. Other Mining
infrastructures are amortised from the year when
• Conducting market and finance studies.
the mine is brought under revenue in 20 years or the
The above includes employee remuneration, cost of working life of the project whichever is less.
materials and fuel used, payments to contractors etc.
2.11 Intangible Assets
As the intangible component represents an insignificant/
Intangible assets acquired separately are measured on
indistinguishable portion of the overall expected
initial recognition at cost. Cost includes any directly
tangible costs to be incurred and recouped from future
attributable expenses necessary to make the assets
exploitation, these costs along with other capitalised
ready for its intended use. After initial recognition,
exploration costs are recorded as exploration and
intangible assets are carried at cost less any accumulated
evaluation assets.
amortisation and accumulated impairment losses.
Exploration and evaluation costs are capitalised on a
Subsequent expenditure is recognized as an increase
project-by-project basis pending the determination
in the carrying amount of the asset when it is probable
of technical feasibility and commercial viability of the
that future economic benefits deriving from the cost
project and disclosed as a separate line item under non-
incurred will flow to the company and the cost of the
current assets. They are subsequently measured at cost
item can be measured reliably.
less accumulated impairment/provision.
An item of Intangible asset is derecognized upon
Once proved reserves are determined and the
disposal or when no future economic benefits are
development of mines/projects are sanctioned,
expected from its use or disposal. Gains or losses
exploration and evaluation assets are transferred
arising from the derecognition of an intangible asset
to “Development” under capital work in progress.
are measured as the difference between the net disposal
However, if proved reserves are not determined, the
proceeds and the carrying amount of the asset and are
exploration and evaluation asset is derecognised.
recognised in the Statement of Profit and Loss when the
2.10 Development Expenditure asset is derecognised.
When proved reserves are determined and the Internally generated intangibles, excluding capitalised
development of mines/projects are sanctioned, development costs, are not capitalised. Instead, the

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 related expenditure is recognised in the statement of 2.13 Investment Property
profit and loss and other comprehensive income in the Property (land or a building or part of a building or
period in which the expenditure is incurred. both) held to earn rentals or for capital appreciation or
The useful lives of intangible assets are assessed as either both, rather than for, use in the production or supply of
finite or indefinite. Intangible assets with finite lives are goods or services or for administrative purposes; or sale
amortised over their useful economic lives and assessed in the ordinary course of businesses are classified as an
for impairment whenever there is an indication that investment property.
the intangible asset may be impaired. The amortisation
Investment property is measured initially at its cost,
period and the amortisation method for an intangible
including related transaction costs and where applicable
asset with a finite useful life are reviewed at least at the
borrowing costs.
end of each reporting period. Changes in the expected
useful life or the expected pattern of consumption Investment properties are depreciated using the straight-
of future economic benefits embodied in the asset line method over their estimated useful lives.
are considered to modify the amortisation period or 2.14 Financial Instruments
method, as appropriate, and are treated as changes in
accounting estimates. The amortisation expense on A financial instrument is any contract that gives rise to
intangible assets with finite lives is recognised in the a financial asset of one entity and a financial liability or
statement of profit and loss. equity instrument of another entity.
An intangible asset with an indefinite useful life is not 2.14.1 Financial assets
amortised but is tested for impairment at each reporting
2.14.1 Initial recognition and measurement
date.
Exploration and Evaluation assets attributable to blocks All financial assets are recognised initially at fair value,
identified for sale or proposed to be sold to outside in the case of financial assets not recorded at fair value
agencies (i.e. for blocks not earmarked for CIL) are through profit or loss, plus transaction costs that are
however, classified as Intangible Assets and tested for attributable to the acquisition of the financial asset.
impairment. Purchases or sales of financial assets that require
delivery of assets within a time frame established by
Expenditure on research is charged to expenditure as
regulation or convention in the market place (regular
and when incurred. Expenditure on development is
way trades) are recognised on the trade date, i.e., the
capitalized only if the expenditure can be measured
date that the Company commits to purchase or sell the
reliably, the product or process is technically and
asset. However, trade receivables that do not contain
commercially feasible, future economic benefits are
a significant financing component are measured at
probable and the company intends to & has sufficient
transaction price.
resources to complete development and to use or sell the
asset.. 2.14.2 Subsequent measurement
2.12 Impairment of Assets (other than financial assets)
For purposes of subsequent measurement, financial
The Company assesses at the end of each reporting assets are classified in four categories:
period whether there is any indication that an asset may
be impaired. If any such indication exists, the Company • Debt instruments at amortised cost
estimates the recoverable amount of the asset. An asset’s • Debt instruments at fair value through other
recoverable amount is the higher of the asset’s or cash- comprehensive income (FVTOCI)
generating unit’s value in use and its fair value less costs
• Debt instruments, derivatives and equity
of disposal, and is determined for an individual asset,
instruments at fair value through profit or loss
unless the asset does not generate cash inflows that
(FVTPL)
are largely independent of those from other assets or
groups of assets, in which case the recoverable amount • Equity instruments measured at fair value through
is determined for the cash-generating unit to which the other comprehensive income (FVTOCI)
asset belongs.Company considers individual mines as 2.14.2.1Debt instruments at amortised cost
separate cash- generating units for the purpose of a test A ‘debt instrument’ is measured at the amortised cost if both
of impairment. the following conditions are met:
If the recoverable amount of an asset is estimated to be
less than its carrying amount, the carrying amount of a) The asset is held within a business model whose
the asset is reduced to its recoverable amount and the objective is to hold assets for collecting contractual cash
impairment loss is recognised in the Statement of Profit flows, and
and Loss.

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b) Contractual terms of the asset give rise on specified dates In case of consolidated financial statement, Equity investments
to cash flows that are solely payments of principal and in associates and joint ventures are accounted as per equity
interest (SPPI) on the principal amount outstanding. method as prescribed in para 10 of Ind AS 28.
After initial measurement, such financial assets are 2.14.2.5 Other Equity Investment
subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost All other equity investments in scope of Ind AS 109 are
is calculated by taking into account any discount or measured at fair value through profit or loss.
premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included The Company may make an irrevocable election to present in
in finance income in the profit or loss. The losses arising other comprehensive income subsequent changes in the fair
from impairment are recognised in the profit or loss. value. The Company makes such election on an instrument
by-instrument basis. The classification is made on initial
2.14.2.2 Debt instrument at FVTOCI
recognition and is irrevocable.
A ‘debt instrument’ is classified as at the FVTOCI if both of
the following criteria are met: All fair value changes of an equity instrument classified at
FVTOCI, are recognized in OCI. There is no subsequent
a) The objective of the business model is achieved both reclassification of fair value gains and losses to the Statement
by collecting contractual cash flows and selling the of Profit and Loss. However, the Company may transfer the
financial assets, and cumulative gain or loss within equity. Dividends from such
b) The asset’s contractual cash flows represent SPPI. investments are recognised in the Statement of Profit and
Loss as “other income” when the company right to receive
Debt instruments included within the FVTOCI category payments is established.
are measured initially as well as at each reporting date
at fair value. Fair value movements are recognized in Equity instruments included within the FVTPL category are
the other comprehensive income (OCI). However, the measured at fair value with all changes recognized in the P&L.
Company recognizes interest income, impairment
losses and reversals and foreign exchange gain or loss 2.14.2.6 Derecognition
in the P&L. On derecognition of the asset, cumulative
gain or loss previously recognised in OCI is reclassified A financial asset (or, where applicable, a part of a financial
from the equity to P&L. Interest earned whilst holding asset or part of a group of similar financial assets) is primarily
FVTOCI debt instrument is reported as interest income derecognised (i.e. removed from the balance sheet) when:
using the EIR method.
• The rights to receive cash flows from the asset have
2.14.2.3 Debt instrument at FVTPL expired, or
FVTPL is a residual category for debt instruments. Any debt
instrument, which does not meet the criteria for categorization • The Company has transferred its rights to receive cash
as at amortized cost or as FVTOCI, is classified as at FVTPL. flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to
In addition, the Company may elect to designate a debt a third party under a ‘pass-through’ arrangement; and
instrument, which otherwise meets amortized cost or either (a) the Company has transferred substantially all
FVTOCI criteria, as at FVTPL. However, such election is the risks and rewards of the asset, or (b) the Company
allowed only if doing so reduces or eliminates a measurement has neither transferred nor retained substantially all
or recognition inconsistency (referred to as ‘accounting the risks and rewards of the asset, but has transferred
mismatch’). TheCompanyhas not designated any debt control of the asset.
instrument as at FVTPL.
When the Company has transferred its rights to receive
Debt instruments included within the FVTPL category are cash flows from an asset or has entered into a pass-through
measured at fair value with all changes recognized in the P&L. arrangement, it evaluates if and to what extent it has retained
the risks and rewards of ownership. When it has neither
2.14.2.4 Equity investments in subsidiaries, associates and transferred nor retained substantially all of the risks and
Joint Ventures rewards of the asset, nor transferred control of the asset, the
Company continues to recognise the transferred asset to the
In accordance of Ind AS 101 (First time adoption of Ind AS), extent of the Company’s continuing involvement. In that
the carrying amount of these investments as per previous case, the Company also recognises an associated liability. The
GAAP as on the date of transition is considered to be the transferred asset and the associated liability are measured on a
deemed cost. Subsequently Investment in subsidiaries, basis that reflects the rights and obligations that the Company
associates and joint ventures are measured at cost. has retained. Continuing involvement that takes the form of a

147
 guarantee over the transferred asset is measured at the lower designated upon initial recognition as at fair value through
of the original carrying amount of the asset and the maximum profit or loss. Financial liabilities are classified as held for
amount of consideration that the Company could be required trading if they are incurred for the purpose of repurchasing
to repay. in the near term. This category also includes derivative
financial instruments entered into by the Company that are
2.14.2.7 Impairment of financial assets (other than fair not designated as hedging instruments in hedge relationships
value) as defined by Ind AS 109. Separated embedded derivatives are
also classified as held for trading unless they are designated as
In accordance with Ind AS 109, the Company applies expected
effective hedging instruments.
credit loss (ECL) model for measurement and recognition of
impairment loss on the following financial assets and credit Gains or losses on liabilities held for trading are recognised in
risk exposure: the profit or loss.
a) Financial assets that are debt instruments, and are 2.14.3.4 Financial liabilities at amortised cost
measured at amortised cost e.g., loans, debt
securities, deposits, trade receivables and bank balance After initial recognition, these are subsequently measured at
amortised cost using the effective interest rate method. Gains
b) Financial assets that are debt instruments and are and losses are recognised in profit or loss when the liabilities
measured as at FVTOCI are derecognised as well as through the effective interest rate
c) Lease receivables under Ind AS 17 amortisation process. Amortised cost is calculated by taking
into account any discount or premium on acquisition and fees
d) Trade receivables or any contractual right to receive cash
or costs that are an integral part of the effective interest rate.
or another financial asset that result from
The effective interest rate amortisation is included as finance
transactions that are within the scope of Ind AS 11 and costs in the statement of profit and loss.
Ind AS 18
2.14.3.5 Derecognition
The Company follows ‘simplified approach’ for
recognition of impairment loss allowance on: A financial liability is derecognised when the obligation
• Trade receivables or contract revenue receivables; under the liability is discharged or cancelled or expires. When
and an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of an
• All lease receivables resulting from transactions
existing liability are substantially modified, such an exchange
within the scope of Ind AS 17
or modification is treated as the derecognition of the original
The application of simplified approach does not require the liability and the recognition of a new liability. The difference
Company to track changes in credit risk. Rather, it recognises between the carrying amount of a financial liability (or part
impairment loss allowance based on lifetime ECLs at each of a financial liability) extinguished or transferred to another
reporting date, right from its initial recognition. party and the consideration paid, including any non-cash
assets transferred or liabilities assumed, shall be recognised
2.14.3 Financial liabilities in profit or loss.

2.14.3.1 Initial recognition and measurement 2.14.4 Reclassification of financial assets

The Company’s financial liabilities include trade and other The Company determines classification of financial assets and
payables, loans and borrowings including bank overdrafts. liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity
All financial liabilities are recognised initially at fair value instruments and financial liabilities. For financial assets which
and, in the case of loans and borrowings and payables, net of are debt instruments, a reclassification is made only if there
directly attributable transaction costs. is a change in the business model for managing those assets.
Changes to the business model are expected to be infrequent.
2.14.3.2 Subsequent measurement The Company’s senior management determines change in the
The measurement of financial liabilities depends on their business model as a result of external or internal changes which
classification, as described below: are significant to the Company’s operations. Such changes are
evident to external parties. A change in the business model
2.14.3.3 Financial liabilities at fair value through profit or occurs when the Company either begins or ceases to perform
loss an activity that is significant to its operations. If Company
reclassifies financial assets, it applies the reclassification
Financial liabilities at fair value through profit or loss include prospectively from the reclassification date which is the first
financial liabilities held for trading and financial liabilities

148
day of the immediately next reporting period following the The following table shows various reclassifications and how
change in business model. The Company does not restate any they are accounted for
previously recognised gains, losses (including impairment
gains or losses) or interest.

Original classification Revised classification Accounting treatment

Fair value is measured at reclassification date. Difference between previous
Amortised cost FVTPL
amortized cost and fair value is recognised in P&L.
Fair value at reclassification date becomes its new gross carrying amount.
FVTPL Amortised Cost
EIR is calculated based on the new gross carrying amount.
Fair value is measured at reclassification date. Difference between previous
Amortised cost FVTOCI amortised cost and fair value is recognised in OCI. No change in EIR due
to reclassification.
Fair value at reclassification date becomes its new amortised cost carrying
amount. However, cumulative gain or loss in OCI is adjusted against fair
FVTOCI Amortised cost
value. Consequently, the asset is measured as if it had always been measured
at amortised cost.
Fair value at reclassification date becomes its new carrying amount. No
FVTPL FVTOCI
other adjustment is required.
Assets continue to be measured at fair value. Cumulative gain or loss
FVTOCI FVTPL previously recognized in OCI is reclassified to P&L at the reclassification
date.

2.14.5 Offsetting of financial instruments for overseeing all significant fair value measurements
who regularly review significant unobservable inputs,
Financial assets and financial liabilities are offset and valuation adjustments and fair value hierarchy under
the net amount is reported in the consolidated balance which the valuation should be classified
sheet if there is a currently enforceable legal right to
offset the recognised amounts and there is an intention 2.14.7 Cash and cash equivalent –
to settle on a net basis, to realise the assets and settle
the liabilities simultaneously. Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits
2.14.6 Fair value measurement of financial instruments with an original maturity of three months or less,
which are subject to an insignificant risk of changes in
Fair value is the price that would be received to sell value. For the purpose of the statement of cash flows,
an asset or paid to transfer a liability in an orderly cash and cash equivalents consist of cash and short-
transaction between market participants at the term deposits, as defined above, net of outstanding
measurement date under current market conditions. bank overdrafts as they are considered an integral part
The Company categorizes assets and liabilities of the Companies cash management.
measured at fair value into one of three levels 2.15. Borrowing Costs
depending on the ability to observe inputs employed
for such measurement: Borrowing costs are expensed as and when incurred
except where they are directly attributable to the
(a) Level 1: inputs are quoted prices (unadjusted) in acquisition, construction or production of qualifying
active markets for identical assets or liabilities. assets i.e. the assets that necessarily takes substantial
(b) Level 2: inputs other than quoted prices included period of time to get ready for its intended use, in
within level 1 that are observable either directly which case they are capitalised as part of the cost of
or indirectly for the asset or liability. related asset up to the date when the qualifying asset is
(c) Level 3: inputs for the asset or liability which ready for its intended use.
are not based on observable market data 2.16 Taxation
(unobservable inputs).
Income tax expense represents the sum of the tax
The company has an established control framework
currently payable and deferred tax.
with respect to the measurement of fair values. This
includes a finance team that has overall responsibility Current tax is the amount of income taxes payable

149
 (recoverable) in respect of the taxable profit (tax loss) Current and deferred tax are recognised in profit
for a period. Taxable profit differs from “profit before or loss, except when they relate to items that are
income tax” as reported in the statement of profit recognised in other comprehensive income or directly
and loss and other comprehensive income because it in equity, in which case, the current and deferred tax
excludes items of income or expense that are taxable or are also recognised in other comprehensive income
deductible in other years and it further excludes items or directly in equity respectively. Where current tax
that are never taxable or deductible. The Company’s or deferred tax arises from the initial accounting for a
liability for current tax is calculated using tax rates that business combination, the tax effect is included in the
have been enacted or substantively enacted by the end accounting for the business combination.
of the reporting period.
Deferred income tax assets and liabilities are offset
Deferred tax liabilities are generally recognised for when there is a legally enforceable right to offset
all taxable temporary differences. Deferred tax assets current tax assets against current tax liabilities, and
are generally recognised for all deductible temporary when the deferred income tax assets and liabilities
difference to the extent that it is probable that taxable relate to income taxes levied by the same taxation
profits will be available against which those deductible authority on either the taxable entity or different
temporary differences can be utilised. Such assets taxable entities where there is an intention to settle the
and liabilities are not recognised if the temporary balances on a net basis
difference arises from goodwill or from the initial
recognition (other than in a business combination) of 2.17 Employee Benefits
other assets and liabilities in a transaction that affects 2.17.1 Short-term Benefits
neither the taxable profit nor the accounting profit.
Short-term employee benefits are employee benefits
Deferred tax liabilities are recognised for taxable
(other than termination benefits) that are expected to
temporary differences associated with investments in
be settled wholly before twelve months after the end of
subsidiaries and associates, except where the Company
the annual reporting period in which the employees
is able to control the reversal of the temporary
render the related service.
difference and it is probable that the temporary
difference will not reverse in the foreseeable future. All short term employee benefits are recognized in
Deferred tax assets arising from deductible temporary the period in which the services are rendered by
differences associated with such investments and employees.
interests are only recognised to the extent that it is
probable that there will be sufficient taxable profits 2.17.2 Post-employment benefits and other long term
against which to utilise the benefits of the temporary employee benefits
differences. 2.17.2.1 Defined contributions plans
The carrying amount of deferred tax assets is reviewed
A defined contribution plan is a post-employment
at the end of each reporting period and reduced to
benefit plan under which the Company pays a
the extent that it is no longer probable that sufficient
fixed contribution into a fund maintained by a
taxable profits will be available to allow all or part of the
separate body and the Company will have no legal
asset to be recovered. Unrecognised deferred tax assets
or constructive obligation to pay further amounts.
are reassessed at the end of each reporting year and are
Obligations for contributions to defined contribution
recognised to the extent that it has become probable
plans are recognised as an employee benefit expense
that sufficient taxable profit will be available to allow
in the statement of profit and loss in the periods
all or part of the deferred tax asset to be recovered.
during which services are rendered by employees.
Deferred tax assets and liabilities are measured at the 2.17.2.2 Defined benefits plans
tax rates that are expected to apply in the period in
which the liability is settled or the asset is realised, A defined benefit plan is a post-employment benefit
based on tax rate (and tax laws) that have been enacted plan other than a defined contribution plan. The
or substantively enacted by the end of the reporting Company’s net obligation in respect of defined
period. benefit plans is calculated by estimating the amount
of future benefit that employees have earned in
The measurement of deferred tax liabilities and assets return of their service in the current and prior
reflects the tax consequences that would follow from periods. The benefit is discounted to determine
the manner in which the Company expects, at the its present value and reduced by the fair value of
end of the reporting period, to recover or settle the plan assets, if any. The discount rate is based on
carrying amount of its assets and liabilities. the prevailing market yields of Indian Government

