IIT Investrust Limited

BOARDS' REPORT 2014 - 2015

The Shareholders,

1. Gujarat Mineral Development Corporation Limited Your Directors have pleasure in presenting 52nd Board's Report along with the audited accounts of your Corporation for the financial year 2014 - 15

2. REVIEW OF THE BUSINESS OPERATIONS

2.1 LIGNITE PROJECTS :

During the year, the Company operated six lignite mines, namely, Panandhro, Mata-No-Madh, Rajpardi, Tadkeshwar, Bhavnagar and Umarsar (commenced production w.e.f. 13/3/15) Lignite Mines. During the year under review, 87.13 lakh tones of lignite were produced from these mines.

OPERATIONS

2.2 POWER PROJECT - NANI CHHER

During the year under review, 2 x 125 MW Akrimota Thermal Power Station is running successfully. This year the Power Plant has turned around and performed very well by producing 1358 MUs having 62% PLF booking a net profit of Rs. 17 crore.

2.3 WIND AND SOLAR POWER

Wind Farm Projects of 150.9 MW are situated at different locations in Gujarat and 5 MW Solar Power Project is situated at Panandhro Lignite Project, which are running satisfactorily. The Wind Projects have achieved 23% PLF (Plant Load Factor), whereas Solar Project is running at 18.40% CUF (Capacity Utilization Factor).

2.4 BAUXITE

During the year under review, the Gadhsisa Group of bauxite mine has produced 4,131 M.T. of (+) 52% A1203 bauxite and 2,37,480 MT of (-) 52% A1203 bauxite.

During the year under review, the Gadhsisa group of mines sold 0.07 Lakh MT of (+) 52% A1203 bauxite and 3.08 Lakh MT of (-) 52% A1203 bauxite alongwith 30,645 MT of mine dust.

2.5 MEWASA BAUXITE PROJECT, MEWASA

Your corporation has started bauxite mining operations at its Mewasa Bauxite Mines in Devbhoomi Dwarka district of Gujarat from 28/4/2015. The annual production capacity of this mine is 1.25 lakh MT.

2.6 FLUORSPAR PROJECT, KADIPANI (DIST. VADODARA)

GMDC along with M/s. Gujarat Fluoro Chemicals Limited and M/s Navin Fluorine Chemicals Limited is setting up the fluorspar beneficiation project, a single largest project of 40000 MTPA capacity at Kadipani. For selection of suitable technology, core samples have been analyzed at China. Further course of action for selection of technology is under process.

2.7 MANGANESE

During the period 2014 - 15, Corporation has disposed of 15,563 MT of manganese Ore Waste dump lying at Pani Area of Panchmahal district.

3. DIVIDEND

Your Directors have pleasure to recommend a dividend of 150% i.e. Rs. 3 per share on equity shares. An amount of T9,540 lakh on paid up equity share capital of Rs. 6,360 lakh shall be paid as dividend.

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

In terms of Section 205 C of The Companies Act, 1956, any unclaimed dividend or unpaid Dividend relating to the financial year 2007-08 will be transferred to the Investor Education and Protection Fund established by the Central Government on due date.

5. CONTRIBUTION TO STATE & CENTRAL

EXCHEQUER

The Company has contributed to the State Exchequer an amount of Rs. 30,975.27 lakh including Royalty of Rs. 6,556.02 lakh and Sales Tax of Rs. 24,419.25 lakh.

The Company has contributed to the Central Exchequer an amount of Rs. 21,800 lakh as Income Tax, Rs. 5,425.97 lakh as Central Excise & Rs. 8,092.30 lakh as Clean Energy Cess.

6. SHARE CAPITAL

During the year under review the issued, subscribed and paid-up share capital remained constant at Rs. 63.60 Crore divided into 31,80,00,000 equity shares of Rs. 2 each.

7. FINANCE AND TAXATION

Income Tax assessment of the Corporation has been completed up to the Financial Year 2011-12 and the Sales Tax assessment has been completed up to the Financial Year 2010-11.

8. INTERNAL AUDIT

M/s. T.R.Chadha & Co. and M/s Dhirubhai Shah & Co. Chartered Accountants were appointed as Internal Auditors of the Corporation for the Financial Year 2014 - 15.

