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NCC Annual Report Building On..... NCC LIMITED ANNUAL REPORT 2015-16 Table of Contents Building on 01 Awards and Accolades 02 Our Customers 03 Company Overview 04 Message from Founder & Chairman Emeritus 05 Key Performance Indicators 06 Chairman's Message 08 Discussion with Managing Director 10 Corporate Information 12 Directors' Report 13 Management Discussion & Analysis 35 Report on Corporate Governance 43 Standalone Financial Statements 55 Consolidated Financial Statements 99 Sembcorp Gayatri Thermal Power Plant Nellore, Andhra Pradesh Disclaimer: in this Annual report we have disclosed forward-looking information to enable investors to comprehend our prospects and take informed investment decisions. this report and other statements – written and oral – that we periodically make contain forward- looking statements that set out anticipated results based on the management's plans and assumptions. We have tried wherever possible to identify such statements by using words such as 'anticipates', 'estimates', 'expects', 'projects', 'intends', 'plans', 'believes' and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements will be realised, although we believe we have been prudent in assumptions. the achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise Building On.... We are building on…. our inherent strengths This year's annual report statement is our resolve to build on our inherent strengths and operational advantages and thereby create further value for all our stakeholders. FY 16 has been an year of excellent progress through delivering significantly improved financial returns, as well as enhanced performance on most of the key financial and operational indicators. While we step into a new year we are determined to capitalise from the emerging opportunities coupled with our inherent advantages to Build On……. We are building on……. our vision To be a world-class construction and infrastructure enterprise committed to quality, timely completion, customer satisfaction, continuous learning and enhancement of stakeholders' value. We are building on….. our lasting values Lasting values are important for us as they protect the organization from various external shocks. We build on nurturing lasting values like Openness and Trust, Integrity and Reliability, Team Work and Collaboration, Commitment and Creativity. We are building on…our corporate social responsibility Shared responsibility and generosity for the society have long been a part of the tradition at NCC. Through NCC Foundation, the CSR arm of NCC, a portion of the company's profits are utilised for CSR activities. In the last two years, NCC has constructed 204 houses for the rural poor. It has also constructed 300 toilets cum bathrooms for the rural poor under “Swacch Bharat Abhiyaan.” 1 Awards and Accolades Dr A V S Raju, Founder & Chairman Emeritus was honored with the Bulandh Bharath’ Award for his exemplary contributions towards nation building. The Construction Industry Development Council (CIDC), New Delhi has been set up jointly by the Planning Commission, Government of India and the Indian construction industry and undertakes a wide range of activities to benefit the construction industry. CIDC has instituted Viswakarma Awards 2016 to recognize and encourage excellence in the construction industry. The following awards were received by NCC. Best Professionally Managed Company-NCC Limited Industry Doyen Award - A A V Ranga Raju, MD Best Construction Project-ESIC Gulbarga Best Artisan Awards to six employees Mr R S Raju, CFO, has been recognised as one of the “BEST CFOs” by the Chartered Institute of Management Accountants (CIMA). National Award for “Excellence in Cost Management” for the year 2015 by "The Institute of Cost Accountants of India". “Best compliance in Service Tax matters” from “Central Board of Excise, Customs & Service Tax”, Hyderabad Zone. 2 Our Customers National Highways Authority of India (NHAI) Steel Authority of India Limited State Public Works Departments (of various states) National Institute of Technology Karnataka Road Development Corporation Mahanadi Coal Fields Limited Irrigation and CAD departments (of various states) Symbiosis University Hyderabad Metropolitan Water Supply and Sewerage Board Ministry of Defence Gujarat Water Supply and Sewerage Board Rail Vikas Nigam Limited Chennai Metropolitan Water Supply and Sewerage Board NBCC Limited State Electricity Boards (of various states) Allahabad Development Authority Limited Maharashtra Airport Development Company, Mumbai Ministry of Transport & Communication - Govt. of Oman Government of West Bengal, PHE Office, Kolkata Bihar Agricultural University Sahara India Commercial Corporation Limited, Pune Maharashtra State Road Development Corporation Ltd Hindustan Aeronautics Limited Purvanchal Vidyut Vyapar Nigam Limited Bharat Heavy Electricals Limited Public Health Engineering Department (of various states) National Thermal Power Corporation Rashtriya Madhyamika Shiksha, Karnataka Reliance Industries Limited Guntur Municipal Corporation, Andhra Pradesh Karnataka Housing Board UP Expressway Industrial Development Authority Andhra Pradesh Housing Board Indian Institute of Technology, Jodhpur Engineers India Limited Directorate of Arts & Culture, Meghalaya Bennett Coleman and Company Limited Tamil Nadu Housing Board Patni Computers National Mineral Development Corporation Limited Singareni Collieries Company Limited Hyderabad Growth Corridor Limited, Hyderabad Delhi Metro Rail Corporation Limited Sardar Sarovar Narmada Nigam Limited Ansal Properties & Infrastructure Limited, Lucknow Dept. of Sports, Govt. of Uttarakhand Uttar Pradesh Housing & Development Board, Lucknow Telangana drinking water supply project, Govt of Telangana Employees State Insurance Corporation (ESIC) Nagpur Metro Rail Corporation Ltd. Nagpur Chennai Metro Rail Limited Dept. of Space,Govt. of India, Sriharikota Shriram Properties Private Limited Indian Institute of Management, Raipur Reserve Bank of India Bangalore Metro Rail Corporation, Bangalore Muscat Municipality, Sultanate of Oman 3 Company Overview Established in 1978, as a partnership firm and converted NCC undertakes civil construction in segments such as into a limited company in 1990, NCC has progressed buildings, water, roads, irrigation, power, electrical, consistently over past three decades. Today we are among railways, metals, mining and has also a presence in the the top three construction companies in India in terms of Middle East where it currently undertakes works in roads, revenue. NCC was born from a vision to provide world class buildings, and water segments. construction solutions with focus on quality, timely completion, customer satisfaction, continuous learning and enhancement of stakeholders value. Business Divisions Buildings & Housing Roads Electrical Water & Environment Irrigation Railways Power Metals Mining International Quality Policy : Quality Objectives : NCC strives to achieve enhanced customer satisfaction by To consistently deliver quality products by adhering to set delivering quality products through timely completion in specifications, contractual, regulatory and statutory safe working environments. We dedicate ourselves to requirements continual improvement in all fields of our business To achieve enhanced customer satisfaction through cost- effective and timely completion To motivate and train staff for continual improvement of quality standards To update and implement the procedures complying with international standards 4 Message from Innovation, professional integrity, acquiring and improving knowledge, skills, safety and health and last but not least, being a responsible corporate citizen are Founder & Chairman Emeritus the decisive building blocks of our company. We believe that investing in and building our understanding to Greetings from NCC Ltd ! meet the ever growing infrastructure needs of our country will enable us to deliver sustainable growth, Welcome to our annual report for the year 2015-16. leverage scale to increase operating margins over time, and provide a decent return on capital to shareholders Since our inception in 1978 we have transformed. on a consistent basis. From our early days as a modest partnership firm, we have emerged as India's premier construction and I am incredibly proud of our depth of talent. NCC's infrastructure development company, with an open and leadership team including Board of Directors and senior transparent management style that embraces and management function as a cohesive strategic team in welcomes stakeholder's participation and dialogue. At line with our broader corporate governance philosophy NCC Ltd, today we are equally proud of our and long term business goals. When it comes to our management professionalism and merit, alongside the people, they are our key assets. We have a team of traditions of relationship building and mutual respect. deeply committed and informed human resource, which strengthens our functional capabilities. FY16 has been yet another year of good performance in terms of bettering our balance sheet as well as
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