150
 securities as at the reporting date that have maturity (a) Service cost
dates approximating the terms of the Company’s (b) Net interest on the net defined benefit liability (asset)
obligations and that are denominated in the same
currency in which the benefits are expected to (c) Re-measurements of the net defined benefit liability
be paid. (asset)
The application of actuarial valuation involves 2.18 Foreign Currency
making assumptions about the discount rate,
expected rates of return on assets, future salary Transactions in foreign currencies are converted into the
increases, mortality rates etc. Due to the long term reported currency of the Company using the exchange
nature of these plans, such estimates are subject to rate prevailing at the transaction date. Monetary assets
uncertainties. The calculation is performed at each and liabilities denominated in foreign currencies
balance sheet by an actuary using the projected outstanding at the end of the reporting period are
unit credit method. When the calculation results in translated at the exchange rates prevailing as at the
the benefit to the Company, the recognised asset is end of reporting period. Exchange differences arising
limited to the present value of the economic benefits on the settlement of monetary assets and liabilities or
available in the form of any future refunds from the on translating monetary assets and liabilities at rates
plan or reduction in future contributions to the plan. different from those at which they were translated on
An economic benefit is available to the Company initial recognition during the period or in previous
if it is realisable during the life of the plan, or on financial statements are recognised in statement of
settlement of plan liabilities. profit and loss in the period in which they arise.
Re-measurement of the net defined benefit Non-monetary items denominated in foreign currency
liability, which comprises actuarial gain and losses are valued at the exchange rates prevailing on the date of
considering the return on plan assets (excluding transactions.
interest) and the effects of the assets ceiling (if any, 2.19 Stripping Activity Expense/Adjustment
excluding interest) are recognised immediately in
the other comprehensive income. The Company The process of removing overburden to access coal
determines the net interest expense (income) on is referred to as stripping. Stripping is necessary to
the net defined benefit liability (asset) for the period obtain access to coal and occurs throughout the life of
by applying the discount rate used to measure the an opencast mine. Stripping costs during development
defined benefit obligation at the beginning of the and production phases are classified as other mining
annual period to the then net defined benefit liability infrastructure in property, plant, and equipment.
(asset), taking into account any changes in the net Stripping costs are accounted for separately for
defined benefit liability (asset) during the period individual mines.
as a result of contributions and benefit payments. The Company accounts for stripping activities as follows:
Net interest expense and other expenses related to Stripping costs during the Development phase
defined benefit plans are recognised in profit and
loss. These are initial overburden removal costs incurred to
obtain access to coal to be extracted. These costs are
When the benefits of the plan are improved, the capitalised when it is probable that future economic
portion of the increased benefit relating to past benefits will flow to the company and costs can be
service by employees is recognised as an expense measured reliably. Once the production phase begins,
immediately in the statement of profit and loss. capitalised development stripping costs are amortised
2.17.3 Other long-term Employee benefits over the mine life.
Other long-term employee benefits are all employee Stripping costs during the production phase:
benefits other than short-term employee benefits, These are overburden removal costs incurred after the
post-employment benefits and termination benefits. mine has been brought to revenue as per the policy of
Other long-term employee benefits include items the company. Stripping costs during the production
which are not expected to be settled wholly before phase can give rise to two benefits, the extraction of
twelve months after the end of the annual reporting coal in the current period and improved access to coal
period in which the employees render the related which will be extracted in future periods. Stripping
service. costs during the production phase are allocated between
the inventory produced and the stripping activity asset
For other long-term employee benefits, net total of the
using a standard strip ratio (overburden-to-coal). The
following amounts is recognized in the statement of profit or
standard strip ratio is the total volume of Overburden
loss:

151
 expected to be removed over the life of the mine against of economic benefits will be required to settle the
the total coal to be extracted over the life of the mine. obligation and a reliable estimate of the amount of
When the actual volume of overburden removed is the obligation can be made. Where the time value
greater than the expected volume of overburden removal, of money is material, provisions are stated at the
the stripping cost for excess overburden removed present value of the expenditure expected to settle the
over the expected overburden removal is capitalised obligation.
to the stripping activity asset. The stripping activity
asset is amortised over the life of the mine. Changes All provisions are reviewed at each balance sheet date
in geo-mining conditions may have an impact on the and adjusted to reflect the current best estimate.
standard strip ratio. Changes to the ratio are accounted Where it is not probable that an outflow of economic
for prospectively. Stripping activity asset are included benefits will be required, or the amount cannot be
separately under Property, plant, and equipment. estimated reliably, the obligation is disclosed as a
The company recognises Stripping activity asset for contingent liability, unless the probability of outflow
stripping costs during the production phase in the of economic benefits is remote. Possible obligations,
mines with a rated capacity of one million Tonnes per whose existence will only be confirmed by the
annum and above. occurrence or non-occurrence of one or more future
uncertain events not wholly within the control of the
2.20 Inventories
Company, are also disclosed as contingent liabilities
2.20.1 Stock of Coal unless the probability of outflow of economic benefits
is remote.
Inventories of coal/coke are stated at lower of cost
and net realisable value. The Cost of inventories are Contingent assets are possible assets that arise from
calculated using the Weighted Average method. Net past events and whose existence will be confirmed only
realisable value represents the estimated selling price by the occurrence or non-occurrence of one or more
of inventories less all estimated costs of completion uncertain future events not wholly within the control
and costs necessary to make the sale. of the Company. Contingent assets are disclosed in
the financial statements when inflow of economic
Book stock of coal is considered in the accounts where
benefits is probable on the basis of the judgment of
the variance between book stock and measured stock is
management. These are assessed continually to ensure
up to +/- 5% and in cases where the variance is beyond
that developments are appropriately reflected in the
+/- 5% the measured stock is considered. Such stock
financial statements
are valued at net realisable value or cost whichever is
lower. Coke is considered as a part of the stock of coal. 2.22 Earnings per share
Coal & coke-fines are valued at lower of cost or net Basic earnings per share are computed by dividing the
realisable value and considered as a part of the stock of net profit after tax by the weighted average number of
coal. equity shares outstanding during the period. Diluted
earnings per shares is computed by dividing the profit
Slurry (coking/semi-coking), middling of washeries
after tax by the weighted average number of equity
and by products are valued at net realisable value and
shares considered for deriving basic earnings per
considered as a part of the stock of coal.
shares and also the weighted average number of equity
2.20.2 Stores & Spares shares that could have been issued upon conversion of
all dilutive potential equity shares.
The Stock of stores and spares including other
inventories are valued at cost calculated on the basis of 2.23 Judgements, Estimates and Assumptions
the weighted average method.
The preparation of the financial statements in
Provisions are made at the rate of 100% for conformity with Ind AS requires management to make
unserviceable, damaged and obsolete stores and spares estimates, judgements and assumptions that affect the
and at the rate of 50% for stores & spares not moved application of accounting policies and the reported
for 5 years. amounts of assets and liabilities, the disclosures of
contingent assets and liabilities at the date of financial
2.21 Provisions, Contingent Liabilities and Contingent statements and the amount of revenue and expenses
Assets during the reported period. Application of accounting
Provisions are recognized when the Company has a policies involving complex and subjective judgements
present obligation (legal or constructive) as a result and the use of assumptions in these financial
of a past event, and it is probable that an outflow statements have been disclosed. Accounting estimates

152
 could change from period to period. Actual results industry practices, to the extent that these do not conflict
could differ from those estimates. Estimates and with the Indian accounting Standard and accounting
underlying assumptions are reviewed on an ongoing policies and practices as stated in above paragraph.
basis. Revisions to accounting estimates are recognised The Company operates in the mining sector (a sector
in the period in which the estimates are revised and, if where the exploration, evaluation and development
material, their effects are disclosed in the notes to the production phases are based on the varied topographical
financial statements.
and geo-mining terrain spread over the lease period
2.23.1 Judgements running over decades and prone to constant changes),
the accounting policies whereof have evolved based
In the process of applying the Company’s accounting on specific industry practices supported by research
policies, management has made the following committees and approved by the various regulators
judgements, which have the most significant effect on owing to its consistent application over the last several
the amounts recognised in the financial statements: decades. In the absence of specific accounting literature,
2.23.1.1 Formulation of Accounting Policies guidance and standards in certain specific areas which
are in the process of evolution. The Company continues
Accounting policies are formulated in a manner that results
to strive to develop accounting policies in line with
in financial statements containing relevant and reliable
the development of accounting literature and any
information about the transactions, other events and
development therein shall be accounted for prospectively
conditions to which they apply. Those policies need not be
as per the procedure laid down above more particularly
applied when the effect of applying them is immaterial.
in Ind AS 8.
In the absence of an Ind AS that specifically applies to a 2.23.1.2 Materiality
transaction, other event or condition, management has used
its judgement in developing and applying an accounting Ind AS applies to items which are material. Management
policy that results in information that is: uses judgement in deciding whether individual
items or groups of item are material in the financial
a) Relevant to the economic decision-making needs of statements. Materiality is judged by reference to the
users and nature or magnitude or both of the items. The deciding
factor is whether omitting or misstating or obscuring
b) Reliable in that financial statements: and
information could individually or combination with
(i) represent faithfully the financial position, financial other information influence decisions that primary
performance and cash flows of the Company; users make on the basis of the financial statements.
(ii) reflect the economic substance of transactions, Management also uses judgement of materiality for
other events and conditions, and not merely the determining the compliance requirement of the Ind AS.
legal form; Further the Company may also be required to present
separately immaterial items when required by law.
(iii) are neutral, i.e. free from bias;
With effect from 01.04.2019 Errors/omissions
(iv) are prudent; and discovered during the year relating to prior periods are
(v) are complete in all material respects on a consistent treated as immaterial and adjusted during the current
basis year, if all such errors and omissions in aggregate do
not exceed 1% of total revenue from Operations (net of
In making the judgment management refers to, and statutory levies) as per last audited financial statement of
considers the applicability of, the following sources in the Company.
descending order:
2.23.1.3 Operating lease
(a) The requirements in Ind ASs dealing with similar and
related issues; and Company has entered into lease agreements. The
Company has determined, based on an evaluation of
(b) The definitions, recognition criteria and measurement
the terms and conditions of the arrangements, such
concepts for assets, liabilities, income and expenses in
as the lease term not constituting a major part of the
the Framework.
economic life of the commercial property and the
In making the judgment, management considers the fair value of the asset, that it retains all the significant
most recent pronouncements of the International risks and rewards of ownership of these properties
Accounting Standards Board and in the absence thereof and accounts for the contracts as operating leases.
those of the other standard-setting bodies that use a
similar conceptual framework to develop accounting 2.23.2 Estimates and assumptions
standards, other accounting literature and accepted The key assumptions concerning the future and

153
 other key sources of estimation uncertainty at the required to determine the amount of deferred tax
reporting date, that have a significant risk of causing assets that can be recognised, based upon the likely
a material adjustment to the carrying amounts timing and the level of future taxable profits together
of assets and liabilities within the next financial with future tax planning strategies.
year, are described below. The Company based its
assumptions and estimates on parameters available 2.23.2.3 Defined benefit plans
when the consolidated financial statements were The cost of the defined benefit plan and other post-
prepared. Existing circumstances and assumptions employment medical benefits and the present value
about future developments, however, may change of the obligations are determined using actuarial
due to market changes or circumstances arising valuations. An actuarial valuation involves making
that are beyond the control of the Company. Such various assumptions that may differ from actual
changes are reflected in the assumptions when they developments in the future. These include the
occur. determination of the discount rate, future salary
The estimates, judgements and associated assumptions increases and mortality rates.
are based on historical experience and other factors
Due to the complexities involved in the valuation
that are considered to be relevant. Actual results may
and its long-term nature, a defined benefit obligation
differ from these estimates.
is highly sensitive to changes in these assumptions.
Estimates and underlying assumptions are reviewed All assumptions are reviewed at each reporting date.
on an ongoing basis. Revisions to accounting estimates The parameter most subject to change is the discount
are recognised in the period in which the estimate is rate. In determining the appropriate discount
revised and future periods affected. rate for plans operated in India, the management
considers the interest rates of government bonds in
The application of accounting policies that require currencies consistent with the currencies of the post-
critical judgements and accounting estimates involving employment benefit obligation.
complex and subjective judgements and the use of
assumptions in these standalone financial statements The mortality rate is based on publicly available
have been disclosed here in below: mortality tables of the country. Those mortality
tables tend to change only at interval in response to
2.23.2.1 Impairment of non-financial assets demographic changes.
There is an indication of impairment if, the carrying
2.23.2.4 Intangible asset under development
value of an asset or cash generating unit exceeds
its recoverable amount, which is the higher of its The Company capitalises intangible asset under
fair value less costs of disposal and its value in use. development for a project in accordance with the
Company considers individual mines as separate accounting policy. Initial capitalisation of costs is
cash generating units for the purpose of test of based on management’s judgement that technological
impairment. The value in use calculation is based and economic feasibility is confirmed, usually when
on a DCF model. The cash flows are derived from a project report is formulated and approved.
the budget for the next five years and do not include
restructuring activities that the Company is not yet 2.23.2.5 Provision for Mine Closure, Site Restoration and
committed to or significant future investments that Decommissioning Obligation
will enhance the asset’s performance of the CGU In determining the fair value of the provision for Mine
being tested. The recoverable amount is sensitive to Closure, Site Restoration and Decommissioning
the discount rate used for the DCF model as well as Obligation, assumptions and estimates are made in
the expected future cash-inflows and the growth rate relation to discount rates, the expected cost of site
used for extrapolation purposes. These estimates are restoration and dismantling and the expected timing
most relevant to other mining infrastructures. The of those costs. The Company estimates provision
key assumptions used to determine the recoverable using the DCF method considering life of the
amount for the different CGUs, are disclosed and project/mine based on
further explained in respective notes.
• Estimated cost per hectare as specified in guidelines
2.23.2.2 Taxes issued by ministry of Coal,
Deferred tax assets are recognised for unused tax • Government of India
losses to the extent that it is probable that taxable
profit will be available against which the losses can • The discount rate (pre tax rate) that reflect current
be utilised. Significant management judgement is market assessments of the time value of money and
the risks specific to the liability.

154
2.24 Ratio Variance adjustment in the statement of profit and loss with a
corresponding credit to the ratio variance reserve.
The recognition of the Ratio Variance Reserve has
consistently adhered to a policy instituted by CIL Where the Volume of overburden expected is the
since its inception. This accounting method has Volume of Coal extracted multiplied by the Standard
been substantiated and validated by a multitude of
Strip ratio where the Standard Strip ratio is the Total
authoritative bodies and forums, including income tax
authorities. Overburden to be extracted during the mine life
divided by the Total Coal to be extracted during the
The carrying amount of the ratio variance reserve shall mine life.
be reversed systematically whenever the situation of
reversal of provision/asset arises. Such reversal should Abbreviation used:
be specific to mines for which the same provision/
a. CGU Cash generating unit
asset has been recognized.
b. DCF Discounted Cash Flow
In the case of a mine, where the ratio variance reserve Fair value through Other Comprehensive
has a credit balance, an excess Volume of overburden c. FVTOCI
Income
extracted over the volume of overburden expected
d. FVTPL Fair value through Profit and Loss
multiplied by the opening average rate of stripping
activity shall be recognised as stripping activity e. GAAP Generally accepted accounting principal
adjustment in the statement of profit and loss with f. Ind AS Indian Accounting Standards
corresponding debit to the ratio variance reserve. g. OCI Other Comprehensive Income
In the case of a mine, where the ratio variance reserve h. P&L Profit and Loss
has a Debit balance, an excess of Volume of overburden i. PPE Property, Plant and Equipment
expected over the volume of overburden extracted j. SPPI Solely Payment of Principal and Interest
multiplied by the opening average rate of stripping
activity shall be recognised as stripping activity k. EIR Effective Interest Rate

155
156
NOTES TO THE FINANCIAL STATEMENTS
NOTE 3.1: PROPERTY , PLANT AND EQUIPMENTS
Land
Building (including Furniture Stripping
Freehold Other Reclamation/ Plant and Office Telecomm- Railway Other Mining Surveyed Total
water supply, roads and Vehicles Activity
Land Land Site Restoration Equipments Equipments unication Sidings Infrastructure off Assets (Restated)
and culverts) Fixtures Assets
Cost

Gross Carrying Amount:

As at 1st April, 2022 0.03 1,095.47 509.24 707.88 6,265.37 35.40 76.89 45.46 52.57 265.74 183.25 6,258.11 104.92 15,600.33

Additions - 106.82 9.51 137.09 792.23 4.39 7.23 12.24 14.25 13.04 32.38 292.48 20.58 1,442.24

Deletions/Adjustments - - (7.17) (1.65) 265.74 (0.01) 1.32 (2.36) (0.45) (0.60) (0.38) (487.51) (45.46) (278.53)

As at 31st Mar, 2023 0.03 1,202.29 511.58 843.32 7,323.34 39.78 85.44 55.34 66.37 278.18 215.25 6,063.08 80.04 16,764.04

As at 1st April, 2023 0.03 1,202.29 511.58 843.32 7,323.34 39.78 85.44 55.34 66.37 278.18 215.25 6,063.08 80.04 16,764.04

Additions 284.30 37.17 72.52 3,809.06 3.36 6.88 12.16 0.15 0.30 72.53 737.43 14.11 5,049.97

Deletions/Adjustments (25.31) (201.12) (0.57) (2.14) (8.33) 0.11 (0.26) 25.03 (16.03) (228.62)

As at 31st Mar, 2024 0.03 1,486.59 548.75 890.53 10,931.28 42.57 90.18 59.17 66.63 278.22 312.81 6,800.51 78.12 21,585.39

Accumulated
Depreciation,
Amortisation &
Impairment

As at 1st April, 2022 - 266.85 218.89 128.61 2,264.80 19.26 33.34 21.01 44.37 43.58 29.65 - 31.18 3,101.54

Charge for the year - 94.84 28.40 28.14 398.58 2.45 9.52 8.03 2.01 17.88 15.71 453.39 5.37 1,064.32

Deletions/Adjustments - - - (0.34) (101.33) 0.11 0.10 (2.11) (0.43) - - - (12.64) (116.64)

As at 31st Mar, 2023 - 361.69 247.29 156.41 2,562.05 21.82 42.96 26.93 45.95 61.46 45.36 453.39 23.91 4,049.22

As at 1st April, 2023 - 361.69 247.29 156.41 2,562.05 21.82 42.96 26.93 45.95 61.46 45.36 453.39 23.91 4,049.22

Charge for the year 107.00 33.20 26.77 546.13 2.98 9.47 10.61 3.54 17.73 22.58 531.00 3.20 1,314.21

Deletions/Adjustments (0.02) (4.39) (178.25) (0.59) (1.55) (7.66) 0.07 (0.22) 4.39 (4.06) (192.28)

As at 31st Mar, 2024 - 468.69 280.47 178.79 2,929.93 24.21 50.88 29.88 49.56 78.97 72.33 984.39 23.05 5,171.15

Net Carrying Amount

As at 31st Mar, 2024 0.03 1,017.90 268.28 711.74 8,001.35 18.36 39.30 29.29 17.07 199.25 240.48 5,816.12 55.07 16,414.24

As at 31st Mar, 2023 0.03 840.60 264.29 686.91 4,761.29 17.96 42.48 28.41 20.42 216.72 169.89 5,609.69 56.13 12,714.82

As at 01st April, 2022 0.03 828.62 290.35 579.27 4,000.57 16.14 43.55 24.45 8.20 222.16 153.60 6,258.11 73.74 12,498.79
 Title deeds of Immovable Properties not held in name of the Company
Description Gross Title deeds held in the Whether title deed holder is a promoter, Property held Reason for not being held in the name of the company
of item of carrying name of director or relative# of promoter*/director or since which date
property value employee of promoter/director
Other land 1,486.59 NA NA - The total land acquired under the CBA (Acquisition and Development) Act, 1957, and the
Land Acquisition Act, 1894 and others acts, amounts to 24,294.61 hectares (Ha). Out of this
total, 9241.31 hectares (Ha) require mutation. Thus, mutation has been completed for 5238.23
hectares (Ha) of this land.

Land Reclamation cost comprises of estimated cost to be incurred at the stage of mine closure duly escalated for inflation (5% p.a.) and then discounted at 8 % discount rate that reflects current market rate of fair value and the risk.

Departmental expenses are not capitalized on Fixed Assets except in cases of dragline and high capacity shovel on consideration of its materiality.

Depreciation has been provided based on useful life as mentioned in Note 2.7. However, pending completion of technical assessment to segregate the value of certain assets embedded within a different class of asset, depreciation has been
provided on these assets on the basis of useful life of the un-segregated class of assets.

Refer Note 16 (7) for consequential impact of reclassification and restatement for stripping activity adjustment in note 9.1 as per Ind AS 8, ‘Accounting Policies, Changes in Accounting Estimates and Errors’ and Ind AS 1,’ Presentation of financial
statements’.

