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Annual Report Mecon Limited MECON MECON LIMITED MECON YEARS OF CELEBRATING THE MAHATMA MECON LIMTED (A Govt. of India Enterprise) Head Oce Vivekananda Path, Doranda, Ranchi - 834002, Jharkhand, India CIN No. - U74140JH1973GOI001199 www.meconlimited.co.in For Enquiry Contact Joint General Manager (Marketing) Phone : +91-651-2483136/2483653, Fax : +91-651-2482214/ 2482189 E-mail: [email protected] Major Oces th City Phone Fax e-mail 45 Bangalore +91-80-26252000 +91-80-26576352 [email protected] New Delhi +91-11-22447417 +91-11-22041214 [email protected] Navi Mumbai +91-22-27812155-58 +91-22-27812275 [email protected] Kolkata +91-33-22822381-82 +91-33-22824441 [email protected] ANNUAL REPORT Find us on : @MECONLimited /@meconranchi meconranchi 2017-18 GLIMPSES OF CSR ACTIVITIES Shri Atul Bhatt, CMD MECON welcoming Hon’ble Shri Chaudhary Birender Singh, Shri Atul Bhatt, CMD MECON welcoming Shri Binoy Kumar, IAS, Union Minister of Steel at MECON, Ranchi Steel Secretary, Ministry of Steel at MECON, Ranchi Providing hearse vehicle (Dead Body Carrier) to Punjabi Hindu Inauguration of Classroom at Pramathanath Madhya Vidyalya Biradari, Ranchi Hinoo, Ranchi The release of the 'Coffee Table Book' and the 'Conclave Report' at the Conclave on Capital Goods for Steel Sector: Manufacture in India 2018 in Bhubaneswar, Odisha Primary Education Centre, Pokhar Toli, Ranchi Stitching Training Centre, Irgu Toli in presence of Shri Naveen Patnaik, Chief Minister, Odisha, Shri Chaudhary Birender Singh, Union Minister of Steel, GoI, Shri Dharmendra Pradhan, Union Minister of Petroleum & Natural Gas & Skill Development and Entrepreneurship, Shri Anant Geete, Union Cabinet Minister for Heavy Industries and Public Sector Enterprises, Shri Binoy Kumar, IAS, Steel Secretary, Ministry of Steel, GOI and Shri Atul Bhatt, CMD MECON. Medical camp organised at Birsa Siksha Niketan, 2 - day "Orientation Training Program" for teachers of Jagannathpur, Ranchi Stitching Training Centers run under Resource generation schemes of MECON CSR Hon’ble Shri Chaudhary Birender Singh, Union Minister of Steel along with Shri Binoy Kumar, IAS, Steel Secretary, Ministry of Steel, GOI along with Shri Anant Geete, Union Cabinet Minister for Heavy Industries and Public Shri Atul Bhatt, CMD MECON during his visit to MECON Sector Enterprises, Shri Dharmendra Pradhan, Union Minister of Petroleum and Natural Gas & Skill Development and Entrepreneurship and Shri Atul Bhatt, CMD MECON during Conclave on Capital Goods for Steel Sector: Manufacture in India 2018 at Bhubaneswar CORPORATE VISION To be an internationally recognized brand in design, engineering, consultancy, project management and EPC execution. CORPORATE MISSION • To be a global centre of excellence for providing innovative and cost– effective engineering and technological solutions in Metals & Mining as well as diversified sectors like Energy, Infrastructure, Space, Defence etc. • Leverage deep domain knowledge in the metals and mining sectors to provide solutions from concept to commissioning. • Leverage in-house capabilities to provide engineering, technological and project management services to priority sectors of economy. • Develop indigenous technological base and promote self reliance. • Expand geo-strategic presence and export of services. BOARD OF DIRECTORS CHAIRMAN Shri Atul Bhatt Chairman and Managing Director FUNCTIONAL