9. STATUTORY AUDIT

M/s. H. K. Shah & Co., Chartered Accountants were appointed Statutory Auditors of the Company by the Comptroller & Auditor General of India for the Financial Year 2014 - 15.

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

Being a Government Company, the C & AG has carried out supplementary audit of your Company pursuant to Provisions of Section 143 (6) of the Companies Act, 2013. The comments of C & AG, if any, and the Review of Company's accounts forms part of this report and are annexed at Annexure I.

11. COST AUDIT

Shri Manish B. Analkat was appointed as Cost Auditors of the Corporation for the year 2014 - 15. The Cost Audit Report has been filed on 2/10/2014 for the Financial Year 2013-14.

12. SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013, the Company has appointed M/s. Arvind Gaudana & Company, Company Secretary in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit is annexed herewith as Annexure II.

13. STATUS OF VARIOUS JOINT VENTURES

13.1 Gujarat Jaypee Cement & Infrastructure Limited

To set up the project for 2.4 million TPA of Cement in joint venture between GMDC and M/s. Jaypee Associates Limited, JVC under the name of M/s. Gujarat Jaypee Cement & Infrastructure Limited was incorporated to implement the project, based on limestone to be supplied by GMDC. In view of escalation in project cost, the project is no more viable. As such, the JV Partner has approached GMDC with a request to wind up the project.

13.2 Gujarat Gokul Power Limited

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

13.3 Gujarat State Mining & Resources Company Limited

A Joint Venture Company under the name of M/s. Gujarat State Mining & Resources Company Limited was incorporated, to implement the Joint Venture project between GMDC and M/s. Sunflag Iron & Steel Company Limited for setting up Coke Oven Plant based on coal to be supplied from Coking Coal Block to be allocated by Govt. of India under Govt. Dispensation Route. However, due to recent changes in the regulatory framework introduced by Govt. of India for allocation of coal blocks requiring competitive bidding, GSMRCL does not become eligible for bidding for coal block as the new regulations do not specify Coke Oven as a specified end-use. Hence the JVC partner has requested for closing the Company. Accordingly, it has been decided to close this Joint Venture Company.

13.4 Naini Coal Company Limited

Naini coal Block was allocated jointly to the Company and Pondicherry Industrial Promotion Development

& Investment Corporation Limited (PIPDICL) and to develop the Coal Block, Naini Coal Company Limited was incorporated as the JVC. Due to slow progress on the project because of non-receipt of PL approval from Govt. of Odisha, Ministry of Coal, Govt. of India, de-allocated the block, invoking 50% of the Bank Guarantee. The company had filed petition in the High Court of Gujarat and stay has been granted by Hon'ble Court not to allocate this block to any other company till final hearing of the case. The Hon'ble Supreme Court of India has cancelled all the allocated coal blocks which include Naini Coal Block also. Hence appropriate decision for closing this joint venture will be taken in due course.

13.5 RBG Mineral Industries Limited

For transfer of Ambaji assets to the JV, valuation of Ambaji assets was necessary, which was assigned to Industrial Bureau of Mines (IBM), Nagpur. The report received from IBM was forwarded to JV Partner. Further course of action on the project shall be taken based on their confirmation.

13.6 Gujarat Credo Mineral Industries Limited

The first phase of the project i.e. Dry beneficiation of low grade bauxite has been commissioned. The second phase of the project i.e. Zeolite manufacturing, is under implementation and likely to be completed by September 2015.

13.7 Alumina and Aluminium Smelter Plant

Land required for the project has been allocated by Government and part possession has been taken. Process for obtaining possession of remaining portion of land also is under progress. The Detailed Project Report is received & it is under scrutiny.

13.8 Speciality Alumina Chemicals

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

13.9 Fluorspar Beneficiation plant

Pilot study of ore was conducted through BGRIMM China and the ore has been found suitable for producing Acid Fluorspar. EPC contract will be finalized soon.

13.10 Aikya Chemicals Private Limited

It is expected that the Project will commence production from September, 2015.

13.11 Bhavnagar Energy Company Limited

The Company is one of the promoters of Bhavnagar Energy Company Limited. The share of equity of GMDC in BECL is 26%. The company has invested T 172 crore as equity upto financial year 2014 - 15. BECL is setting up a 500 MW power plant at village Padva, Ta. Ghogha, Dist. Bhavnagar.