Movement for Accumulated Impairment

(Rs In Crore)
Deletions/ Deletions/
As at 1st April, 2022 Charge for the year As at 31st Mar, 2023 As at 1st April, 2023 Charge for the year As at 31st Mar, 2024
Adjustments Adjustments
Surveyed Off Assets 31.18 5.37 (12.64) 23.91 23.91 3.20 (4.06) 23.05

157
 NOTE 3.2 : CAPITAL WIP
(Rs. in Crore)
Building (including Other Mining
Plant & Railway
water supply, roads and infrastructure/ Total
Equipments Sidings
culverts) Development
Gross Carrying Amount:
As at 1st April, 2022 81.30 643.10 45.88 549.11 1,319.39
Additions 164.28 1,617.11 28.72 303.76 2,113.87
Capitalisation/ Deletions (127.18) (879.74) (9.48) (79.33) (1,095.73)
As at 31st Mar, 2023 118.40 1,380.47 65.12 773.54 2,337.53
As at 1st April, 2023 118.40 1,380.47 65.12 773.54 2,337.53
Additions 131.38 2,877.88 125.94 315.73 3,450.93
Capitalisation/ Deletions/ Adj. (80.49) (2,876.50) (4.28) (847.29) (3,808.56)
As at 31st Mar, 2024 169.29 1,381.85 186.78 241.98 1,979.90
Accumulated Impairment
As at 1st April, 2022 2.87 - - 0.14 3.01
Charge for the year - - - 0.02 0.02
Deletions/Adjustments (0.22) - - (0.05) (0.27)
As at 31st Mar, 2023 2.65 - - 0.11 2.76
As at 1st April, 2023 2.65 - - 0.11 2.76
Charge for the year 0.51 0.51
Deletions/Adjustments (0.02) (0.02)
As at 31st Mar, 2024 2.63 - - 0.62 3.25
Net Carrying Amount
As at 31st Mar, 2024 166.66 1,381.85 186.78 241.36 1,976.65
As at 31st Mar, 2023 115.75 1,380.47 65.12 773.43 2,334.77

(a) Ageing schedule of material items of Capital-work-in Progress:

As at 31st Mar, 2024

Amount in CWIP for a period of
Projects in progress:
Less than 1 year 1-2 years 2-3 years More than 3 years Total
Building (including water supply, roads and
103.33 58.13 4.91 2.78 169.15
culverts)
Plant and Equipments 975.37 379.19 21.04 6.23 1,381.83
Railway Sidings 125.24 36.27 18.50 3.33 183.34
Other Mining infrastructure/Development 165.18 44.34 32.46 - 241.98
Projects temporarily suspended: -
Railway Siding-Feasibility study for rail
- - - 2.93 2.93
connectivity from Amlori to Bargawan.
Lighting for garden in New D Type Quarter - - - 0.02 0.02
Pipe Line work for industrial water Supply - - - 0.14 0.14
Consultancy Fees for overbridge Nigahi gate
- - 0.51 - 0.51
to Mine
Total 1,369.12 517.93 77.42 15.43 1,979.90

158
 CONTINUATION OF NOTE 3.2 : CAPITAL WIP
(b) Overdue for material CWIP

To be compelted in
Less than More than
CWIP 1-2 years 2-3 years Total
1 year 3 years
Building (including water supply, roads and culverts) - - - - -
Base Workshop Construction - Block-B 40.32 - - - 40.32
Plant and Equipments
Coal Handling Plant (10 MTPA) - Dudhichua 22.52 - - - 22.52
Coal Handling Plant (9.5 MTPA) - Bina 491.53 - - - 491.53
Dudhichua Rapid Loading System at wharwall 57.06 - - - 57.06
Coal Handling Plant (2 MTPA) Amlohri 124.79 - - - 124.79
Construction of 20m Via Duct at Block-B 16.07 - - - 16.07
Coal Handling Plant (4.5 MTPA) - Block-B 16.89 - - - 16.89
Coal Handling Plant (10 MTPA) - Nigahi 514.12 - - - 514.12
Railway Sidings
Railway Siding-Feasibility study for rail connectivity from
2.93 - - - 2.93
Amlori to Bargawan.
Consultancy Fees for overbridge Nigahi gate to Mine 0.51 - - - 0.51
Railway Sidings at Dudhichua 95.10 - - - 95.10
Others
Pipe Line work for industrial water Supply 0.15 - - - 0.15
Bina OCP Switiching Sub-Station 25.27 - - - 25.27
Total 1,435.63 - - - 1,435.63

(a) Ageing schedule for Capital-work-in Progress:

As at 31st Mar, 2023
Amount in CWIP for a period of
Projects in progress: More
Less than
1-2 years 2-3 years than 3 Total
1 year
years
Building (including water supply, roads and culverts) 115.39 2.26 0.74 - 118.39
Plant and Equipments 1,173.83 173.16 28.19 5.14 1,380.32
Railway Sidings 42.68 0.11 17.24 2.16 62.19
Other Mining infrastructure/Development 735.80 14.06 23.49 0.19 773.54
Projects temporarily suspended: -
Railway Siding-Feasibility study for rail connectivity from
2.93 2.93
Amlohri to Bargawan.
Lighting for garden in New D Type Quarter 0.01 0.01
Pipe Line work for industrial water Supply 0.15 0.15
Total 2,067.70 189.59 69.66 10.58 2,337.53

159
 (b) Overdue for material CWIP
To be compelted in
CWIP Less than 1-2 2-3 More than
Total
1 year years years 3 years
Building (including water supply, roads and culverts) -
Plant and Equipments -
Coal Handling Plant (10 MTPA) - Dudhichua 658.44 658.44
Coal Handling Plant (15 MTPA) - Jayant 335.30 335.30
50 MW Solar PV Project - Nigahi 156.88 156.88
Coal Handling Plant (2 MTPA) Amlohri 105.58 105.58
Construction of 20m Via Duct at Block-B 16.07 16.07
Coal Handling Plant (4.5 MTPA) - Block-B 13.10 13.10
Lighting for garden in New D Type Quarter 0.01 0.01
Railway Sidings -
Railway Siding-Feasibility study for rail connectivity from Amlori
2.93 2.93
to Bargawan.
Others -
Pipe Line work for industrial water Supply 0.15 0.15
Total 1,288.46 - - - 1,288.46

NOTE 3.3 : Exploration and Evaluation Assets

(Rs. in Crore )
Exploration and
Evaluation Costs
Gross Carrying Amount:
As at 1st April, 2022 286.39
Additions 23.71
Deletions/Adjustments (7.09)
As at 31st Mar, 2023 303.01
As at 1st April, 2023 303.01
Additions 17.13
Deletions/Adjustments 0.54
As at 31st Mar, 2024 320.68
Accumulated Provision and Impairment
As at 1st April, 2022 31.69
Charge for the year 0.01
Deletions/Adjustments
As at 31st Mar, 2023 31.70
As at 1st April, 2023 31.70
Charge for the year 0.45
Deletions/Adjustments
As at 31st Mar, 2024 32.15
Net Carrying Amount
As at 31st Mar, 2024 288.53
As at 31st Mar, 2023 271.31

160
(a) Ageing schedule for Material Exploration and Evaluation As at 31st Mar, 2024
Amount in CWIP for a period of
Less than More than
Projects in progress: 1-2 years 2-3 years Total
1 year 3 years
Exploration and evaluation assets 16.71 23.59 19.91 228.31 288.52
Projects temporarily suspended:
Dongrital Project 0.30 - - 8.82 9.12
Pathpaharia Project 0.14 - - 6.99 7.13
Gurbara N Project - - - 2.04 2.04
Semaria Project - - 0.55 13.32 13.87
Total 17.15 23.59 20.46 259.48 320.68

a) Ageing schedule for Material Exploration and Evaluation As at 31st Mar, 2023
Amount in CWIP for a period of
Less than More than
Projects in progress: 1-2 years 2-3 years Total
1 year 3 years
Exploration and evaluation assets 23.60 19.73 17.25 210.71 271.29
Projects temporarily suspended:
Dongrital Project - - - 8.82 8.82
Pathpaharia Project - - - 6.99 6.99
Gurbara N Project - - - 2.04 2.04
Semaria Project - 0.54 1.28 12.05 13.87
Total 23.60 20.27 18.53 240.61 303.01

NOTE 3.4: INTANGIBLE ASSETS

(Rs. in Crore)
Computer Software
Gross Carrying Amount:
As at 1st April, 2022
Additions 11.88
Deletions/Adjustments
As at 31st Mar, 2023 11.88
As at 1st April, 2023 11.88
Additions 0.35
Deletions/Adjustments
As at 31st Mar, 2024 12.23
Accumulated Amortisation and Impairment
As at 1st April, 2022
Charge for the year 1.84
Deletions/Adjustments
As at 31st Mar, 2023 1.84
As at 1st April, 2023 1.84
Charge for the year 2.03
As at 31st Mar, 2024 3.87
Net Carrying Amount
As at 31st Mar, 2024 8.36
As at 31st Mar, 2023 10.04

161
 NOTE 3.5 : INTANGIBLE ASSETS UNDER DEVELOPMENT
(Rs. in Crore )
ERP under Development
Gross Carrying Amount:
As at 1st April, 2022 7.51
Additions 4.37
Deletions/Adjustments (11.88)
As at 31st Mar, 2023 -
Accumulated Amortisation and Impairment
As at 1st April, 2022
Charge for the year
Deletions/Adjustments
As at 31st Mar, 2023 -
Net Carrying Amount
As at 31st Mar, 2024 -
As at 31st Mar, 2023 -

NOTE -4.1: INVESTMENTS

(Rs. in Crore )
NAV As at As at
Current Year Units
(In Rs.) 31.03.2024 31.03.2023
Mutual Fund Investment* (Unquoted)
31.03.2024 1,799,320.453 3,779.28 680.02 380.56
SBI LIQUID FUND
31.03.2023 1,080,111.669 3,523.30
31.03.2024 7.697 3,895.78 - 154.15
SBI OVERNIGHT FUND
31.03.2023 422,428.274 3,649.25
BARODA BNP PARIBAS LIQUID 31.03.2024 39.997 2,784.78 0.01 39.24
FUND 31.03.2023 151,170.120 2,595.47
31.03.2024 28.432 2,893.53 0.01 17.40
CANARA ROBECO LIQUID FUND
31.03.2023 64,537.646 2,696.71
31.03.2024 17,164.695 2,328.52 4.00 9.36
UNION LIQUID FUND
31.03.2023 43,128.989 2,169.45
Total : 684.04 600.71
4.1.1 Refer note 16 (3) for classification
Aggregate of Quoted Investment - -
Aggregate of unquoted investments 684.04 600.71
Market value of Quoted Investment - -
Aggregate amount of impairment in
- -
value of investments

162
 NOTE - 4.2 : LOANS
(Rs. in Crore)
As at As at
31.03.2024 31.03.2023
Current
Loans to other than related parties
Loans to body corporate and employees
- Secured, considered good 0.50 1.15
- Unsecured, considered good ⁴ ² ¹ 19.57 19.62
- Have significant increase in credit risk
- Credit impaired
TOTAL 20.07 20.77
For dues from directors Refer note 16(2)(II)(A)(vii)
4.2.1 Details of Loan to Body Corporate
4.2.2 Refer Note 16(3) for classification.
Name of the loanee
HEC Ltd at prevailing rate of government securities (6.28 % at the time of signing of
19.57 19.62
agreement). The Loan will be utilized for expediting the pending supply orders of spares.

NOTE - 4.3 : TRADE RECEIVABLES

(Rs. in Crore)
As at 31.03.2024 As at 31.03.2023
Current
Trade receivables
- Secured considered good
- Unsecured considered good 2,227.97 2,471.34
- Have significant increase in credit risk - -
- Credit impaired 317.70 96.24
2,545.67 2,567.58
Less : Allowance for expected credit loss4.3.1&4.3.2
(317.70) (96.24)
Total 2,227.97 2,471.34

For dues from directors Refer note 16(2)(II)(A)(vii)

Refer note 16 (3) for classification

4.3.1 The Company has used the practical expedient by computing the expected credit loss allowance based on a provision
matrix in determining allowance for credit losses of trade receivables. The provision matrix takes into account historical credit
loss experience and forward looking information. The expected credit loss allowance is based on ageing of receivables that are
due and the rates used in provision matrix.

4.3.2 The details of movement in Allowance for bad and doubtful debts (Current and Non-Current)

Balance at the beginning of the year 96.24 96.48

Recognised during the year 221.47 -
Utilised during the year - (0.24)
Balance at the end of the year 317.70 96.24

163
 4.3.3 Trade Receivable Ageing Schedule As at 31.03.2024

Outstanding for following periods from date of transaction

Particulars Unbilled Less than 6 6 months-1 1-2 2-3 More than Total
dues months year years years 3 years
Undisputed Trade Receivable
(i) Considered Good 1,135.78 956.65 - 0.04 135.50 - 2,227.97
(ii) Which have significant increase in
- - - - - -
credit risk
(iii) Credit Impaired - - - - - -
Disputed Trade Receivable
(i) Considered Good - - - - - -
(ii) Which have significant increase in
- - - - - -
credit risk
(iii) Credit Impaired - - - - 317.70 317.70
Total 1,135.78 956.65 - 0.04 135.50 317.70 2,545.67
Allowance for expected credit loss - - - - (317.70) (317.70)
Expected credit losses -% 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 12.48%

Trade Receivable Ageing Schedule As at 31.03.2023

Outstanding for following periods from date of transaction
Particulars Unbilled Less than 6 6 months-1 1-2 2-3 More than Total
dues months year years years 3 years
Undisputed Trade Receivable
(i) Considered Good 553.66 1,111.63 135.53 19.00 164.90 264.83 2,249.55
(ii) Which have significant increase in
- - - - - -
credit risk
(iii) Credit Impaired - - - - - -
Disputed Trade Receivable
(i) Considered Good - - - 5.21 216.58 221.79
(ii) Which have significant increase in
- - - - - -
credit risk
(iii) Credit Impaired - - - - 96.24 96.24
Total 553.66 1,111.63 135.53 19.00 170.11 577.65 2,567.58
Allowance for expected credit loss - - - - (96.24) (96.24)
Expected credit losses -% 0.00% 0.00% 0.00% 0.00% 0.00% 16.66% 3.75%

Unbilled dues includes

Coal Quality Variance 539.67 553.66
Performance Incentive 596.11 -

NOTE - 4.4 : CASH AND CASH EQUIVALENTS

(Rs. in Crore )
As at 31.03.2024 As at 31.03.2023
Balances with Banks
- in Deposit Accounts 2,419.00 790.00
- in Current Accounts 81.39 48.07
Others 4.4.1 60.56 120.30
Total Cash and Cash Equivalents 2,560.95 958.37

Refer note 16(3) for classification

164
4.4.1 Others include e-procurement account, GeM account, Imprest balances.
4.4.2 Cash and cash equivalents comprises cash on hand and at bank, sweep accounts and term deposits held with banks with
original maturities of three months or less.
NOTE - 4.5 : OTHER BANK BALANCES
(Rs. in Crore)
As at 31.03.2024 As at 31.03.2023
Deposit accounts 4.5.1
- Deposits Accounts 1,662.00 3,764.70
- Deposit accounts (For specific purpose) 4.5.2 9.02 11.47
Total 1,671.02 3,776.17

4.5.1 Other Bank Balances comprise term deposits and other bank deposits which are expected to realise in cash beyond 3
months but within 12 months after the reporting date. Deposit also comprises with original maturity of more than 3 months but
less than 12 months.

4.5.2 Deposit are bank deposits held under lien/earmarked as per courts order and for other specific purposes.

4.5.3 Refer note 16 (3) for classification

NOTE - 4.6 : OTHER FINANCIAL ASSETS

(Rs. in Crore )
As at 31.03.2024 As at 31.03.2023
Non Current
Bank Deposits with more than 12 months maturity 4.6.3 3.08 0.31
Security Deposit 54.52 48.29
Deposits with bank under Mine Closure Plan4.6.2 1,449.91 1,179.98
TOTAL 1,507.51 1,228.58
Current
Interest accrued 48.91 43.46
Other Deposit and Receivables4.6.3 15.32 23.69
Less : Allowance for doubtful deposits & receivables 4.6.1 0.52 0.52
14.80 23.17
TOTAL 63.71 66.63
4.6.1. Details of movement in Allowance for bad & doubtful deposit & receivables(Current & Non-Current)
Balance at the beginning of the year 0.52 23.59
Recognised during the year - -
Utilised during the year - (23.07)
Balance at the end of the year 0.52 0.52

“4.6.2. Deposit with bank under Mine Closure Plan:

Following the guidelines from Ministry of Coal, Government of India for preparation of Mine Closure Plan, an Escrow
Account has been opened. Up to 50% of the total deposited amount including interest accrued in the ESCROW account may
be released after every five years in line with the periodic examination of the closure plan as per the Guidelines. (Refer Note
9.1.3 for Provision for Site Restoration/Mine Closure).”

4.6.3 Deposit are bank deposits held under lien/earmarked as per courts order and for other specific purposes.
Reconciliation of Escrow Account: As at 31.03.2024 As at 31.03.2023
Balance in Escrow Account on opening date 1,179.98 1,000.39
Add: Balance Deposited during Current Year 188.70 123.85
Add: Interest Credited during the year 90.26 57.55
Less: TDS deducted 9.03 1.81
Balance in Escrow Account on Closing date 1,449.91 1,179.98

165
 4.6.3 Refer footnote Note 9.1.4 for excess funding over actuarial liability on Gratuity , Leave encashment and PRMB.

For dues from directors Refer note 16(2)(II)(A)(vii)

Refer note 16 (3) for classification

NOTE - 5.1 : INVENTORIES

(Rs. in Crore)
As at 31.03.2024 As at 31.03.2023
- Stock of Coal 261.82 432.45
- Stock of Stores & Spares 5.1.1 and 5.1.2 1,000.37 705.43
Less: Provision for slow-moving, non-moving, and obsolete inventories 66.10 65.50
934.27 639.93
TOTAL 1,196.09 1,072.38

Method of valuation : Refer Note No. 2.20 - Significant Accounting Policies on “Inventories”

5.1.1.The inventory of stores and spares comprises items that fall into the categories of slow-moving, non-moving, and obsolete.
Impairment allowances are recognized for these items as per the company’s policy.
The details of movement in impairment allowance for slow-moving, non-moving and obsolete Stores, Spares, and other
inventories :
Balance at the beginning of the year 65.50 59.02
Recognised during the year 0.59 6.48
Utilised during the year - -
Balance at the end of the year 66.10 65.50

5.1.2 Other inventories above includes Stock of Workshop Jobs, Stationery, medicine, press jobs etc.

NOTE 6.1 : OTHER NON-CURRENT ASSETS

(Rs. in Crore)
As at 31.03.2024 As at 31.03.2023
Capital Advances 127.74 110.86
Progressive Mine Closure Expense incurred⁶ ¹ ¹ 984.82 886.98
TOTAL 1,112.56 997.84

For dues from directors Refer note 16(2)(II)(A)(vii)

6.1.1. The above represents concurrent expenditure recognised as per guidelines from Ministry of Coal, Government of India
for preparation of Mine Closure Plan. Progressive Mine Closure Expense incurred are related to Mine cloure expenses
incurred for the purposes and include amount audited by the CMPIDL Rs 685.07 Crore (Previous Year Rs.671.84 Crore)

NOTE -6.2 : OTHER CURRENT ASSETS

(Rs. in Crore)
As at 31.03.2024 As at 31.03.2023
Advances other than capital advances
Advance payment of statutory dues 20.98 52.14
Other Deposits and Advances 6.2.1 2,199.04 2,193.44

166
Less : Allowance for doubtful other deposits and advances 6.2.2 5.59 18.44
2,193.45 2,175.00
Input Tax Credit Receivable 6.2.3 3,524.21 2,946.54
TOTAL 5,738.64 5,173.68

6.2.1 Other deposits and advances includes deposit under protest and refund yet to receive for income Tax, Sales Tax and Service
Tax an amount of Rs. 2050.56 crore (Previous year Rs. 2043.34 crore)
6.2.2. The details of movement in Allowance for bad and doubtful deposit and receivables (Current)

Balance at the beginning of the year 18.44 2.81

Recognised during the year 0.13 15.63
Utilised during the year (12.97) -
Balance at the end of the year 5.59 18.44
6.2.3 The accumulated amount of ₹ 3524.21 Crore (P.Y. ₹ 2946.54 Crore) represents the input tax credit pertaining to GST paid
on input materials/services that can be utilized against the GST on output. This accumulation has occurred as a result of
the inverted tax structure.
For dues from directors Refer note 16(2)(II)(A)(vii)

NOTE - 7.1 : EQUITY SHARE CAPITAL

(Rs. in Crore)
As at 31.03.2024 As at 31.03.2023
Authorised
5,00,00,000 Equity Shares of Rs.1000/- each (Previous Year 1,00,00,000 Equity Shares) 5,000.00 1,000.00
5,000.00 1,000.00
Issued, Subscribed and Paid-up
25237620 Equity shares of Rs. 1000/- each fully paid-up (Previous Year 6309405
2,523.76 630.94
Equity share)
2,523.76 630.94

7.1.1. Shares in the company held by each shareholder holding more than 5% Shares as on 31st Mar, 2024

Name of Shareholder No. of Shares No. of Shares

COAL INDIA LIMITED, The Holding Company 2,52,37,620 63,09,405

7.1.2 Share held by promotors at the end of the year

Promoter Name No. of Shares % of total shares % Change during the year
COAL INDIA LIMITED, The Holding Company 2,52,37,620 100% -
7.1.3 Reconciliation of equity shares outstanding at the beginning and at the end of reporting period of last 5 years:-

Particular Number of Share Amount (In Crore)

Balance as on 31.03.2019 63,09,405 630.94
Change during FY 2019-20 - -
Balance as on 31.03.2020 63,09,405 630.94

167
 Change during FY 2020-21 - -
Balance as on 31.03.2021 63,09,405 630.94
Change during FY 2021-22 - -
Balance as on 31.03.2022 63,09,405 630.94
Change during period ended - -
Balance as on 31.03.2023 63,09,405 630.94
Add: Bonus Shares issued by the company during FY 2023-24 1,89,28,215 1,892.82
Balance as on 31.03.2024 2,52,37,620 2,523.76

7.1.4 The Company has only one class of equity shares having a face value ₹ 1000/- per share. The holders of the equity shares
are entitled to receive dividends as declared from time to time and are entitled to voting rights proportionate to their share
holding at the meeting of shareholders. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the company after payment of all preferential amount, in proportionate to there shareholdings.
7.1.5 The Authorised Equity share Capital of the Company has increased from Rs. 1000 crore to Rs. 5000 crore pursuant to the
provision of the Section 61 of the Companies Act 2013 read with Article of Association of the Company.
7.1.6 During the year, the Company has issued 1,89,28,215 equity shares of ₹ 1000/- each as fully paid bonus share in the ratio of
three equity share of ₹ 1000/- each for every one equity shares held on record date of 28th March 2024 by utilising Capital
Redemption Reserve and General Reserve.

NOTE 7.2 : OTHER EQUITY

(Rs. in Crore)
As at As at 31.03.2023
31.03.2024 (Restated)
Capital Redemption reserve - 51.86
General Reserve 1,465.04 2,890.09
Retained Earnings 11,386.74 7,752.98
Other comprehensive income that will be reclassified to profit or loss - -
TOTAL 12,851.78 10,694.93
(a) Capital Redemption Reserve
Balance at the beginning of the year 51.86 51.86
Addition during the year - -
Utilization for Issue of Bonus Share (51.86)
Balance at the end of the year - 51.86
As per Companies Act, 2013 Capital Redemption Reserve is created when company purchases its own share out of free reserve
or securities premium, a sum equal to the nominal value of the shares so purchased is transferred to capital redemption reserve.
The reserve is utilised in accordance with the provisions of the section 69 of the Companies Act, 2013.
(b) General Reserve
Balance at the beginning of the year 2,890.09 2,541.39
Transfer from Retained Earnings 415.91 348.70
Utilization for Issue of Bonus Share (1,840.96)
Balance at the end of the year 1,465.04 2,890.09
The general reserve is a free reserve that is used from time to time to transfer profits from/
to retained earnings for appropriation purposes.
(c)(1) Retained Earnings
Opening Balance as previously reported 7,701.07 4,735.23
Adjustmet Due to Change in Accounting Policy/Prior Period Item 149.40 -

168
 Restated Balance at the beginning of the year 7,850.47 4,735.23
Profit for the period 8,318.13 7,123.39
Interim Dividend (3,438.63) (3,028.51)
Final Dividend (757.13) (630.94)
Transfer to General reserve (415.91) (348.70)
Balance at the end of the year 11,556.93 7,850.47

31.03.2024 31.03.2023
Final dividend for previous year ended of ₹1200.00 (31.03.2022 – ₹1000.00) per fully
757.13 630.94
paid up share of 6309405.
Interim dividend for current F.Y. year of ₹5450.00 (31.03.2023 – ₹4800.00) per fully paid
3,438.63 3,028.51
up share of 6309405.

The Board of directors of the company have recommended a final dividend of Rs 504.75 crore (25237620 no of shares @
200.00 per equity share) for the financial year 2023-24 on 24th April, 2024 which is subject to the approval of shareholders in
the Annual General Meeting (AGM) of the comapny to be held for the financial year 2023-24.

Retained Earning Represents the cumulative profits of the company. This reserve can be utilized in accordance with the
provisions of the Companies Act,2013.

Refer Note 16(7) for consequential impact of reclassification and restatement for stripping activity adjustment in note 9.1
as per Ind AS 8, ‘Accounting Policies, Changes in Accounting Estimates and Errors’ and Ind AS 1,’ Presentation of financial
statements’.

(c)(2) Items of other comprehensive income

(Other Comprehensive Income items that will not be reclassified to profit or loss)

Balance at the beginning of the year (97.49) (88.08)

Net actuarial gains/(losses) on defined benefit plans (net of tax) (72.70) (9.41)
Balance at the end of the year (170.19) (97.49)

Other Comprehensive Income represents the effect of remeasurement defined benefit obligations.

NOTE 8.1 : TRADE PAYABLES

(Rs. in Crore )

As at 31.03.2024 As at 31.03.2023

Current
Micro Small and Medium Enterprises 20.05 4.28
Other than Micro, Small and Medium Enterprises 1,162.85 1,184.76
TOTAL 1,182.90 1,189.04
Refer note 16(3) for classification
Information in respect of micro and small enterprises as required by Schedule III to the Companies Act, 2013 and
Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) -
a) Principal amount remaining unpaid but not due as at period end 20.05 4.28
b) Interest amount remaining unpaid but not due as at period end - -
c)Interest paid by the Company in terms of Section 16 of Micro, Small and Medium
Enterprises Development Act, 2006, along with the amount of the payment made - -
to the supplier beyond the appointed day during the period.

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 d)Interest due and payable for the period of delay in making payment (which
have been paid beyond the appointed day during the year) but without adding the - -
interest specified under MSME Development Act, 2006.
e) Interest accrued and remaining unpaid as at period end. - -
f) Further interest remaining due and payable even in the succeeding years, until
- -
such date when the interest dues as above are actually paid to the small enterprises

8.1.1 Trade Payables aging schedule As at 31st Mar, 2024

Outstanding for following periods from date of transaction

Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
(i) MSME 20.05 - - - 20.05
(ii) Others 1,096.43 43.59 16.16 6.67 1,162.85
(iii) Disputed dues - MSME - - - - -
(iv)Disputed dues - Others - - - - -
Total 1,116.48 43.59 16.16 6.67 1,182.90

Trade Payables aging schedule As at 31st Mar, 2023

Outstanding for following periods from date of transaction

Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
(i) MSME 4.28 - - - 4.28
(ii) Others 1,074.32 83.75 16.47 10.22 1,184.76
(iii) Disputed dues - MSME - - - - -
(iv)Disputed dues - Others - - - - -
Total 1,078.60 83.75 16.47 10.22 1,189.04

NOTE - 8.2 : OTHER FINANCIAL LIABILITIES (Rs. in Crore)

As at 31.03.2024 As at 31.03.2023
Non Current
Deposits from contractors and others 387.27 333.41
387.27 333.41
Current
Current Account with Holding Co. 35.85 24.44
Deposits from contractors and others 479.75 290.94
Payable for Capital Expenditure 268.63 226.63
Liability for Employee Benefits 440.51 360.35
Others 32.52 51.63
TOTAL 1,257.26 953.99

Other Includes Liability of CSR Addition during Adjustment

Opening Balance Closing Balance
Expenses the period during the year
Provision for Liability of CSR Expenses 34.13 21.08 34.13 21.08

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 NOTE - 9.1 : PROVISIONS

(Rs. in Crore)
As at 31.03.2023
As at 31.03.2024
(Restated)
Non Current
Employee Benefits
- Gratuity⁹ ¹ ⁴ - -
- Leave Encashment⁹ ¹ ⁴ 55.28 57.12
- Post Retirement Medical Benefits ⁹ ¹ ⁴ 149.99 101.75
- Other Employee Benefits 9.1.2 16.42 17.89
Other Provisions
Site Restoration/ Mine Closure9.1.2 & 9.1.3 984.96 865.27
- Stripping Activity Adjustment 9.1.1 13,976.56 14,600.15
TOTAL 15,183.21 15,642.18
Current
Employee Benefits
- Other Employee Benefits 9.1.2 & 9.1.5 285.54 706.80
TOTAL 285.54 706.80
(ii) Refer Note 16 (7) for reclassification and restatement for stripping activity adjustment as per Ind AS 8, ‘Accounting Policies,
Changes in Accounting Estimates and Errors’ and Ind AS 1,’ Presentation of financial statements’.

9.1.1 The details of movement in Stripping Activity Adjustment (Current and Non-Current)

(i) Ratio Variance reserves

Balance at the beginning of the year 14,600.15 15,210.57
Reversed during the year (623.59) (610.42)
Balance at the end of the year 13,976.56 14,600.15
(ii) Refer Note 16 (7) for reclassification and restatement for stripping activity adjustment as per Ind AS 8, ‘Accounting
Policies, Changes in Accounting Estimates and Errors’ and Ind AS 1,’ Presentation of financial statements’.

9.1.2 The details of movement in Provisions

“Balance at the charged during “Utilised Balance at the
Period
start of the year” the year during the year” end of the year
(a) Other Employee Benefits
includes -
Provision For PRP C.Y. 197.13 109.17 (83.13) 223.17
P.Y. 129.26 114.00 (46.13) 197.13
Provision - Arrear Salary for Non-
C.Y. 502.58 86.40 (535.12) 53.86
Executives
P.Y. 46.89 455.69 - 502.58
(b) Site Restoration/ Mine Closure C.Y. 865.27 119.69 - 984.96
P.Y. 824.80 40.47 - 865.27

9.1.3. Provision for Site Restoration/Mine Closure The company’s obligation for land reclamation and decommissioning of
structures consists of spending at both surface and underground mines in accordance with the guidelines from Ministry
of Coal, Government of India. The estimate of obligation for Mine Closure, Site Restoration and Decommissioning based
upon detailed calculation and technical assessment of the amount and timing of the future cash spending to perform the
required work. Mine Closure expenditure is provided as per approved Mine Closure Plan. The estimates of expenses are

171
 escalated for inflation (@5%), and then discounted at a discount rate (@8%) that reflects current market assessment of
the time value of money and the risks, such that the amount of provision reflects the present value of the expenditures
expected to be required to settle the obligation. The value of the provision is progressively increased over time as the
effect of discounting unwinds; creating an expense recognised as financial expenses. In reference to above guidelines for
preparation of mine closure plan, an escrow account has been opened. (Refer Note - 4.6).
9.1.4. Details of Defined benefit Obligation and Fair Value of Plan Assets
Defined benefit Fair Value of Net Defined benefits
Particulars As At
Obligation Plan Assets (Assets)/ Liabilities
As at 31.03.2024 949.35 950.24 (0.89)
- Gratuity
As at 31.03.2023 943.34 960.78 (17.44)
As at 31.03.2024 443.30 388.02 55.28
- Leave Encashment
As at 31.03.2023 378.50 321.38 57.12
As at 31.03.2024 336.63 186.64 149.99
- Post Retirement Medical Benefits
As at 31.03.2023 270.98 169.23 101.75
9.1.5. As per the National Coal Wages Agreement (NCWA-XI) for the Non-Executives, considering the total impact of the
increase in all elements of salary & wages an estimated provision of Rs. 502.58 crore @ Rs. 19100/- per employee (Non-
Executive) per month has been recognised in previous year. However, from June 2023 NCWA-XI has been implemented
and salary is being paid at a revised rate. Arrear salary has also been paid during the year ended 31.03.2024 except for
retired employees.

NOTE - 10.1 :OTHER NON CURRENT LIABILITIES

(Rs. in Crore)
As at 31.03.2024 As at 31.03.2023
Deferred Income (Government Grant) 10.1.1. 9.32 10.23
Total 9.32 10.23

10.1.1 Deferred Income includes subsidy received on account of capital nature works of road and rail infrastructure at Khadia
Unit. Income recognised from the deferred income during the year is Rs. 0.91 Crores. (Previous Year Rs. 0.90 Crore)
(Refer Accounting Policy No. 2.4)

NOTE - 10.2 : OTHER CURRENT LIABILITIES

(Rs. in Crore)
As at 31.03.2024 As at 31.03.2023
Statutory Dues 10.2.1 1,618.20 1,243.95
MPGATSVA Equalization Fund 10.2.2 990.80 868.77
Advance from customers / others 2,159.65 2,066.04
Others liabilities 0.41 0.09
TOTAL 4,769.06 4,178.85

10.2.1 Includes Liability related to Terminal Tax, which is currently under review by the Supreme Court of India, management
holds the belief that the outcome may not be favorable to the company. Consequently, an amount of Rs. 490.81 Crore has
been provisioned for Terminal Tax Liability covering the period from 01.09.2002 to 31.03.2023. Further as per directive
of supreme court of India, 25% of due amount ( Rs. 20.14 Crore) as per demand note by municipal corporation upto year
2007 has been deposited and shown under other deposit and advance (Note 6.2). For the fiscal year 2023-24, an amount
of Rs 54.29 crore bill has been raised to consumer but matter is still pending at supreme court of India.
10.2.2 An amount of 5% of “Annual Value” in relation to MPGATSVA (Madhya Pradesh Gramin Avsanrachna Tatha Sadak
Vikas Adhiniyam, 2005) is to be deposited to Government Ex-chequer in equal installment before the end of each
quarter of current year. The “Annual Value” means the Average Quantity of last two year’s production multiplied by the
Notified price of coal as on 31st March of the last year.

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 NOTE - 11.1 : CURRENT TAX ASSETS/LIABILITIES
(Rs. in Crore)

As at 31.03.2024 As at 31.03.2023
Income Tax Assets
Balance at the beginning of the year 5,275.25 6,353.50
Recognised for the year 2,788.97 2,634.81
Reversal/refund for the year (2,245.21) (3,713.06)
Balance at the Closing of the year 5,819.01 5,275.25
Income Tax Liabilities
Balance at the beginning of the year 2,245.21 3,713.06
Recognised for the year 2,564.42 2,245.21
Reversal/Adjustment for the year (2,245.21) (3,713.06)
Balance at the Closing of the year 2,564.42 2,245.21
Net Current income tax asset at the end 3,254.59 3,030.04
Disclosed as:
Current Tax Assets 3,254.59 3,030.04
Current Tax Liability
3,254.59 3,030.04

Balance as on Recognised/ (reversed) in Balance as on

1st April, 2023 profit and loss during the year 31st Mar, 2024
Deferred Tax Assets:
Provision for Doubtful Advances, Claims and Debts 21.12 (3.08) 18.04
Employee Benefits 214.75 42.26 257.01
Others 9.29 138.51 147.80
TOTAL OF (A) 245.16 177.70 422.86
Deferred Tax Liability:
Related to Property, Plant and Equipment and
401.53 106.70 508.23
Intangible assets
Others 230.71 (41.24) 189.47
TOTAL OF (B) 632.24 65.46 697.70
Net Deferred Tax Asset/ (Deferred Tax Liability)
(387.08) 112.24 (274.84)
(C= A-B)

As at 31.03.2024 As at 31.03.2023
Deferred Tax Assets 422.86 245.16
Deferred Tax Liability (697.70) (632.24)
Total (274.83) (387.08)

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 NOTE - 12.1 : REVENUE FROM OPERATIONS
(Rs. in Crore)
For the year For the year
ended 31.03.2024 ended 31.03.2023
A. Sales 34,424.76 32,965.11
Less : Statutory Levies 11,868.81 11,371.17
Sales (Net) (A)⁽¹² ¹ ¹⁾⁽¹² ¹ ²⁾ 22,555.95 21,593.94
B. Other Operating Revenue
Loading and additional transportation charges 1,324.10 989.84
Less : Statutory Levies 63.05 47.14
Net Loading and additional transportation charges 1,261.05 942.70
Evacuation facilitating Charges 856.69 830.78
Less : Statutory Levies 40.80 39.57
Net Evacuation facilitating Charges 815.89 791.21
Other Operating Revenue (Net)(B) 2,076.94 1,733.91
Revenue from Operations (A+B) 24,632.89 23,327.85

12.1.1 Sales Include Estimated gain/loss on Coal Quality Variance as increased/

(13.99) 330.20
(decreased)
12.1.2 Sales include performance incentive under fuel supply agreement. (Increase/
600.71 380.69
(Decrease))

12.1.3 Refer Note 16(6)(c) for Disaggregated revenue information

NOTE 12.2 : OTHER INCOME

(Rs. in Crore )
For the year For the year
ended 31.03.2024 ended 31.03.2023
Interest Income 438.38 325.69
Other non-operating income (net of expenses directly attributable to such income)
Profit on Sale of Assets 1.69 -
Exchange Rate Variance 3.25 -
Gain (Loss )on sale of Mutual Fund 70.97 59.77
Lease Rent 12.65 4.26
Provision written back 12.2.1 12.97 0.40
Liability written Back 73.17 166.13
Miscellaneous Income12.2.2 188.14 196.17
Total 801.22 752.42

12.2.1 Details of provision written back

For trade receivables (4.3.1) - 0.11
For other current deposits and advances (6.2.2) 12.97 0.29
Total provision written back during the period/year 12.97 0.40

12.2.2 Miscellaneous income includes -

- Penalty, LD and forfeiture of EMD 127.89 151.43
- Sale of Scrap 19.29 29.38

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 NOTE 13.1 : COST OF MATERIALS CONSUMED
(Rs. in Crore)
For the year For the year
ended 31.03.2024 ended 31.03.2023
Explosives 1,283.22 1,861.86
Oil & Lubricants 1,306.81 1,451.10
HEMM Spares 703.72 596.80
Other Consumable Stores & Spares 217.15 189.49
Total 3,510.90 4,099.25

NOTE 13.2 : CHANGES IN INVENTORIES OF FINISHED GOODS, WIP AND STOCK IN TRADE
(Rs. in Crore)
For the year For the year
ended 31.03.2024 ended 31.03.2023
Opening Stock of Coal 432.45 536.12
Closing Stock of Coal 261.82 432.45
Change in Inventory of Coal 170.63 103.67

NOTE 13.3 : EMPLOYEE BENEFITS EXPENSES

(Rs. in Crore)
For the year For the year
ended 31.03.2024 ended 31.03.2023
Salary and Wages 13.3.1 & 13.3.2 2,583.11 2,644.91
Contribution to P.F. & Other Funds 678.55 547.98
Staff welfare Expenses 183.81 175.59
Total 3,445.47 3,368.48

13.3.1 National Coal Wages Agreement (NCWA-XI) for the Non-Executives has
been implemented since June 2023, and salary is being paid at a revised rate.
86.40 455.69
Arrear salary has also been paid For the year ended 31st Mar, 2024 except for
retired employees.

13.3.2 Including allowances, bonus, incentives, performance related pay, overtime pay, sitting fees to independent directors etc.
13.3.3 Disclosures as per Ind AS 19 ‘Employee Benefits’ in respect of provision made towards various employee benefits except
those covered under actuarial valuation related to Gratuity, Leave encashment and PRMB, are provided in Note 9.1.2.
13.3.4 Disclosures as per Ind AS 19 ‘Employee Benefits’ in respect of defined benefit plans and other long term employee benefit
plans which are covered under actuarial valuation.

NOTE 13.4 : FINANCE COSTS

(Rs. in Crore)
For the year For the year
ended 31.03.2024 ended 31.03.2023
Unwinding of discounts 13.4.1 82.52 60.54
Total 82.52 60.54

13.4.1 - Refer Note 9.1.3 for unwinding of discount

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 NOTE - 13.5: Depreciation/Amortization/Impairment
(Rs. in Crore)
For the year ended For the year ended
31.03.2024 31.03.2023 (Restated)
Depreciation/Amortization/Impairment
Property , Plant And Equipment (Note 3.1) 1,314.21 1,064.32
Capital Work In Progress (Note 3.2) 0.51 0.02
Exploration And Evaluation Assets (Note 3.3) 0.45 0.01
Intangible Assets (Note 3.4) 2.03 1.84
TOTAL 1,317.20 1,066.19

During the year, Company has technically evaluated and reviewed the usefule life of property plant and equipment. Due to
change in accounting estimate, depreication/amortisation has increased by ₹13.82 crore during the year. Effect in the future
period is not disclosed because estimating it is impracticable.