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

No material changes and commitments affecting the financial position of the Company occurred between the ends of the financial year to which these financial statements relate on the date of this report

15. ENVIRONMENT PROGRAMME

Environmental Management is a very important part of mining industry and GMDC is following best practices towards reclamation and restoration of mined out areas. GMDC is committed to contribute, in accordance with its capacity, to the global endeavor to deal with climate change. GMDC has adopted all environmental measures to control Air, Water, Noise & Land pollution etc.

This year GMDC has planted total 2.10 Lakhs plant saplings covering 77.31 hectares of area. Grassland has been developed in 33 hectares of area. Micro drip irrigation system has been installed in 122.5 hectares of area for water conservation. Further, GMDC has made expansion of plant nursery at its Mata No Madh Lignite Project, Kutch, for their in-house consumption as well as for distribution to nearby GMDC's projects. Stabilization of non active permanent overburden dumps (80000 Square Meters Area) has been done through geo coir mat & thereafter grass development at various lignite mines of GMDC.

Wildlife Clearance for the removal of old manganese dumps at village Shivrajpur, Dist. Panchmahal has been received from the Standing Committee of National Board for Wildlife, Ministry of Environment, Government of India - New Delhi. Ministry of Environment, Forests & Climate Change. Government of India - New Delhi has issued "Terms of Reference" to Mata no Madh Lignite Project towards production capacity expansion from 2.4 to 4.8 MTPA. Consolidated Consent and Authorization (CCA) of new lignite mine at Umarsar, Kutch along with renewal of CCA of other mining projects of GMDC has been achieved well within time from Gujarat Pollution Control Board as per statutory requirements.

GMDC has taken a great initiative at Surkha (N) lignite project, Bhavnagar, towards the reduction of Sulphur Content from lignite at user end. For Sulphur reduction, installation of Pyrite Separation Plant has been started after environment clearance from Ministry of Environment, Forests & Climate Change, Government of India - New Delhi as well as from Gujarat Pollution Control Board. Under statutory requirement, monthly environmental monitoring is being done in-house as well as through MoEF/GPCB approved laboratory. Annual Environmental Audit of all GMDC projects is being done by GPCB approved Schedule I Auditor and reports are submitted to GPCB within stipulated time.

To create environmental awareness among employees and surrounding communities including schools, various environmental awareness programs have been conducted through celebration of World Environment Day and Van Mahotsav.

16. INDUSTRIAL RELATIONS, HEALTH AND SAFETY

The relations between the company and its employees continued to be cordial throughout the year. The company is also committed to the health and safety of not only its staff but also of the people engaged through its contractors and community living in and around its project areas. Dispensaries with qualified doctors and para-medical staff are in operation at Panandhro, Akrimota Thermal Power Plant, Rajpardi and Kadipani Projects. Mobile medical vans facilities are also operational at various projects.

Safety of its people is the motto of your company. For this purpose, at every project, GMDC provides ISI & DGMS safety shoes and other safety devices and adopts best safety practices. In order to create awareness about safety, among workers and other stakeholders, GMDC regularly organizes Safety Weeks. It is evident to see that safety practices of the Company have been recognized nationally in the form of national safety awards conferred upon your company, details of which have been given elsewhere in this Report.

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

17. PARTICULARS OF EMPLOYEES

The Company did not have any employee who was employed throughout the financial year and in receipt of remuneration of Rs. 60 lakh or more, or employed for part of the year and in receipt of Rs. 5 lakh or more a month, under Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

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

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

Additional information on conservation of energy, technology absorption, foreign exchange earnings and outgo as required by the Section 134 (3) (m) of the Companies Act, 2013 read with Rule, 8(3) of the Companies (Accounts) Rules, 2014 is annexed as Annexure IV and forms part of this report.

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

Looking to the profile of GMDC, i.e., Mining and Power Operations, GMDC has inbuilt risk management practices to address various operational risks. The Company has standard operating processes for various mining operations in order to mitigate procedures and prevent risk arising out of various operations. GMDC has no external borrowings. Hence, there is no financial risk that can impact GMDC's Financial Position. GMDC primarily deals with natural resources. Hence, Policy of Government may impact GMDC's operational strategy.