NOTE - 13.6 : Stripping Activity Adjustment

(Rs. in Crore)
For the year ended For the year ended
31.03.2024 31.03.2023 (Restated)
Ratio Variance reserve (623.59) (610.42)
Improved access to coal (737.43) 195.03
TOTAL (1,361.02) (415.39)

13.6.1 Ratio variance reserve: Carrying amount of the ratio variance reserve is being reversed systematically whenever the
situation of reversal of provision/asset arises as per material accounting policy of the Company.
13.6.2 Improved access to coal: When the actual volume of overburden removed is greater than the expected volume of
overburden removal, the stripping cost for excess overburden removed over the expected overburden removal is
capitalised to the stripping activity asset.
13.6.3 Refer Note 16(7) for reclassification and restatement for stripping activity adjustment as per Ind AS 8, ‘Accounting
Policies, Changes in Accounting Estimates and Errors’ and Ind AS 1,’ Presentation of financial statements’. Also Refer
note 9.1

NOTE 13.7 : CONTRACTUAL EXPENSES

(Rs. in Crore)
For the year ended 31.03.2024 For the year ended 31.03.2023
Transportation Charges 336.44 305.04
Wagon Loading 31.76 33.15
Hiring of Plant and Equipments 4,227.20 3,980.03
Other Contractual Work 67.49 73.30
Total 4,662.89 4,391.52

176
 NOTE 13.8 : OTHER EXPENSES
(Rs. in Crore)
For the year ended For the year ended
31.03.2024 31.03.2023
Power Expenses 419.66 385.94
Repairs and Maintenance
- Building 162.88 187.53
- Plant & Machinery 246.77 206.36
- Others 6.58 6.32
Travelling expenses 14.98 16.13
Training Expenses 6.11 6.16
Telephone & Internet 5.50 9.27
Advertisement & Publicity 6.29 6.22
Freight Charges - -
Demurrage 2.04 2.52
Under Loading Charges 41.86 42.53
Coal Sampling Charges 37.15 54.38
Security Expenses 166.64 152.82
Service Charges of CIL 272.30 262.34
Legal Expenses 2.45 1.74
Consultancy Charges 0.42 0.31
Consultancy Charges to CMPDIL 118.81 80.87
Loss on Sale/Discard/Surveyed of Assets - 3.99
Auditor’s Remuneration & Expenses
- For Audit Fees 0.18 0.18
- For Taxation Matters 0.01 0.01
- For Other Services 0.13 0.13
- For Reimbursement of Exps. 0.05 0.04
Internal & Other Audit Expenses 3.13 3.23
Rehabilitation Charges 82.58 80.11
Lease Rent & Hiring Charges 88.41 82.08
Rates & Taxes 539.08 42.00
Insurance 1.70 1.49
Loss on Exchange Rate Variance - 3.63
Rescue/Safety Expenses 17.95 15.57
Siding Maintenance Charges 8.19 5.65
Research , Development and Survey expenses 8.58 3.90
Environmental & Tree Plantation Expenses 57.43 41.40
Corporate Social Responsibility Expenses 13.8.1 150.42 134.61
Provisions 13.8.2 222.19 6.49
Write off (Net of past provisions) - 0.03
Miscellaneous expenses 71.42 53.17
Total 2,761.89 1,899.15

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 13.8.1 (A). Activity wise breakup of CSR Expenses
31.03.2024 31.03.2023
Eradicating hunger, poverty and malnutrition 10.48 22.74
Promoting education, including special education and employement enhancing vocation skills 45.56 38.20
Gender equality and measures for reducing inequalities faced by socially and economically
- -
backward groups
Environmental sustainability 10.89 2.54
Protection of natural heritage, art and culture - 1.80
Benefit of armed forces veterans, war widows and their dependents -
Trainning to promote rural sports, nationally recognized sports, paralympic sports and olympic
2.56 12.03
sports
Contribution to fund setup by the central government for socio economic development - -
Contribution to incubators or research and development projects 0.17 0.83
Contribution to universities and research institutes - -
Rural development projects 80.75 49.23
Slum area development - -
Disaster management including relief, rehabilitation and reconstruction - -
Impact Assessment 0.02 -
Administration Cost 7.44 6.27
Total 157.87 133.64

Reconcialtion of CSR Expenses recognised with Activity wise Break up of CSR Expenses spent
Activity wise CSR amount spent 157.87 133.64
Add: Last year Excess CSR, utilized during the year 1.50 2.47
Less: Carried forward for next year 8.95 1.50
Add: Unspent CSR amount on other than ongoing project - -
Add: Unspent CSR amount on ongoing project - -
CSR Expenses recognised during the year 150.42 134.61

(B). CSR required to be spent and CSR Expenditure

(a) Amount required to be spent during the year (2% of Average Net Profit of the company made
during the three immediately precedding financial years under section 135 of the companies act 150.42 134.61
2013)
(b) Amount approved by the Board to be spent during the year 150.42 134.61
(c)Amount spent during the year on:
(i) Construction/Acquisition of any assets 15.21 13.87
(ii) on Purpose other than (i) above 142.66 119.77

(C). Excess/(Shortfall) amount spent [Section 135(5)]

Opening Amount required to be Amount spent Closing
Yearwise Details
Balance spent during the year during the year Balance
2021-22 11.70 132.75 123.52 2.47
2022-23 2.47 134.61 133.64 1.50
2023-24 1.50 150.42 157.87 8.95

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13.8.2 Details of provisions
For trade receivables (4.3.1) 221.47 -
For coal and store inventories (5.1.1 and 5.1.2) 0.59 6.49
For other current deposits and advances (6.2.1) 0.13 -
Total provision made during the period/year 222.19 6.49

NOTE 14.1 : TAX EXPENSE

(Rs. in Crore)
For the year ended For the year ended
31.03.2024 31.03.2023
Current Year 2,588.87 2,248.38
Earlier Years 48.88 (14.62)
Total Current Tax 2,637.75 2,233.76
Deferred tax (112.25) 149.71
Total 2,525.50 2,383.47

14.1.1 Reconciliation of Tax expenses & the accounting profit multiplied by Indian domestic Tax rate:
31.03.2024 31.03.2023
Profit/(Loss) before Tax 10,843.63 9,506.86
At India’s statutory income tax rate of 25.168% (31.03.2023 : 25.168%) 2,729.12 2,392.69
Less : Adjustment in respect of current income tax of previous year (48.88) 14.62
Add : Non-deductible expenses for tax purposes (252.50) 5.40
Income Tax Expenses reported in statement of P&L 2,525.50 2,383.47
Effective income tax rate : 23.29% 25.07%

14.1.2 In the opinion of the management, provision made for Income Tax during the year ended Rs. 2564.42 crores and tax
impact on OCI Rs. 24.45 crores (Previous year Rs. 2245.21 crores, tax impact on OCI Rs. 3.17) is considered adequate.
14.1.3 The Company offsets tax assets and liabilities if and only if has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax asset and deferred tax liabilities relate to income taxes levied by the same tax
authority.
14.1.4 Refer Note 11.2 for component of deferred tax assets/ (liabilities)
14.1.5 Refer Note 16 (7) for consequential impact of reclassification and restatement for stripping activity adjustment in note
9.1 as per Ind AS 8, ‘Accounting Policies, Changes in Accounting Estimates and Errors’ and Ind AS 1,’ Presentation of
financial statements’.

NOTE 15.1 : OTHER COMPREHENSIVE INCOME

(Rs. in Crore)
For the year ended For the year ended
31.03.2024 31.03.2023
(i) Items that will not be reclassified to profit or loss
Remeasurement of defined benefit plans15.1.1 (97.15) (12.58)
Tax on Remeasurement of defined benefit plans 24.45 3.17
Total (72.70) (9.41)

15.1.1 -Remeasurement of defined benefit plans includes -

- Gratuity (33.71) (20.58)
- Post Retirement Medical Benefit (63.44) 8.00

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 NOTE - 16: ADDITIONAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31.03.2024

1 A. Contingent Liabilities
I. Claims against the company not acknowledged as debt
Table-I (₹ in Crore)
Central State Government and
particulars CPSE others Total
Government other localities
Opening as on 01.04.2023 10,348.35 1,158.31 - 369.28 11,875.94
Addition during the year 744.59 16.38 - 53.96 814.93
Claims settled during the year
a. From opening balance 8,450.03 161.36 - 54.51 8,665.90
b. Out of addition during the year - - - - -
c. Total claims settled during the
8,450.03 161.36 - 54.51 8,665.90
year (a+b)
Closing as on 31.03.2024 2,642.91 1,013.33 0.00 368.73 4,024.97

(i) No interest outflow is expected in the settlement of cases under contingent liabilities, except where management has an
adverse view.
(ii)
No outflow is expected in settlement of cases pending at arbitration except where management has an adverse view.

Table-II (₹ in Crore)
Contingent Liabilities
S.N. Particulars 31st Mar, 2024 31st Mar, 2023
A. CENTRAL GOVERNMENT
1 Excise duty - 532.32
2 Service Tax 95.40 95.40
3 Income Tax 1,090.01 8,679.01
4 Central Sales Tax 1,040.05 1,041.62
5 Goods & Service Tax 417.45 0.00
Sub-total 2,642.91 10,348.35
B. STATE GOVERNMENT
1 MP VAT 409.04 404.55
2 UP VAT 39.27 30.65
3 SSADA 0.34 0.34
4 Entry Tax – MP 369.35 377.32
5 Entry Tax – UP 65.38 66.35
6 UP Trade Tax 0.10 0.10
7 Land Revenue 119.98 117.05
8 Local Body Taxes 9.87 161.95
Sub-total 1,013.33 1,158.31
C. CPSEs
- -
D. OTHERS :- 368.73 369.28
Total 4,024.97 11,875.94

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II. Guarantee B. Contingent Assets
As on 31.03.2024 Bank guarantee issued is ₹ 1.7 Crore (₹ 2.9
A contingent asset is a possible asset that arises from past events
Crore in previous year).
and whose existence will be confirmed only by the occurrence
III. Letter of Credit : or non-occurrence of one or more uncertain future events not
As on 31.03.2024 outstanding letters of credit is ₹1394.8 wholly within the control of the entity. During the normal
Crore(₹ 1918.48 Crore in previous year). course of business, several unresolved claims are currently
outstanding. The inflow of economic benefits, in respect of
IV. Commitments
such claims cannot be measured due to uncertainties that
Estimated amount of contracts remaining to be executed
surround the related events and circumstances.
on capital account and not provided for: ₹3394.38 Crores
(₹4878.35 Crore in previous year). 2 Related Party information

I. Group Information
Other Commitments: ₹11112.02 Crore (₹8755.77 Crore in
previous year). A. Holding Company & Fellow Subsidiary

Principal Country of % Equity Interest

Name of Entity Relation
activities Incorporation 31st Mar, 2024 31st Mar, 2023
COAL INDIA LIMITED Holding Company Coal mining India 100% 100%
Eastern Coalfields Limited Fellow Subsidiary Coal mining India - -
Bharat Coking Coal Limited Fellow Subsidiary Coal mining India - -
Central Coalfields Limited Fellow Subsidiary Coal mining India - -
South Eastern Coalfields
Fellow Subsidiary Coal mining India - -
Limited
Western Coalfields Limited Fellow Subsidiary Coal mining India - -
Mahanadi Coalfields Limited Fellow Subsidiary Coal mining India - -
Consultancy
Central Mine Planning and support in Coal
Fellow Subsidiary India - -
Design Institute Limited and Mineral
exploration
Coal India Africana Limitada,
Fellow Subsidiary Coal mining Mozambique - -
Mozambique (CIAL)
CIL Solar Pvt. Ltd. (CSPL) Fellow Subsidiary Solar Energy India - -
CIL Navikarniya Urja Limited Renewable
Fellow Subsidiary India - -
(CNUL) Energy

B. Joint Venture Companies of Holding Company

Principal Country of % Equity Interest

Name of Entity
activities Incorporation 31st Mar, 2024 31st Mar, 2023
International Coal Venture Private Limited (ICVL) Coal India - -
CIL NTPC Urja Private Limited (CNUPL) Energy India - -
Talcher Fertilizers Limited (TFL) Fertiliser India - -
Hindustan Urvarak and Rasayan Limited (HURL) Fertiliser India - -
Coal Lignite Urja Vikas Private Limited (CLUVPL) Energy India - -

181
 C. Post Employment Benefit Funds and others

Name of Entity Nature Country of Incorporation

Coal India Employees Gratuity Fund Trust India
Statutory body under the
Coal Mines Provident Fund (CMPF) India
control of Ministry of Coal, GoI
Coal India Superannuation Benefit Fund Trust Trust India
Contributory Post Retirement Medicare Scheme for Non-
Trust India
Executives
CIL Executive Defined Contribution Pension Trust Trust India
Indian Institute of Coal Management (IICM) Registered Society India
Coal India Sports Promotion Association (CISPA) Registered Society India

II Related Party Disclosures 3) Coal India Superannuation Benefit Fund Trust

A. Related Party Information

4) Contributory Post Retirement Medicare Scheme for Non-
i) Subsidiary Companies Executives Modified
NIL 5) CIL Executive Defined Contribution Pension Trust
ii) Joint Venture Companies

NIL - Society

iii) Post-Employment Benefit Funds and Others 1) Indian Institute of Coal Management (IICM) - (Registered
Society)
- Trust
2) Coal India Sports Promotion Association (CISPA) -
1) Coal India Employees Gratuity Fund (Registered Society)

2) Coal Mines Provident Fund (CMPF) iv) Key Managerial Personnel

Name Designation Date if joined/ceased during the

financial year
Shri B Sairam Chairman-cum Managing Director w.e.f. 13.03.2024
Shri Bhola Singh Chairman-cum Managing Director w.e.f. 01.01.2022 to 31.01.2024
Chairman-cum Managing Director -
Shri Manish Kumar w.e.f. 01.02.2024 to 13.03.2024
Additional Charge
Shri Marapalli Venkateshwarlu Official Part Time Director w.e.f. 22.02.2023
Shri Vinay Ranjan Official Part Time Director w.e.f. 12.05.2022
Smt. Subeena Bansal Independent Director w.e.f. 01.11.2021
Dr. Anindya Sinha Director (Technical) w.e.f. 30.04.2020 to 30.06.2023
Shri Manish Kumar Director (Personnel) w.e.f. 21.09.2022
Shri Rajneesh Narain Director (Finance) & C F O w.e.f. 27.09.2022
Shri Jitendra Malik Director(Technical) w.e.f. 27.12.2022
Shri Sunil Prasad Singh Director(Technical) w.e.f. 04.07.2023
Shri Sushanta Kumar Panda Company Secretary w.e.f. 04.07.2022

182
v. Remuneration of Key Managerial Personnel

Sl. Remuneration to CMD, Whole Time Directors and For the year ended For the year ended
No. Company Secretary 31.03.2024 31.03.2023 Restated
i) Short Term Employee Benefits
Payment to CMD, Whole Time Directors, CFO & Company
a. 4.01 3.16
Secretary
b. Sitting Fees to Independent Directors 0.05 0.16
ii) Other Long-term Benefits - -
iii) Post-Employment Benefits 0.36 0.28
iv) Termination Benefits 0.46 0.36
TOTAL 4.89 3.97

Note - Besides above, whole time Directors have been allowed to use of cars for private journey upto a ceiling of 750 KMs on
payment of ₹2000 per month as per service conditions.

vi. Balances Outstanding with Key Managerial Personnel

Sl.
Particulars As on 31st Mar, 2024 As on 31st Mar, 2023
No.
i) Amount Payable - -
ii) Amount Receivable - -

vii. Dues from directors B. Related Party Transactions within Group

No Trade or other receivables are due from directors or Northern Coalfields Limited has entered into
other officers of the company either severally or jointly transactions with CIL & its subsidiaries which include
with any other person. Nor any trade or other receivable Apex charges, Rehabilitation charges,, IICM charges
are due from firms or private companies respectively in and other expenditure incurred through current
which any director is a partner, a director or member. account.

i) Transactions with Related Parties

Outstanding
Apex Rehabilitation IICM/Other Dividend
Name of Related Parties Balances (Payable)/
Charges Charges Charges Received (Paid)
Receivables
Coal India Limited CY (272.30) (82.58) (2.66) (4,195.76) (35.85)
PY (262.34) (80.11) (3.39) (3,659.45) (24.44)
CMPDIL CY (29.46)
PY (18.55)

Disclosure of Payable to CMPDIL

Transaction in Financial Statement

Description Note No Amount in crores
3.1 17.15
Capital Expenses
3.2 62
CMPDIL Expense 13.8 118.81
Payable for Capital Expense 8.2 16.14
Trade Payables 8.1 13.32

183
 ii. Entities under the control of the same government: the controlling Government and another entity under same
Government. The following transactions have been entered at
The Company being a Government related entity is exempt arm’s length price with entities under the control of the same
from the general disclosure requirements in relation to Government.
related party transactions and outstanding balances with
₹ in Crore)

Progressive for Progressive for

Name of the entity Transaction
F.Y. F.Y.
31.03.2024 31.03.2023
NTPC Sale of Coal 10,828.74 11,129.58

3 Fair Value Measurement

(a) Financial Instruments by Category
31.03.2024 31.03.2023
FVTPL Amortised cost FVTPL Amortised cost
Financial Assets
Investments* :
Secured Bonds
Co-Operative Share
Mutual Fund 684.04 600.71
Other Investments
Loans 20.07 20.77
Other Financial Assets 1571.22 1295.21
Trade receivables 2,227.97 2,471.34
Cash & cash equivalents 2,560.95 958.37
Other Bank Balances 1,671.02 3,776.17
Financial Liabilities
Borrowings - -
Trade payables 1,182.90 1,189.04
Security Deposit and Earnest money 867.02 624.35
Other Liabilities 777.51 663.05

(b) Fair value hierarchy

To provide an indication about the reliability of the
Table below shows Judgments and estimates made in inputs used in determining fair value, the company
determining the fair values of the financial instruments has classified its financial instruments into the three
that are (a) recognised and measured at fair value and levels prescribed under the accounting standard. An
(b) measured at amortised cost and for which fair values explanation of each level follows underneath the table.”
are disclosed in the financial statements.

31.03.2024 31.03.2023
Financial assets and liabilities measured at fair value
Level I Level 3 Level I Level 3
Financial Assets at FVTPL
Investments :
Mutual Fund 684.04 600.71
Financial Liabilities
If any item -

184
 Financial assets and liabilities measured at amortised cost
31.03.2024 31.03.2023
for which fair values are disclosed
Level I Level 3 Level I Level 3
Financial Assets
Investments :
Preference Shares
-Equity Component
-Debt Component
Other Investments
Loans 20.07 20.77
Other Financial Assets 1571.22 1295.21
Trade receivables 2,227.97 2,471.34
Cash & cash equivalents 2,560.95 958.37
Other Bank Balances 1,671.02 3,776.17
Financial Liabilities
Borrowings - -
Trade payables 1,182.90 1,189.04
Security Deposit and Earnest money 867.02 624.35
Other Liabilities 777.51 663.05

The Company uses the judgments and estimates in determining the fair values of the financial instruments that are recognised
and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair value, the
Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation
of each level is given below.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is
the case for unlisted equity securities, preference shares borrowings, security deposits and other liabilities taken included in
level 3.
(c) Valuation technique used in determining fair value
Valuation techniques used to value financial instruments include the use of quoted market prices of instruments.
(d) Fair value measurements using significant unobservable inputs
At present there are no fair value measurements using significant unobservable inputs.

(e) Fair values of financial assets and liabilities measured with the company’s performance and the contract
at amortised cost requires amounts to be retained for reasons other
• The carrying amounts of trade receivables, short than the provision of finance. The withholding
term deposits, cash and cash equivalents, trade of a specified percentage of each milestone
payables are considered to be the same as their fair payment is intended to protect the interest of the
values, due to their short-term nature. company, from the contractor failing to adequately
complete its obligations under the contract.
• The Company considers that the Security Deposits Accordingly, transaction cost of Security deposit is
does not include a significant financing component. considered as fair value at initial recognition and
The milestone payments (security deposits) coincide subsequently measured at amortised cost.