GMDC's risk management process revolves around following parameters:

1. Risk Identification and Impact Assessment

2. Risk Evaluation

3. Risk Reporting and Disclosure

4. Risk Mitigation

Company has also set up a Risk Management Committee.

20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

There were no loans and guarantees given by the company under Section 186 of the Companies Act, 2013. During the year under review, the Company made an investment of Rs. 3.865 crore in the equity of Bhavnagar Energy Company Limited.

21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

The particulars of contracts or arrangements with the Related Parties during the year under review are provided at Annexure V in Form AOC-2.

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

There were no qualifications, reservations or adverse remarks or disclaimers made by the statutory auditors in their report on the standalone and consolidated accounts for the year 2014 - 15. The Comments, if any, and the Review of Accounts given by the C & A G forms part of this report. There were no qualifications, reservations or adverse remarks made by the practicing Company Secretary in his report.

23. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES

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

24. EXTRACTS OF ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is appended in Annexure VI to this report.

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

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

26. DIRECTORS' RESPONSIBILIY STATEMENT

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

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

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

c. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

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

e. The Directors, in case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

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

27. DEPOSITS

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

28. DECLARATION OF INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

29. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM

During the year under review, the Audit Committee consisted of the following members :

i. Shri Bhadresh Mehta

ii. Ms. S. Aparna, IAS

iii. Shri S.B. Dangayach

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

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

30. SHARES

30.1 BUY BACK OF SECURITIES

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

30.2 SWEAT EQUITY

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

30.3 BONUS SHARES

No Bonus Shares were issued during the year under review.

30.4 EMPLOYEES STOCK OPTION PLAN

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

31. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) Act, 2013

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

The following is a summary of sexual harassment complaints and received and disposed off during the year 2014 - 15:

No. of complaints received: NIL No. of complaints disposed of: NIL

32. AWARDS AND ACCOLADES

GMDC has won prestigious National Mines Safety Award for its Panandhro and Mata no Madh Lignite Mine for the year 2012 and for its Gadhsisa Bauxite Mine for the year 2013.

GMDC also won India GeoSpatial Award for application of GeoSpatial Technology Application in Mineral Exploration

During the year under review, the General Manager (Finance) and CFO, Shri L. Kulshreshtha was awarded the National Best CFO Award by Business Today-YES Bank in the "PSU-Medium" category and he was also honored with a special recognition and appreciation of valued contribution at the highest financial management level in the industry, by the Institute of Chartered Accountants of India.

During the year under review, the General Manager (Accounts), Shri Pawan Bhootra was awarded a Young Achiever Award by Institute of Cost Accountants of India.

33. CONSOLIDATED FINANCIAL STATEMENT

The Consolidated Financial Statements of the Company have been prepared in accordance with relevant Accounting Standards (AS) viz. AS 21, AS 23 and AS 27 issued by the Institute of Chartered Accountants of India form part of this Annual Report. Further, a statement containing salient features of the Financial

Statement of Subsidiaries / Associate Companies / Joint Ventures in the prescribed format AOC - 1 is given at Annexure VII.

34. BOARD-OF-DIRECTORS

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

During the year, your company appointed Shri Nitin Shukla and Shri S.B. Dangayach as Additional Independent Directors.

Shri B.B. Swain, IAS was appointed as Managing Director vice Shri D.J. Pandian, IAS. Shri Manoj Aggarwal, IAS was appointed as Managing Director vice Shri B.B. Swain, IAS, after the end of financial year.

Shri P.K. Gera, IAS has been appointed as Managing Director vice Shri Manoj Aggarwal, IAS, after the end of financial year.

Smt. Sonal Mishra, IAS has been appointed as Director in view of the resignation of Ms S Aparna, IAS due to her transfer.

35. CORPORATE GOVERNANCE

As per Clause 49 of the Listing Agreement with the various Stock Exchanges, the detailed report on the Corporate Governance is given in Annexure VIII.

36. MANAGEMENT DISCUSSION AND ANALYSIS

As per Clause 49 of the Listing Agreement with the various Stock Exchanges, Management Discussion and Analysis is given at Annexure IX and form part of this report.