185
 Significant estimates: The fair value of financial the management of these risks. The Company’s senior
instruments that are not traded in an active market is management is supported by a risk committee that
determined using valuation techniques. The Company advises, inter alia, on financial risks and the appropriate
uses its judgment to select a method and makes suitable financial risk governance framework for the Company.
assumptions at the end of each reporting period. The risk committee provides assurance to the Board of
Directors that the Company’s financial risk activities
4 Financial Risk Management are governed by appropriate policies and procedures
Financial risk management objectives and policies and that financial risks are identified, measured and
managed in accordance with the Company’s policies
The Company’s principal financial liabilities comprise and risk objectives. The Board of Directors reviews and
trade and other payables. The main purpose of these agrees policies for managing each of these risks, which
financial liabilities is to finance the Company’s operations are summarised below.
and to provide guarantees to support its operations. The
Company’s principal financial assets include loans, trade The Company is exposed to market risk, credit risk
and other receivables, and cash and cash equivalents and liquidity risk. This note explains the sources of
that is derived directly from its operations. risk which the entity is exposed to and how the entity
manages the risk and the impact of hedge accounting in
The Company is exposed to market risk, credit risk and the financial statements.
liquidity risk. The ompany’s senior management oversees

Risk Measurement Management

Department of public enterprises (DPE guidelines),
Credit Risk Ageing analysis/ Credit rating diversification of bank deposits credit limits and other
securities
Availability of committed credit lines and borrowing
Liquidity Risk Periodic cash flows
facilities
Regular watch and review by senior management and
Market Risk-foreign exchange Cash flow forecast sensitivity analysis
audit committee.
Department of public enterprises (DPE guidelines),
Market Risk-interest rate Cash flow forecast sensitivity analysis Regular watch and review by senior management and
audit committee.

The Company risk management is carried out by the board into legally enforceable FSAs with customers or with State
of directors as per DPE guidelines issued by Government of Nominated Agencies that in turn enters into appropriate
India. The board provides written principles for overall risk distribution arrangements with end customers. Our FSAs can
management as well as policies covering investment of excess be broadly categorized into:
liquidity. • FSAs with customers in the power utilities sector,
including State power utilities, private power
A. Credit Risk:
utilities (“PPUs”) and independent power producers
Credit risk arises from cash and cash equivalents, investments
(“IPPs”);
carried at amortised cost and deposits with banks and financial
institutions, as well as including outstanding receivables. • FSAs with customers in non-power industries (including
captive power plants (“CPPs”)); and
Credit risk management:
• FSAs with State Nominated Agencies.
Receivables arise mainly out of sale of Coal. Sale of Coal is
broadly categorized as sale through fuel supply agreements E-Auction Scheme
(FSAs) and e-auction.
The E-Auction scheme of coal has been introduced to provide
Macro - economic information (such as regulatory changes) is access to coal for customers who were not able to source
incorporated as part of the fuel supply agreements (FSAs) and their coal requirement through the available institutional
e-auction terms. mechanisms under the NCDP for various reasons, for example,
due to a less than full allocation of their normative requirement
Fuel Supply Agreements (FSAs) under NCDP, seasonality of their coal requirement and limited
requirement of coal that does not warrant a long-term linkage.
As contemplated in and in accordance with the terms of the The quantity of coal to be offered under E-Auction is reviewed
New Coal Distribution Policy (NCDP), the company enters from time to time by the Ministry of Coal.

186
Provision for expected credit loss: The company provides for b) Cash flow and fair value interest rate risk
expected credit risk loss for doubtful/ credit impaired assets,
by lifetime expected credit losses (Simplified approach). Refer The Company’s main interest rate risk arises from
Note - 4.3, Trade Receivables bank deposits with change in interest rate exposes the
Company to cash flow interest rate risk. Company policy
Significant estimates and judgments for Impairment of is to maintain most of its deposits at fixed rate.
financial assets
Company manages the risk using guidelines
The impairment provisions for financial assets disclosed from Department of public enterprises (DPE),
above are based on assumptions about risk of default and diversification of bank deposits credit limits and other
expected loss rates. The Company uses judgment in making securities.
these assumptions and selecting the inputs to the impairment
calculation, based on the Company’s past history, existing c) Capital management
market conditions as well as forward looking estimates at the
The company being a government entity manages its
end of each reporting period.
capital as per the guidelines of Department of investment
and public asset management under ministry of
B. Liquidity Risk
finance.
Prudent liquidity risk management implies maintaining Capital Structure of the company is as follows:
sufficient cash and marketable securities and the
availability of funding through an adequate amount of 31.03.2024 31.03.2023
committed credit facilities to meet obligations when due.
Due to the dynamic nature of the underlying businesses, Equity Share capital 2523.76 630.94
Company treasury maintains flexibility in funding by
maintaining availability under committed credit lines. Long term debt - -
Management monitors forecasts of the Company’s liquidity
position (comprising the undrawn borrowing facilities) and 5 Employee Benefits: Recognition and
cash and cash equivalents on the basis of expected cash flows. Measurement
This is generally carried out at local level in accordance with
practice and limits set by the Company. A. Employee Benefits: Recognition and Measurement

Management monitors forecasts of the company’s liquidity Defined Benefit Plans :

position (comprising the undrawn borrowing facilities) and a) Gratuity
cash and cash equivalents on the basis of expected cash flows. The Company provides for gratuity, a post-employment
This is generally carried out at local level in accordance with defined benefit plan (“”the Gratuity Scheme””) covering
practice and limits set by the group. The bank borrowings of the eligible employees. Gratuity payment is made as
Coal India Ltd. has been secured by creating charge against per policy of the company subject to maximum of
stock of coal , stores and spare parts and book debts of CIL and ₹ 20 lacs at the time of separation from the company
its Subsidiary Companies within consortium of banks. The considering the provisions of the Payment of Gratuity
total working capital credit limit available to CIL is ₹430.00 Act 1972 as amended. The liability or asset recognised
Crore, of which fund based limit is ₹140.00 Crore and non-fund in the balance sheet in respect of the Gratuity Scheme
based limit is ₹290.00 crore. Further, ₹5190.00 crore(₹5000.00 is the present value of the defined benefit obligation at
Crore) was set up as non-fund based limit outside consortium the end of the reporting year less the fair value of plan
in order to facilitate import of HEMM. Coal India Limited is assets. The defined benefit obligation is calculated at
contingently liable to the extent such facility is actually utilised each reporting date by actuaries using the projected unit
by the Subsidiary Companies. credit method. Re-measurement gains and losses arising
from experience adjustments and changes in actuarial
C. Market risk assumptions are recognised in the year in which they
occur, directly in other comprehensive income (OCI).
a) Foreign currency risk
The Gratuity Scheme is funded through trust maintained
The Company is exposed to foreign exchange risk arising with Life Insurance Corporation of India. LIC also
from foreign currency transactions. Foreign exchange provides an insurance coverage (Life Cover Sum
risk in respect of foreign operation is considered to be Assured- “LCSA”) in case of death of a member during
insignificant. The Company also imports and risk is service, to compensate the shortfall in gratuity amount
managed by regular follow up. Company has a policy from estimated payable at normal retirement date based
which is implemented when foreign currency risk on last drawn salary subject to ceiling of maximum of ₹
becomes significant. 20 lacs.

187
 b) Post-Retirement Medical Benefit - Executive on a fixed percentage of the eligible employee’s salary i.e.
(CPRMSE) 12% and 7% of Basic and Variable Dearness Allowance
UDA towards Provident Fund and Pension Fund
Company has post-retirement medical benefit scheme
respectively. These funds are governed by a separate
known as Contributory Post Retirement Medicare
statutory body under the control of Ministry of Coal,
Scheme for Executive of CIL and its Subsidiaries
Government of India, named Coal Mines Provident
(CPRMSE), to provide Medicare to the executives,
Fund Organisation (CMPFO).The contribution towards
their spouses and fully financially dependent Divyang
the fund for the period is recognized in the Statement of
child(ren) suffering from not less than 40% of any
Profit & Loss.
disability in Company hospital/empanelled hospitals or
outpatient/Domiciliary only in India subject to ceiling b) CIL Executive Defined Contribution Pension Scheme
limit, on account of retirement on attaining the age (NPS)
of superannuation or are separated by the Company
The company provides a post-employment contributory
on medical ground or retirement under Voluntary
pension scheme to the executives of the Company
Retirement Scheme under common coal cadre or
known as “CIL Executive Defined Contribution Pension
Voluntary Retirement Scheme formulated and made
Scheme -2007” (NPS). NPS is being administered
applicable from time to time. Membership is not
through separate trust at group level solely formed for the
extended to the executives who resigns from the services
purpose. The obligation of the Company is to contribute
of the CIL and its subsidiaries. The maximum amount
to the trust to the extent of amount not exceeding
reimbursable during the entire life for the retired
30% of basic pay and variable dearness allowance
executives, spouse and dependent Divyang child (ren)
less employer’s contribution towards provident fund,
taken together jointly or severally is Rs 25 lakhs except
gratuity, post-retirement medical benefits -Executive i.e.
for specified diseases with no upper limit. The Scheme
CPRMSE or any other retirement benefits. The current
is funded through trust for group, maintained with Life
employer contribution of 6.99% of basic and Dearness
Insurance Corporation of India . The liability for the
Allowance is being charged to statement of profit and
scheme is recognised based on actuarial valuation done
loss
at each reporting date.
c) Post-Retirement Medical Benefit – Non- Executive Other Long Term Employee Benefits
(CPRMSE-NE) a) Leave encashment
As a part of social security scheme under wage agreement, The company provides benefit of total Earned Leave
Company is providing Contributory Post-Retirement (EL) of 30 days and Half Paid Leave (HPL) of 20 days
Medicare Scheme for non-executives (CPRMSE-NE) to the executives of the company, accrued and credited
to provide medical care to the non-executives and their proportionately on half yearly basis on the first day of
spouses and Divyang Child(ren) in Company hospital/ January and July of every year. During the service, 75%
empanelled hospitals or outpatient/Domiciliary only in EL credited balance is one time encashable in each
India subject to ceiling limit, on account of retirement calendar year subject to ceiling of maximum 60 days
on attaining the age of superannuation or are separated EL encashment. Accumulated HPL is not permitted
by the Company on medical ground or retirement for encashment during the period of service. On
under Voluntary Retirement Scheme formulated and superannuation, EL and HPL together is considered
made applicable from time to time or resigns from the for encashment subject to the overall limit of 300 days
company at the age of 57 Years or above or on death to the without commutation of HPL. In case of non-executives,
spouse and Divyang Child(ren). The maximum amount Leave encashment is governed by the National Coal
reimbursable during the entire life for the retired non- Wage Agreement (NCWA) and at present the workmen
executives and spouse taken together jointly or severally are entitled to get encashment of earned leave at the rate
is Rs 8 lakhs except for specified diseases with no upper of 15 days per year and on discontinuation of service
limit. The maximum amount reimbursable during the due to death, retirement, superannuation and VRS, the
entire life of Divyang child would be ₹ 2.5 lakh. The balance leave or 150 days whichever is less, is allowed for
Scheme is funded through trust for group, maintained encashment. Therefore, the liabilities for earned leave are
with Life Insurance Corporation of India . The liability expected to be settled during the service as well as after
for the scheme is recognised based on actuarial valuation the retirement of employee. They are therefore measured
done at each reporting date. as the present value of expected future payments to be
Defined Contribution Plans made in respect of services provided by employees up
a) Provident Fund and Pension to the end of the reporting period using the projected
unit credit method. The benefits are discounted using
Company pays fixed contribution towards Provident the market yields at the end of the reporting period that
Fund and Pension Fund at pre-determined rates based have terms approximating to the terms of the related

188
 obligation. The liability under the scheme is borne by based on actuarial valuation at each reporting date.
the Company as per actuarial valuation at each reporting f) Compensation to Dependent on Mine Accident
date. Benefits
b) Life Cover Scheme (LCS) As a part of social security scheme under wage agreement,
As a part of the social security scheme, the Group has the company provide the benefits admissible under The
a Life Cover Scheme known as “Life Cover Scheme of Employee’s Compensation Act, 1923. An amount of Rs
Coal India Limited” (LCS) which covers all the executive 15 lakhs is paid to the next of kin of an employee in case
and non-executive cadre employees. In case of death in of a fatal mine accident w.e.f 07.11.2019. In addition,
service, an amount of Rs 1,56,250 is paid to the nominees w.e.f 01.06.2023 an exgratia amount of ₹ 90,000/- is
under the scheme w.e.f 01.10.2017. The expected cost paid in case of death or permanent total disablement
of the benefits is recognized when an event occurs that .The expected cost of the benefits is recognised when an
causes the benefit payable under the scheme. event occurs that causes the benefit payable under the
c) Settlement Allowances scheme.
The liability under the scheme is borne by the Company Funding status of defined benefit plans and other long
as per actuarial valuation at each Balance Sheet date. term employee benefits plans are as under:
As a part of wage agreement, a lump sum amount of Rs (i) Funded
12000/- is paid to all the non-executive cadre employees • Gratuity
governed under NCWA on their superannuation on or
• Leave encashment
after 31.10.2010 as settling-in allowance. The liability
under the scheme is borne by the Company as per • Post Retirement Medical Benefits-
actuarial valuation at each reporting date. Executive(CPRMSE)
d) Group Personal Accident Insurance (GPAIS) • Post Retirement Medical Benefits-Non
Executive(CPRMSE-NE)
Coal India Limited (CIL) has taken group insurance
scheme from United India Insurance Company Limited (ii) Unfunded
to cover the executives of the CIL Group against • Life Cover Scheme
personal accident known as “Coal India Executives • Settlement Allowance
Group Personal Accident Insurance Scheme” (GPAIS). • Group Personal Accident Insurance
GPAIS covers all types of accident on 24 hour basis
worldwide. Premium for the scheme is borne by the • Leave Travel Concession
CIL. • Compensation to dependent on Mine Accident
e) Leave Travel Concession (LTC) Benefits
Total liability as on 31.03.2024 based on valuation made
As a part of wage agreement, Non-executive employees by the Actuary, details of which are mentioned below is
are entitled to travel assistance for visiting their home ₹ 1754.21 Crore.
town and for “Bharat Bhraman” once in a block of 4
years. A lump sum amount of Rs 10000/- and Rs 15000/- (₹ in Crore)
is paid for visiting Home town and “Bharat Bhraman”,
respectively. The liability for the scheme is recognised

Opening Actuarial Closing Actuarial

Incremental
Liability as on Liability as on
Particulars
Liability during
01.04.2023 31.03.2024
the Year
Gratuity 943.34 6.01 949.35
Earned Leave 378.50 64.80 443.30
Settlement Allowance 12.11 (0.37) 11.74
Leave Travel Concession 12.87 0.32 13.19
Medical Benefits 270.98 65.65 336.63
Total 1,617.80 136.41 1,754.21

g) Disclosure as per Actuary’s Certificate

The disclosures as per actuary’s certificate for employee benefits for Gratuity (funded) and Leave Encashment (funded) are
given below:

189
 ACTUARIAL VALUATION OF GRATUITY LIABILITY
CERTIFICATES AS PER IND AS 19 (2015)
Summary of Results
The table below shows a summary of the key results For the year ended 31st Mar, 2024

(₹ In crore)
31st Mar, 2023 31st Mar, 2024
Assets / Liabilities
INR INR
1 Defined Benefit Obligation (DBO) 943.34 949.35
2 Fair Value of Plan Assets (FVA) 960.78 950.24
3 Funded Status (Surplus/(Deficit)) 17.44 0.89

Defined Benefit Cost 31st Mar, 2024

1 Service Cost 56.15
2 Defined Benefit Cost recognised in P&L 52.34
3 Remeasurements recognised in Other Comprehensive Income (OCI) Loss/(Gains) 33.71

Key Assumptions used 31st Mar, 2024

1 Discount Rate 7.00%
Executives: 9%;
2 Rate of Salary increases
Non Executives: 6.25%

Summary of Membership Data

Below is a summary of the active members of the plan:
Executives 31st Mar, 2023 31st Mar, 2024
Number of employees 1,704 1,660
Total monthly salary (INR) (in crore) 23.12 23.84
Total annual Salary (INR) (in crore) 277.49 286.14
Average annual Salary (INR) (in crore) 0.16 0.17
Average attained age (years) 42.16 42.05
Average past service (years) 15.26 14.84

Non-Executives 31st Mar, 2023 31st Mar, 2024

Number of employees 11 ,868 11,987
Total monthly salary (INR) (in crore) 82.53 99.67
Total annual Salary (INR) (in crore) 990.36 1,196.08
Average annual Salary (INR) (in crore) 0.08 0.10
Average attained age (years) 43.26 42.43
Average past service (years) 17.27 16.30

190
 Table-1
Disclosure of Defined Benefit Cost For the year ended 31st Mar, 2024
For the year ended For the year ended
A Profit & Loss (P&L)
31st Mar, 2023 31st Mar, 2024
1 Current service cost 27.31 22.05
2 Past service cost - plan amendments - 34.10
3 Curtailment cost / (credit) - -
4 Settlement cost / (credit) - -
5 Service cost 27.31 56.15
6 Net interest on net defined benefit liability / (asset) (4.16) (3.81)
Immediate recognition of (gains)/losses – other long term employee
7 - -
benefit plans
8 Cost recognised in P&L 23.15 52.34
B Other Comprehensive Income(OCI)
1 Actuarial (gain)/loss due to DBO experience 61.00 17.44
2 Actuarial (gain)/loss due to DBO assumption changes (32.21) 20.80
3 Actuarial (gain)/loss arising during period 28.79 38.24
4 Return on plan assets (greater)/less than discount rate (8.21) (4.53)
5 Actuarial (gains)/ losses recognized in OCI 20.58 33.71
C Defined Benefit Cost
1 Service cost 27.31 56.15
2 Net interest on net defined benefit liability / (asset) (4.16) (3.81)
3 Actuarial (gains)/ losses recognized in OCI 20.58 33.71
Immediate recognition of (gains)/losses – other long term employee
4 - -
benefit plans
5 Defined Benefit Cost 43.72 86.05
D Assumptions as at 31st Mar, 2022 31st Mar, 2023
1 Discount Rate 6.80% 7.30%
2 Rate of salary increase Executives: 9%; Executives: 9%;
Non Executives: Non Executives:
6.25% 6.25%
Table 2
Net Balance Sheet position as at 31st Mar, 2024
A Development of Net Balance Sheet Position 31st Mar, 2023 31st Mar, 2024
1 Defined benefit obligation (DBO) (943.34) (949.35)
2 Fair value of plan assets (FVA) 960.78 950.24
3 Funded status [surplus/(deficit)] 17.44 0.89
4 Effect of Asset ceiling - -
5 Net defined benefit asset/ (liability 17.44 0.89
B Reconciliation of Net Balance Sheet Position
1 Net defined benefit asset/ (liability) at end of prior period 61.16 17.44
2 Service cost (27.31) (56.15)
3 Net interest on net defined benefit liability/ (asset) 4.16 3.81
4 Amount recognised in OCI (20.58) (33.71)

191
 A Development of Net Balance Sheet Position 31st Mar, 2023 31st Mar, 2024
5 Employer contributions - 69.50
6 Benefit paid directly by the Company - -
7 Acquisitions credit/ (cost) - -
8 Divestitures - -
9 Cost of termination benefits - -
10 Net defined benefit asset/ (liability) at end of current period 17.44 0.89
C Assumptions as at 31st Mar, 2023 31st Mar, 2024
1 Discount Rate 7.00% 7.00%
2 Rate of salary increase Executives: 9%; Executives: 9%;
Non Executives: Non Executives:
6.25% 6.25%

Table 3
Changes in Benefit Obligations and Assets For the year ended 31st Mar, 2024
For the year ended For the year ended
A Change in Defined Benefit Obligation (DBO)
31st Mar, 2023 31st Mar, 2024
1 DBO at end of prior period 1,019.51 943.34
2 Current service cost 27.31 22.05
3 Interest cost on the DBO 62.70 63.33
4 Curtailment (credit)/ cost - -
5 Settlement (credit)/ cost - -
6 Past service cost - plan amendments - 34.10
7 Acquisitions (credit)/ cost - -
8 Actuarial (gain)/loss - experience 61.00 17.44
9 Actuarial (gain)/loss - demographic assumptions - -
10 Actuarial (gain)/loss - financial assumptions (32.21) 20.80
11 Benefits paid (194.96) (151.71)
12 DBO at end of current period 943.34 949.35
B Change in Fair Value of Assets
1 Fair value of assets at end of prior period 1,080.67 960.78
2 Acquisition adjustment - -
3 Interest income on plan assets 66.86 67.14
4 Employer contributions - 69.50
5 Return on plan assets greater/(lesser) than discount rate 8.21 4.53
6 Benefits paid (194.96) (151.71)
7 Fair Value of assets at the end of current period 960.78 950.24

Table 4
Additional Disclosure Information
A Expected benefit payments for the year ending
1 1 Year 133.00
2 2 Years 119.63
3 3 years 105.52
4 4 years 94.18

192
 A Expected benefit payments for the year ending
5 5 years 81.83
6 6 to 10 Years 328.99
7 More than 10 years 1,110.37
B Expected employer contributions For the year ended 31.03.2025 25.47
C Weighted average duration of defined benefit obligation 8 Years
D Accrued Benefit Obligation as at 31st Mar, 2024 762.37
E Plan Asset Information as at 31st Mar, 2024 Percentage
Government of India Securities (Central and State) 0.00%
High quality corporate bonds (including Public Sector Bonds) 0.00%
Equity shares of listed companies 0.00%
Property 0.00%
Cash (including Special Deposits) 0.00%
Schemes of insurance - conventional products 100.00%
Schemes of insurance - ULIP products 0.00%
Other 0.00%
Total 100.00%

Note: This report provides basic information in relation to plan assets. Additional input may be required by the Company in
relation to the plan asset disclosures specified in paragraphs 142, 143 of Ind AS 19

INR
F Current and Non Current Liability Breakup as at 31st Mar, 2024
Total
Current Liability 128.58
Non Current Asset/ (Liability) 820.77
Liability as at 31st Mar, 2024 949.35

Table-5
Sensitivity Analysis
DBO on base assumptions as at 31st Mar, 2024 949.35
These assumptions are summarised in Appendix C of the report.
A Discount Rate
Discount Rate as at 31st Mar, 2024 7.00%
1 Effect on DBO due to 0.5% increase in Discount Rate (34.12)
Percentage Impact -4.00%
2 Effect on DBO due to 0.5% decrease in Discount Rate 37.00
Percentage Impact 4.00%
B Salary Escalation Rate
Executives: 9%;
Salary Escalation Rate as at 31st Mar, 2024
Non Executives: 6.25%
1 Effect on DBO due to 0.5% increase in Salary Escalation Rate 14.61
Percentage Impact 2.00%
2 Effect on DBO due to 0.5% decrease in Salary Escalation Rate (15.44)
Percentage Impact -2.00%

193
 Method used for sensitivity analysis: The sensitivity results above determine their individual impact on the Plan’s end of year
Defined Benefit Obligation. In reality, the Plan is subject to multiple external experience items which may move the Defined
Benefit Obligation in similar or opposite directions, while the Plan’s sensitivity to such changes can vary over time.

Assumptions
Assumptions 31st Mar, 2023 31st Mar, 2024
Discount Rate 7.30% 7.00%
Executives: 9%; Executives: 9%;
Salary Escalation Rate
Non Executives: 6.25% Non Executives: 6.25%
Withdrawal Rate 0.30% 0.30%
Indian Assured Lives Mortality (2006-
Mortality Rate Indian Assured Lives Mortality (2006-08) Ultimate
08) Ultimate

Specimen Mortality rates

Ages Rates Ages Rates
20 0.000888 45 0.002874
25 0.000984 50 0.004946
30 0.001056 55 0.007888
35 0.001282 60 0.011534
40 0.001803 65 0.017009

ACTUARIAL VALUATION OF LEAVE ENCASHMENT LIABILITY

CERTIFICATES AS PER IND AS 19 (2015)
Summary of Results
The table below shows a summary of the key results for the For the year ended 31st Mar, 2024

(In crores)
31st Mar, 2023 31st Mar, 2024
Assets / Liabilities
INR INR
1 Defined Benefit Obligation (DBO) 378.50 443.30
2 Fair Value of Plan Assets (FVA) 321.38 388.00
3 Funded Status (Surplus/(Deficit)) (57.13) (55.30)
Defined Benefit Cost 31st Mar, 2024
1 Service Cost 96.38
2 Defined Benefit Cost recognised in P&L 128.72
Remeasurements recognised in Other Comprehensive Income (OCI) Loss/
3 -
(Gains)
Key Assumptions used 31st Mar, 2024
1 Discount Rate 7.00%
Executives: 9%;
2 Rate of Salary increases Non Executives:
6.25%

194
 Summary of Membership Data
Below is a summary of the active members of the plan:
Executives 31st Mar, 2023 31st Mar, 2024
Number of employees 1,704 1,660
Total monthly salary (INR) (in crore) 23.12 23.84
Total annual Salary (INR) (in crore) 277.49 286.14
Average annual Salary (INR) (in crore) 0.16 0.17
Average attained age (years) 42.16 42.05
Total Capped Leave Balance (days) 172,801.00 177,131.00
Total Capped Half Pay Leave Balance (Full days) 102,000.00 96,863.50
Non-Executives 31st Mar, 2023 31st Mar, 2024
Number of employees 11,868 11,987
Total monthly salary (INR) (in crore) 82.53 99.67
Total annual Salary (INR) (in crore) 990.36 1,196.08
Average annual Salary (INR) (in crore) 0.08 0.10
Average attained age (years) 43.26 42.43
Total Capped Leave Balance (days) 773,286.00 785,179.00
Total Capped Half Pay Leave Balance (Full days) - -

Note - Half Pay Leave is valued for Executives only.

Table-1
Disclosure of Defined Benefit Cost For the year ended 31st Mar, 2024
A Profit & Loss (P&L) For the year ended For the year
31st Mar, 2023 ended31st Mar, 2024
1 Current service cost 57.51 63.11
2 Past service cost - plan amendments - 33.27
3 Curtailment cost / (credit) - -
4 Settlement cost / (credit) - -
5 Service cost 57.51 96.38
6 Net interest on net defined benefit liability / (asset) 0.35 (0.59)
Immediate recognition of (gains)/losses – other long term employee
7 33.83 32.93
benefit plans
8 Cost recognised in P&L 91.70 128.72
B Other Comprehensive Income ( OCI )
1 Actuarial (gain)/loss due to DBO experience 51.60 15.34
2 Actuarial (gain)/loss due to DBO assumption changes (18.22) 12.90
3 Actuarial (gain)/loss arising during period 33.39 28.24
4 Return on plan assets (greater)/less than discount rate 0.45 4.70
5 Actuarial (gains)/ losses recognized in OCI - -
C Defined Benefit Cost
1 Service cost 57.51 96.38
2 Net interest on net defined benefit liability / (asset) 0.35 (0.59)
3 Actuarial (gains)/ losses recognized in OCI - -
Immediate recognition of (gains)/losses – other long term employee
4 33.83 32.93
benefit plans

195
 A Profit & Loss (P&L) For the year ended For the year
31st Mar, 2023 ended31st Mar, 2024
5 Defined Benefit Cost 91.70 128.72
D Assumptions as at 31st Mar, 2022 31st Mar, 2023
1 Discount Rate 6.80% 7.30%
Executives: 9%; Executives: 9%;
2 Rate of salary increase
Non Executives: 6.25% Non Executives: 6.25%

Table-2
Net Balance Sheet position as at 31st Mar, 2024
For the year ended For the year ended
A Development of Net Balance Sheet Position
31st Mar, 2023 31st Mar, 2024
1 Defined benefit obligation (DBO) (378.50) (443.30)
2 Fair value of plan assets (FVA) 321.38 388.00
3 Funded status [surplus/(deficit)] (57.13) (55.30)
4 Effect of Asset ceiling - -
5 Net defined benefit asset/ (liability) (57.13) (55.30)
B Reconciliation of Net Balance Sheet Position
1 Net defined benefit asset/ (liability) at end of prior period (44.96) (57.13)
2 Service cost (57.51) (96.38)
3 Net interest on net defined benefit liability/ (asset) (0.35) 0.59
4 Actuarial (losses)/ gains (33.83) (32.93)
5 Employer contributions 79.53 130.55
6 Benefit paid directly by the Company - -
7 Acquisitions credit/ (cost) - -
8 Divestitures - -
9 Cost of termination benefits - -
10 Net defined benefit asset/ (liability) at end of current period (57.13) (55.30)
C Assumptions as at 31st Mar, 2023 31st Mar, 2024
1 Discount Rate 7.30% 7.00%
Executives: 9%; Executives: 9%;
2 Rate of salary increase
Non Executives: 6.25% Non Executives: 6.25%

Table-3
Changes in Benefit Obligations and Assets as at 31st Mar, 2024

A Change in Defined Benefit Obligation (DBO) For the year ended For the year ended
31st Mar, 2023 31st Mar, 2024
1 DBO at end of prior period 340.67 378.50
2 Current service cost 57.51 63.11
3 Interest cost on the DBO 20.66 24.55
4 Curtailment (credit)/ cost - -
5 Settlement (credit)/ cost - -
6 Past service cost - plan amendments - 33.27

196
 A Change in Defined Benefit Obligation (DBO) For the year ended For the year ended
31st Mar, 2023 31st Mar, 2024
7 Acquisitions (credit)/ cost - -
8 Actuarial (gain)/loss - experience 51.60 15.34
9 Actuarial (gain)/loss - demographic assumptions - -
10 Actuarial (gain)/loss - financial assumptions (18.22) 12.90
11 Benefits paid (73.72) (84.37)
12 DBO at end of current period 378.50 443.30
B Change in Fair Value of Assets
1 Fair value of assets at end of prior period 295.71 321.38
2 Acquisition adjustment - -
3 Interest income on plan assets 20.31 25.15
4 Employer contributions 79.53 130.55
5 Return on plan assets greater/(lesser) than discount rate (0.45) (4.70)
6 Benefits paid (73.72) (84.37)
7 Fair Value of assets at the end of current period 321.38 388.00

Table-4
Additional Disclosure Information
A Expected benefit payments for the year ending
1 1 Year 45.56
2 2 Years 42.37
3 3 years 40.22
4 4 years 41.14
5 5 years 35.51
6 6 to 10 Years 150.55
7 More than 10 years 814.18
B Expected employer contributions For the year ended 31.03.2025 68.95
C Weighted average duration of defined benefit obligation 10 Years
D Accrued Benefit Obligation as at 31st Mar, 2024 253.00
E Plan Asset Information as at 31st Mar, 2024 Percentage
Government of India Securities (Central and State) 0.00%
High quality corporate bonds (including Public Sector Bonds) 0.00%
Equity shares of listed companies 0.00%
Property 0.00%
Cash (including Special Deposits) 0.00%
Schemes of insurance - conventional products 100.00%
Schemes of insurance - ULIP products 0.00%
Other 0.00%
Total 100.00%

Note: This report provides basic information in relation to plan assets. Additional input may be required by the Company in
relation to the plan asset disclosures specified in paragraphs 142 143 of Ind AS 19

197
 INR
F Current and Non Current Liability Breakup as at 31st Mar, 2024
Total
1 Current Liability 44.04
2 Non Current Liability 399.26
3 Liability as at 31st Mar, 2024 443.30

Table
Sensitivity Analysis
DBO on base assumptions as at 31st Mar, 2024 443.30
These assumptions are summarised in Appendix C of the report.
A Discount Rate
Discount Rate as at 31st Mar, 2024 7.00%
1 Effect on DBO due to 0.5% increase in Discount Rate (21.10)
Percentage Impact -5.00%
2 Effect on DBO due to 0.5% decrease in Discount Rate 23.21
Percentage Impact 5.00%
B Salary Escalation Rate
Executives: 9%;
Salary Escalation Rate as at 31st Mar, 2024
Non Executives: 6.25%
1 Effect on DBO due to 0.5% increase in Salary Escalation Rate 22.99
Percentage Impact 5.00%
2 Effect on DBO due to 0.5% decrease in Salary Escalation Rate (21.11)
Percentage Impact -5.00%

Method used for sensitivity analysis: The sensitivity results above determine their individual impact on the Plan’s end of year
Defined Benefit Obligation. In reality the Plan is subject to multiple external experience items which may move the Defined
Benefit Obligation in similar or opposite directions while the Plan’s sensitivity to such changes can vary over time.

Assumptions
Assumptions 31st Mar, 2023 31st Mar, 2024
Discount Rate 7.30% 7.00%
Executives: 9%; Executives: 9%;
Salary Escalation Rate
Non Executives: 6.25% Non Executives: 6.25%
Withdrawal Rate 0.30% 0.30%
Indian Assured Lives Mortality (2006- Indian Assured Lives Mortality (2006-
Mortality Rate
08) Ultimate 08) Ultimate

Specimen Mortality rates

Age Rates Age Rates
20 0.000888 45 0.002874
25 0.000984 50 0.004946
30 0.001056 55 0.007888
35 0.001282 60 0.011534
40 0.001803 65 0.017009

198
 ACTUARIAL VALUATION OF POST RETIREMENT MEDICAL BENEFIT
CERTIFICATES AS PER IND AS 19 (2015)
Summary of Results
The table below shows a summary of the key results for the For the year ended 31st Mar, 2024
Assets / 31st Mar, 2023 31st Mar, 2024
Liabilities INR INR
1 Defined Benefit Obligation (DBO) 270.98 336.63
2 Fair Value of Plan Assets (FVA) 169.23 186.64
3 Funded Status (Surplus/(Deficit)) (101.74) (149.99)
Defined Benefit Cost 31st Mar, 2024
1 Service Cost 5.91
2 Defined Benefit Cost recognised in P&L 12.33
Remeasurements recognised in Other Comprehensive Income (OCI) Loss/
3 63.44
(Gains)
Key Assumptions used 31st Mar, 2024
1 Discount Rate 7.00%
2 Rate of Medical Inflation 0.00%

Summary of Membership Data

Below is a summary of the active members of the plan:
Executives 31st Mar, 2023 31st Mar, 2024
Number of employees (Active) 1,704 1,660
Number of employees (Inactive) 980 1,202
Average attained age (Actives) 42.16 42.05
Average attained age ( Inactives) 68.95 68.80
Average past service (years) - Actives 15.26 14.84
Non-Executives 31st Mar, 2023 31st Mar, 2024
Number of employees (Active) 11,868 11,987
Number of employees (Inactive) 3,432 5,657
Average attained age (Actives) 43.26 42.43
Average attained age ( Inactives) 65.35 64.69
Average past service (years) - Actives 17.27 16.30

Table-1
Disclosure of Defined Benefit Cost For the year ended 31st Mar, 2024
For the year For the year
A Profit & Loss (P&L) ended ended
31st Mar, 2023 31st Mar, 2024
1 Current service cost 6.12 5.91
2 Past service cost - plan amendments - -
3 Curtailment cost / (credit) - -
4 Settlement cost / (credit) - -
5 Service cost 6.12 5.91
6 Net interest on net defined benefit liability / (asset) 7.20 6.42
Immediate recognition of (gains)/losses – other long term employee benefit
7 - -
plans
8 Cost recognised in P&L 13.32 12.33

199
 B Other Comprehensive Income ( OCI )
1 Actuarial (gain)/loss due to DBO experience 6.57 51.27
2 Actuarial (gain)/loss due to DBO assumption changes (15.89) 10.74
3 Actuarial (gain)/loss arising during period (9.32) 62.02
4 Return on plan assets (greater)/less than discount rate 1.32 1.42
5 Actuarial (gains)/ losses recognized in OCI (8.00) 63.44
C Defined Benefit Cost
1 Service cost 6.12 5.91
2 Net interest on net defined benefit liability / (asset) 7.20 6.42
3 Actuarial (gains)/ losses recognized in OCI (8.00) 63.44
Immediate recognition of (gains)/losses – other long term employee benefit
4 - -
plans
5 Defined Benefit Cost 5.32 75.77
D Assumptions as at 31st Mar, 2022 31st Mar, 2023
1 Discount Rate 6.85% 7.30%
2 Rate of Medical Inflation 0.00% 0.00%

Table-2
Net Balance Sheet position as at 31st Mar, 2024
For the year ended For the year ended
A Development of Net Balance Sheet Position
31st Mar, 2023 31st Mar, 2024
1 Defined benefit obligation (DBO) (270.98) (336.63)
2 Fair value of plan assets (FVA) 169.23 186.64
3 Funded status [surplus/(deficit)] (101.74) (149.99)
4 Effect of Asset ceiling - -
5 Net defined benefit asset/ (liability) (101.74) (149.99)
B Reconciliation of Net Balance Sheet Position
1 Net defined benefit asset/ (liability) at end of prior period (115.46) (101.74)
2 Service cost (6.12) (5.91)
3 Net interest on net defined benefit liability/ (asset) (7.20) (6.42)
4 Actuarial (losses)/ gains 8.00 (63.44)
5 Employer contributions 19.04 27.53
6 Benefit paid directly by the Company - -
7 Acquisitions credit/ (cost) - -
8 Divestitures - -
9 Cost of termination benefits - -
10 Net defined benefit asset/ (liability) at end of current period (101.74) (149.99)
C Assumptions as at
1 Discount Rate 7.30% 7.00%
0.00% 0.00%
2 Rate of salary increase
0.00% 0.00%

200
 Table-3
Changes in Benefit Obligations and Assets as at 31st Mar, 2024

For the year ended For the year ended

A Change in Defined Benefit Obligation (DBO)
31st Mar, 2023 31st Mar, 2024
1 DBO at end of prior period 284.30 270.98
2 Current service cost 6.12 5.91
3 Interest cost on the DBO 18.36 19.00
4 Curtailment (credit)/ cost - -
5 Settlement (credit)/ cost - -
6 Past service cost - plan amendments - -
7 Acquisitions (credit)/ cost - -
8 Actuarial (gain)/loss - experience 6.57 51.27
9 Actuarial (gain)/loss - demographic assumptions - -
10 Actuarial (gain)/loss - financial assumptions (15.89) 10.74
11 Benefits paid (28.48) (21.28)
12 DBO at end of current period 270.98 336.63
B Change in Fair Value of Assets
1 Fair value of assets at end of prior period 168.83 169.23
2 Acquisition adjustment - -
3 Interest income on plan assets 11.16 12.58
4 Employer contributions 19.04 27.53
5 Return on plan assets greater/(lesser) than discount rate (1.32) (1.42)
6 Benefits paid (28.48) (21.28)
7 Fair Value of assets at the end of current period 169.23 186.64

Table-4
Additional Disclosure Information
A Expected benefit payments for the year ending
1 1 Year 19.62
2 2 Years 21.23
3 3 years 22.61
4 4 years 23.83
5 5 years 24.75
6 6 to 10 Years 132.72
7 More than 10 years 633.48
B Weighted average duration of defined benefit obligation 12 Years
C Accrued Benefit Obligation as at 31st Mar, 2024 336.63

Table-5
Sensitivity Analysis
DBO on base assumptions as at 31st Mar, 2024 336.63
These assumptions are summarised in Appendix C of the
report.
A Discount Rate
Discount Rate as at 31st Mar, 2024 7.00%

201
 1 Effect on DBO due to 0.5% increase in Discount Rate (17.58)
Percentage Impact -5.00%
2 Effect on DBO due to 0.5% decrease in Discount Rate 19.32
Percentage Impact 6.00%

Method used for sensitivity analysis: The sensitivity results above determine their individual impact on the Plan’s end of year
Defined Benefit Obligation. In reality, the Plan is subject to multiple external experience items which may move the Defined
Benefit Obligation in similar or opposite directions, while the Plan’s sensitivity to such changes can vary over time

Assumptions
Assumptions 31st Mar, 2023 31st Mar, 2024
Discount Rate 7.30% 7.00%
Medical Inflation Rate 0.00% 0.00%
Mortality Rate - Indian Assured Lives Mortality (2006-08) Indian Assured Lives Mortality (2006-08)
Inservice Ultimate Ultimate
Mortality Rate - Post Indian Individual Annuitant’s Mortality Table Indian Individual Annuitant’s Mortality Table
retirement (2012-15) (2012-15)
Executive Employees: Domiciliary Benefit - INR Executive Employees: Domiciliary Benefit - INR
36,000 p.a. 36,000 p.a.
Average Medical Cost Hospitalisation Benefit - INR 35,000 p.a. Hospitalisation Benefit - INR 35,000 p.a.
(INR) Non Executive Employees: Non Executive Employees:
Domiciliary Benefit+Hospitalisation Benefit Domiciliary Benefit+Hospitalisation Benefit
combined - INR 18,000 p.a. combined - INR 18,000 p.a.
Spouse Age Difference Spouse is 5 years younger than Member Spouse is 5 years younger than Member
Withdrawal Rate 0.30% 0.30%

A
Age Rates Age Rates
20 0.000888 45 0.002874
25 0.000984 50 0.004946
30 0.001056 55 0.007888
35 0.001282 60 0.011534
40 0.001803 65 0.017009

Specimen Mortality Rates: Indian Individual Annuitant’s Mortality Table (2012-15)

Age Rates
60 0.006349
65 0.010070
70 0.016393
75 0.027379
80 0.046730

202
6 Other Information
a Segment Reporting

The company is primarily engaged in a single segment business of production and sale of Coal.

b Earnings per share

Sl. For the year ended For the year ended

Particulars
No. 31.03.2024 31.03.2023 Restated
Net profit after tax attributable to Equity Share Holders(₹ in Crore)
i) 8,318.13 7,123.39
(used as numerator for calculation of EPS)
Weighted Average no. of Equity Shares Outstanding (used as
ii) 25,237,620 25,237,620
denominator for calculation of EPS)
Basic and Diluted Earnings per Share in Rupees (Face value ₹1000/-
iii) 3,295.92 2,822.53
per share)
Refer note 16 (7) (iv) for restatement of EPS

c Disaggregated revenue information:

Types of goods or service 31.03.2024 31.03.2023
- Coal 22,554.96 21,593.94
- Others 0.99 -
Total revenue from sale of coal 22,555.95 21,593.94
Types of customers
- Power sector 17,631.14 18,163.27
- Non-Power Sector 4,923.82 3,430.67
- Others 0.99 -
Total revenue from sale of coal 22,555.95 21,593.94
Types of contract
- FSA 19,326.44 17,583.88
- E Auction 3,228.52 4,010.06
- Others 0.99 -
Total revenue from sale of coal 22,555.95 21,593.94

Timing of goods or service

- Goods transferred at a point in time 22,555.95 21,593.94
- Goods transferred over time - -
- Services transferred at a point in time - -
- Services transferred over time - -
Total revenue from sale of coal 22,555.95 21,593.94

d The Effects of Changes in Foreign Exchange Rates

The amount of exchange differences (net) recognised to the statement of profit and loss is Rs. 3.25 crore (Previous Year
Rs.-3.63 crore).
e Intangible Assets
Research & Development expenditure recognised as expense in the Statement of Profit and Loss during the year is Rs.8.58
crore (Previous Year Rs. 3.9 crore).