37. CORPORATE SOCIAL RESPONSIBILITY AND CSR POLICY

The Company, since its inception, has cultivated a culture of inclusive development. Being a public sector undertaking of the state, GMDC has been mandated for Socio Economic development of the state through development of mineral resources. Keeping in line with this mandate of the government, GMDC has provided a holistic framework for reaching out to grass root level in some of the remotest regions of the state. GMDC has continued its initiatives, for including the community surrounding its various project areas in the main stream development. The focus areas of the company for a holistic development of rural and remote areas of the state have been water conservation, water infrastructure, rural infrastructure, micro irrigation, health, sanitation, education, women empowerment, livelihood enhancement interventions and community development initiatives. Education has been a focus area for GMDC. With continuous efforts by GMDC over a period of more than five decades, fruits of development have reached to the interior rural areas of Kutch region and Southern tribal belt of the state. Community of this region has been immensely benefited by the constant developmental initiatives by GMDC. Keeping in view the legal mandate of CSR, GMDC has also charted out a holistic CSR Policy for providing further Strategic CSR inputs in and around its project areas. The CSR Policy is also uploaded on the website of GMDC. The CSR Policy framework of the company is available elsewhere in this annual report. A CSR Report for Fiscal 2014 - 15 as prescribed under Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility) Rules, 2014, forms part of this Report, and is annexed at Annexure X.

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

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

The company has taken an initiative to establish International Centre of Excellence in Mining Safety & Automation (iCEM) at Dev Dholera village in the district of Ahmedabad, Gujarat (India) with an objective to be recognized as the distinguished global collaborator to the Mining industry in the fields of Skill Development and Corporate Training, Demonstration of Technology and Best Practices, Education and Training, Research and Development, Incubation, and Entrepreneurship through continued innovation and excellence in mining, mineral development and facilitating industrial development in joint ventures with Industry and Academic Partners. The Campus of this centre is under construction stage at village Dev Dholera, Ta. Bavla, Dist. Ahmedabad.

38.2 International Stone Research Centre (ISRC):

Government of Gujarat has set up International Stone Research Centre (ISRC) with an objective to nurture and support the Stone Industry by bringing National and International Best Practices through Skill Formation, Development, Upgradation, Research & Development, and Incubation and Entrepreneurship Development. ISRC has been set up through Gujarat Mineral Research and Development Society (GMRDS), Gujarat Mineral Development Corporation (GMDC) Ltd., Gujarat Industries Power Company Ltd. (GIPCL), and Stone Technology Centre (STC) as Industries Partners and Internationale Marmi E Macchine (IMM) Carrara S.P.A, Italy as International Knowledge Partner under the Centre of Excellence Scheme of Industries & Mines Department, Government of Gujarat. A section 8 company, namely, Stone Research Foundation, is formed with the following equity proportion:

Gujarat Mineral Development Corporation Ltd. : 37.5%

Gujarat Industries Power Company Limited : 37.5%

Stone Technology Center : 25.0%

38.3 International Centre for Entrepreneurship & Technology (iCreate) :

Gujarat Mineral Development Corporation Limited (GMDC) and Gujarat Entrepreneurship and Venture Promotion Foundation (GEVPF) have entered into an agreement and formed a Section-25 Company named as Gujarat Foundation for Entrepreneurial Excellence (GFEE) on a PPP model which in turn has set up an International Centre for Entrepreneurship and Technology (ICREATE). The Centre is guided by an advisory board led by Shri N.R. Narayana Murthy. Construction of campus has been started at Dev Dholera village in the district of Ahmedabad, Gujarat (India)

39. ACKNOWLEDGEMENT

Your Directors are pleased to place on record their deep appreciation for the sincere services and co-operation extended by the officers, employees and workmen of the Company at all levels. They also wish to place on record their gratitude for the confidence placed in them by financial institutions and investors. Further, your Directors wish to thank various departments of the Central Government viz. the Ministry of Environment and Forest, Ministry of Coal, Ministry of Mines and various bodies of State Government of Gujarat viz. Industries & Mines Department, the Finance Department, Commissionerate of Geology and Mining and Gujarat State Pollution Control Board. The Directors also extend their heartiest thanks to the esteemed customers and shareholders of the Corporation for their valued co-operation.

For and on behalf of the Board-of-Directors

P K Gera Managing Director

Bhadresh Mehta Independent Director & Chairman of Audit Committee

Date : 10th August, 2015

Place : Ahmedabad.