203
 f Leases
Company as a lessee
For short-term and low value leases, the Company recognises the lease payments as an operating expense on a straight-
line basis over the lease term.
Changes in the carrying value of right-of-use assets as at 31-03-2024
Net Carrying
Net Carrying Depreciation/
Value at the Addition during Deletion during
Particular Value at the Amortisation for
beginning of the the year / period the year / period
closing of the year the year
year
Land 0.66 - - 0.65 0.01

Changes in the carrying value of right-of-use assets as at as at 31-03-2023

Net Carrying
Net Carrying Depreciation/
Value at the Addition during Deletion during
Particular Value at the Amortisation for
beginning of the the year / period the year / period
closing of the year the year
year
Land 0.67 - - 0.66 0.01

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Each lease generally
imposes a restriction that, unless there is a contractual right for the Company to sublet the asset to another party, the right-of-
use asset can only be used by the Company.
The Company significant leasing arrangements include assets dedicated for use under long-term arrangements as given in the
above table of Right of Use Assets.
8.2.3 Amounts recognised in profit or loss
As at As at
Particulars
31-03-2024 31-03-2023
Depreciation and amortisation expense for right-of-use assets 0.01 0.01
Interest expense on lease liabilities - -

8.2.4 Total Cash outflow for Leases disclosed in the cash flow statement
As at As at
Particulars
31-03-2024 31-03-2023
Payment of finance lease liabilities - -
Cash Outflow relating to short term leases - -

Company as a lessor
Land
The company in terms of Lease agreement with below parties has granted the later a right to use land as per agreement. The
future minimum lease rental receivable in the aggregate at the end of the period is as under:
Rs. In crores
Period Party 31st Mar, 2024 31st Mar, 2023
Not later than one year M/s Hindalco Industries Limited 4.05 4.05
Later than one year and not later than five year M/s Hindalco Industries Limited 16.20 16.20
Not later than one year M/s Lanco Anpara Power Limited 0.91 0.91
Later than one year and not later than five year M/s Lanco Anpara Power Limited 3.64 3.64

Land on which MGR tracks is operating belongs to NCL being used by NTPC. There is no rental agreement with NTPC at
present. Therefore, in the absence of rental agreement, demand for lease rent income cannot be raised.

204
7 Restatement For the year ended 31.03.2023 measurement. Ratio variance recognised as noncurrent
and as at 01.04.2022 provisions to spread the overburden removal cost evenly
over the life of the project, based on Standard Ratio.
In accordance with Ind AS 8, ‘Accounting Policies, During the year, based on an opinion from the Accounting
Changes in Accounting Estimates and Errors’ and Standard Board (ASB) of the Institute of Chartered
Ind AS 1, ‘Presentation of Financial Statements’, the Accountants of India (ICAI) on the stripping activity
Company has retrospectively restated its Balance Sheet policy of the company, a revised policy on stripping
as at 31st March 2023 and 1st April 2022 (beginning activity in accordance with Appendix B Stripping
of the preceding period) and Statement of Profit and Costs in the Production Phase of a Surface Mine, of
Loss and Statement of Cash Flows for the year ended Ind AS 16, Property, Plant, and Equipment has been
31st March 2023 for the reasons as stated below: implemented by the company.
In case of opencast mining, CIL has consistently adhered
to its accounting policy of stripping activity (Overburden Reconciliation of financial statement line items which are
removal) since its inception. Under the existing policy retrospectively restated are as under:
stripping activity cost comprises two components viz.
(i) Reconciliation of restated items of Balance Sheet as at 31st
Advance stripping and Ratio variance. Advance stripping
March 2023 and 1st April 2022
was recognised as current assets based on physical
Rs. In Crores
As at 31-03-2023 As at 01-04-2022
Particulars As previously As previously
Adjustments As restated Adjustments As restated
reported reported
Property, plant and equipment 7,105.13 5,609.69 12,714.82 6,240.68 6,258.11 12,498.79
Total Assets 29,117.76 5,609.69 34,727.45 25,386.08 6,258.11 31,644.19
Non current provisions 10,181.89 5,460.29 15,642.18 9,956.00 6,258.11 16,214.11
Other equity 10,545.53 149.40 10,694.93 7,240.40 - 7,240.40
Total Equity and Liabilities 29,117.76 5,609.69 34,727.45 25,386.08 6,258.11 31,644.19

(ii) Reconciliation of restated items of Statement of Profit and Loss for the year ended 31 March 2023

As previously
Particulars Adjustments As restated
reported
Improved access to coal a - 195.03 195.03
Ratio variance reserve b 1,070.35 (1,680.77) (610.42)
Advance stripping Adjustment c (882.95) 882.95 -
Stripping activity adjustment a+b+c 187.40 (602.79) (415.39)
Depreciation, amortization and impairment expenses 612.80 453.39 1,066.19
Profit before tax 9,357.46 149.40 9,506.86
Tax Expense 2,383.47 - 2,383.47
Profit for the period 6,973.99 149.40 7,123.39
Total Comprehensive Income 6,964.58 149.40 7,113.98

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 (iii) Reconciliation of Statement of Cash Flows for the year ended 31 March 2023
As previously
Particulars Adjustments As restated
reported
Profit before tax 9,357.46 149.40 9,506.86
Depreciation, amortization and impairment expenses 612.80 453.39 1,066.19
Stripping Activity Adjustment 187.40 (602.79) (415.39)
Short/Long term Liabilities and Provisions 277.16 (487.51) (210.35)
Short/Long Term Loans/Advances & Other Current Assets (1,551.69) 540.14 (1,011.55)
Cash Generated from Operation 7,414.66 52.63 7,467.29
Payments for Property, Plant and Equipments and Intangible assets (2,241.14) (52.63) (2,293.77)
Cash Flow from Investing activities (748.58) (52.63) (801.21)
Net Increase / (Decrease) in Cash and Cash equivalent 386.44 (0.00) 386.44
Cash and Cash equivalent as at the beginning of the year 571.93 (0.00) 571.93
Cash and Cash equivalent as at the end of the year 958.37 (0.00) 958.37

(iv) Reconciliation of Earnings per share

As a result of the above-mentioned adjustments, basic and diluted earnings per share for the financial year 2022-23 changed as
below:

As previously
Adjustments
As previously Change due to reported after
of Restatement As restated as on
Particulars reported Issue of Bonus considering after
due to change in 31.03.2022
31.03.2022 Share issue of Bonus
Accounting policy
share
Basic and Diluted
11,053.32 (8,289.99) 2,763.33 59.20 2,822.53
EPS

The change in accounting policy has impacted the financial statements as follows:

Balance Sheet as at 31.03.2024

As at 31.03.2024
Particulars without considering Adjustments Due after considering
the effect of change in to Change in the effect of change in
accounting policy Accounting Policy accounting policy
Property, plant and equipment 10,598.12 5,816.12 16,414.24
Total Assets 32,908.81 5,816.12 38,724.93
Non current provisions 10,796.51 4,386.70 15,183.21
Other equity 11,422.36 1,429.42 12,851.78
Total Equity and Liabilities 32,908.81 5,816.12 38,724.93

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Profit and Loss Account for the year ended on 31.03.2024
Year ended on 31.03.2024
without considering Adjustments (Due after considering
Particulars
the effect of change in to Change in the effect of change in
accounting policy Accounting Policy) accounting policy
Improved access to coal a - (737.43) (737.43)
Ratio variance reserve b 1,524.82 (2,148.41) (623.59)
Advance stripping Adjustment c (1,074.82) 1,074.82 -
Stripping activity adjustment a+b+c 450.00 (1,811.02) (1,361.02)
Depreciation, amortization and
786.20 531.00 1,317.20
impairment expenses
Profit before tax 9,563.61 1,280.02 10,843.63
Tax Expense 2,525.50 - 2,525.50
Profit for the period 7,038.11 1,280.02 8,318.13
Total Comprehensive Income 6,965.41 1,280.02 8,245.43
Statement of Cash flow for the year ended on 31.03.2024
As at 31.03.2024
without considering
Adjustments Due after considering
Particulars the effect of change
to Change in the effect of change in
in
Accounting Policy accounting policy
accounting policy
Profit before tax 9,563.61 1,280.02 10,843.63
Depreciation, amortization and impairment
786.20 531.00 1,317.20
expenses
Stripping Activity Adjustment 450.00 (1,811.02) (1,361.02)
Short/Long term Liabilities and Provisions 355.87 - 355.87
Cash Generated from Operation 7,427.65 - 7,427.65
Payments for Property, Plant and Equipments
(3,878.86) - (3,878.86)
and Intangible assets
Cash Flow from Investing activities (1,629.31) - (1,629.31)
Net Increase / (Decrease) in Cash and Cash
1,602.58 - 1,602.58
equivalent
Cash and Cash equivalent as at the beginning
958.37 - 958.37
of the year
Cash and Cash equivalent as at the end of the
2,560.95 - 2,560.95
year

As a result of the above-mentioned adjustments, basic and diluted earnings per share for the financial year 2023-24 changed as
below:
without considering after considering
Adjustments Due to Change
Particulars the effect of change in the effect of change in
in Accounting Policy
accounting policy accounting policy
Basic and Diluted EPS 2,788.73 507.19 3,295.92

8 Miscellaneous information

a) Authorised Share Capital (₹ in Crore)

Particulars As on 31st Mar, 2024 As on 31st Mar, 2023
5,00,00,000 Equity Shares of ₹1000/- each 5,000 1,000
40,00,000 Cumulative 10% Redeemable Preference Shares of ₹ 1000/- each 400 400

The Authorised share Capital of the Company has increased from Rs. 1400 crore to Rs. 5400 crore pursuant to the provision of

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 the Section 61 of the Companies Act 2013 read with Article of borrowings from banks & financial institutions. With
Association of the Company. regard to other parties, reconciliations are made and
b) Insurance and escalation claims the balance confirmation letters/emails are also sent on
a periodic basis. Some of such balances are subject to
Insurance and escalation claims are accounted for on
confirmation/reconciliation. Adjustments, if any will
the basis of admission/final settlement.
be accounted for on confirmation/reconciliation of the
c) Current Assets, Loans and Advances etc. same, and are not anticipated to materially affect the
The value on realisation on current assets, loans and results.
advances in the ordinary course of business would not f) Material accounting policy
be less than the amount at which they are stated in the
Material accounting policy (Note-2) has been drafted
Balance sheet.
to elucidate the accounting policies adopted by the
d) Current Liabilities Company in accordance with Indian Accounting
Estimated liability has been provided where actual Standards (Ind ASs) notified by Ministry of Corporate
liability could not be measured. Affairs (MCA)under the Companies (Indian Accounting
e) Balance Confirmations Standards) Rules, 2015.
The Company has a procedure for obtaining periodic g) Previous period’s figures have been rearranged/
confirmation of balances from banks. There are no regrouped and recasted wherever considered necessary
unconfirmed balances in respect of bank accounts and to make them comparable with those of current period.
Items of balance sheet before and after regroup Rs. In crores
Note Amount before Amount after
Particulars Regrouping
No. regrouping regrouping
Current Financial Liabilities 8.2 933.46 20.53 953.99
Current Provisions 9.1 797.59 -90.79 706.8
Other Current Liabilities 10.2 4108.59 70.26 4178.85
Current Loan 4.2 19.62 1.15 20.77
Non Current Loan 4.2 1.15 -1.15 0

h) Recent Accounting standard pronouncements struck off under section 248 of the Companies Act,
Ministry of Corporate Affairs (“MCA”) notifies new 2013.
standard or amendments to the existing standards l) NCL has raised a challenge regarding the applicability
under Companies (Indian Accounting Standards) Rules of the BOCW Act, 1996, within its premises. The basis
as issued from time to time. On March 31, 2023, MCA of this contention lies in the definition provided under
amended the Companies (Indian Accounting Standards) Section 2(d) of the BOCW Act, 1996, which explicitly
Amendment Rules, 2023, applicable from April 1st, excludes any building or construction work that falls
2023. The Company has evaluated the amendment and under the purview of the Factories Act, 1948, or the
there is no material impact on its financial statements. Mines Act, 1952. This exclusion clearly indicates that if
i) Changes in significant accounting policies the Mines Act or Factories Act are applicable, the BOCW
Act does not apply. As of the reporting date, an amount
The material accounting policies has been updated
of Rs. 3.77 crore has been deducted from the contractor
to rectify errors and enhance clarity for users of the
and will be returned to them upon submission of an
financial statements. These updates do not carry any
indemnity bond.
material financial implications except disclosed in
financial statement. m) In accordance with Ind AS 36, ‘Impairment of Assets,’
the company has assessed its assets for any indication
j) No proceedings have been initiated or pending against
of impairment during the year. No such indications
the company on the date of the Balance Sheet for holding
were identified, and consequently, no impairment
any benami property under the Benami Transactions
provision was recognized in the financial statements
(Prohibition) Act,1988.
for the reporting period except disclosed in financial
k) Based on the information to the extent available with the statement.
company, there were no transactions with the companies

208
n) Ratios
As on As on
Ratios Variance
31st Mar, 2024 31st Mar, 2023
(a) Current Ratio
The current ratio indicates a company’s overall liquidity position. It is
widely used by banks in making decisions regarding the advancing of 2.32 2.44 -4.87%
working capital credit to their clients. Current ratio has been calculated
as Current Assets divided by Current liabilities.
(b) Debt-Equity Ratio
Debt-to-equity ratio compares a Company’s total debt to shareholders
equity. Both of these numbers can be found in a Company’s balance - - 0.00%
sheet. Debt-Equity Ratio has been calculated as total debt divided by
Shareholder’s Equity.
(c) Debt Service Coverage Ratio
Debt Service coverage ratio is used to analyse the firm’s ability to pay-
off current interest and instalments. Debt Service Coverage Ratio is
calculated as Earning available for debt service divided by Debt Service. - - 0.00%
Earning for Debt Service = Net Profit after taxes + Non-cash operating

expenses like depreciation and other amortizations + Interest + other

adjustments like loss on sale of Fixed assets etc.
Debt service = Interest & Lease Payments + Principal Repayments
Net Profit after tax” means reported amount of “Profit / (loss) for the
period” and it does not include items of other comprehensive income.
(d) Return on Equity Ratio
It measures the profitability of equity funds invested in the Company.
The ratio reveals how profitability of the equity-holders’ funds have
been utilized by the Company. It also measures the percentage return 5.27 11.29 -53.29%
generated to equity-holders. The ratio is computed as: (Net Profits after
taxes less Preference Dividend (if any)) divided by Average Shareholder’s
Equity Reason of increase - Due to increase in Equity shares trhough
Bonus share , return on Equity ration has been decreased.
(e) Inventory turnover ratio
This ratio also known as stock turnover ratio and it establishes the
relationship between the cost of goods sold during the period or sales
during the period and average inventory held during the period. It
measures the efficiency with which a Company utilizes or manages its
inventory. Inventory turnover ratio is calculated as Cost of goods sold 13.66 13.82 -1.17%
OR sales divided by Average Inventory.
Average inventory is (Opening + Closing balance / 2)
When the information opening and closing balances of inventory is not
available then the ratio can be calculated by dividing COGS OR Sales by
closing balance of Inventory.
(f) Trade Receivables turnover ratio
It measures the efficiency at which the firm is managing the receivables.
Trade receivables turnover ratio = Net Credit Sales / Avg. Accounts
Receivable Net credit sales consist of gross credit sales minus sales
return. Trade receivables includes sundry debtors and bills receivables. 14.65 17.44 -15.98%
Average trade debtors = (Opening + Closing balance / 2) When the
information about credit sales, opening and closing balances of trade
debtors is not available then the ratio can be calculated by dividing total
sales by closing balances of trade receivables.

209
 (g) Trade payables turnover ratio
Trade payable turnover shows how many times a company pays off its 8.91 8.49 4.91%
accounts payable during a period. Trade payables turnover ratio = Total
Purchases/average Trade payables)
(h) Net capital turnover ratio
It indicates a company’s effectiveness in using its working capital. The
working capital turnover ratio is calculated as follows: net sales divided
by the average amount of working capital during the same period. Net 3.47 3.25 6.73%
capital turnover ratio = Net Sales / Working Capital
Net sales shall be calculated as total sales minus sales returns.
Working capital shall be calculated as current assets minus current
liabilities.
(i) Net profit ratio
It measures the relationship between net profit and sales of the business.
0.37 0.33 11.79%
Net Profit Ratio = Net Profit / Net Sales
Net profit shall be after tax.
Net sales shall be calculated as total sales minus sales returns.
(j) Return on Capital employed
Return on capital employed indicates the ability of a company’s
management to generate returns for both the debt holders and the equity
holders. Higher the ratio, more efficiently is the capital being employed 0.35 0.34 1.16%
by the company to generate returns.
ROCE = Earning before interest and taxes / Capital Employed
Capital Employed = Tangible Net Worth + Total Debt + Deferred Tax
Liability
(k) Return on investment.
Return on investment (ROI) is a financial ratio used to calculate the 0.08 0.08 0.00%
benefit received by the company in relation to its investment cost. The
higher the ratio, the greater the benefit earned.
o) Note – 1 and 2 represents Corporate information and Significant Accounting Policies respectively, Note 3 to 11 form part
of the Balance Sheet as at 31.03.2024 and 12 to 15 form part of Statement of Profit & Loss For the year ended on that date.
Note – 16 represents Additional Notes to the Financial Statements.
p) The financial statement were approved for issue by the Board of Directors on 24.04.2024
Signature to Note 1 to 16.

As per our report annexed For and On Behalf of the Board of Directors

For R Shah & Co. Sd/- Sd/-

Chartered Accountants (B. Sairam) (Rajneesh Narain)
Firm Regn. No. 502010C Chairman-cum-managing Director Director (Finance) & C.F.O.
DIN-09784229 DIN-09759359

Sd/-
(CA Gotam Kumar Bagariya) Sd/- Sd/-
Partner (Darla Sunil Kumar) (S.K. Panda)
M.No. 425104 General Manager (Finance) Company Secretary

Date : 24.04.2024
Place : Singrauli

210
Northern Coalfields Limited
A Miniratna Company
(A Subsidiary of Coal India Limited)
Registered Office:
P.O. Singrauli Colliery, Dist.
Singrauli (MP) - 486 889
CIN- U10102MP1985GOI003160
www.nclcil.in