DIRECTORS Shri P. K. Sarangi Shri Goutam Chatterjee Shri Salil Kumar Shri R. H. Juneja Director (Technical) Director (Commercial) Director (Projects) Director (Finance) GOVERNMENT DIRECTORS Shri Saraswati Prasad, IAS Smt. Rasika Chaube Special Secretary & Financial Advisor, Ministry of Steel Additional Secretary, Ministry of Steel INDEPENDENT DIRECTOR Shri Sisir Kumar Appikatla Chartered Accountant As on the date of AGM CHAIRMAN AND Shri Atul Bhatt MANAGING DIRECTOR Shri Subir Chattopadhyay, Director (Project) (upto 31.08.2017) Shri P. K. Sarangi, Director (Technical) WHOLE TIME Shri Goutam Chatterjee, Director (Commercial) DIRECTORS Shri Salil Kumar, Director (Projects) (w.e.f. 25.01.2018) Shri R. H. Juneja, Director (Finance) (w.e.f. 20.04.2018) MANAGEMENT DURING THE YEAR Shri Saraswati Prasad, IAS Shri Syedain Abbasi, IAS (upto 11.10.2017) GOVERNMENT DIRECTORS Shri Sunil Barthwal, IAS (11.10.2017- 24.05.2018) Shri T. Srinivas (24.05.2018-16.07.2018) Smt. Rasika Chaube, (w.e.f. 16.07.2018) INDEPENDENT Shri Sisir Kumar Appikatla (upto 12.11.2018) DIRECTOR REFERENCE INFORMATION INVESTOR RELATION Shri Ravi Bambha Shri Sekhar Saha Company Secretary & Deputy General Manager Incharge (Finance) Deputy General Manager Incharge (Board & Coordination) Statutory Auditor M/s V. Rohatgi & Company, Chartered Accountants, 1st Floor, Sarjana Building,1, Main Road, Ranchi – 834001 (Jharkhand) BANKERS State Bank of India Andhra Bank Union Bank of India HDFC Bank Indian Overseas Bank Canara Bank Bank of Baroda Axis Bank United Bank of India ICICI Bank YES Bank IndusInd Bank TABLE OF CONTENTS 6 - 7 ..... Chairman’s Speech 8 - 26 ..... Board Report 27 - 33 ..... Extract of Annual Return in Form MGT- 9 34 ..... Disclosure of particulars of contracts/ arrangements with related parties in Form AOC- 2 35 - 51 ..... Details on CSR & Sustainability activities 52 - 53 ..... Technology Absorption 54 - 60 ..... Management Discussion & Analysis Report 61 - 66 ..... Report on Corporate Governance 67 - 75 ..... Independent Auditors’ Report 76 ..... Comments of the Comptroller & Auditor General of India 77 ..... Balance Sheet as at 31.03.2018 78 ..... Statement of Profit & Loss for the year ended 31.03.2018 79 ..... Statement of Changes in Equity 80 - 81 ..... Cash Flow Statement for the year ended 31.03.2018 (Indirect Method) 82 - 130 ..... Notes including Significant Accounting Policy, Segment Reporting & Form AOC- 1 MECON CHAIRMAN’S SPEECH Dear Fellow Shareholders, development and progress has been largely due to the welcome you all to the 45th Annual General Meeting untiring efforts made by Team MECON. Iof your Company. At this juncture, I have had Financial and Physical Performance the privilege of a full fiscal year as Chairman and Your Company has registered a turnover of ₹445.57 Managing Director of your Company, to build on our Crore which is about 30% higher than the previous year. strong commitment to create value for our customers, The Revenue from Operations has increased by 38% employees, shareholders and community. to ₹480.22 Crore. Your company has earned a Profit It has been a watershed year for your Company. I am After Tax of ₹58 Crore after consecutive losses in the delighted to share that your Company has turned preceding two years. Total Net Worth of the Company profitable, posting Profit After Tax of ₹58.00 Crore after has also improved at the end of the fiscal to ₹205.44 two years of consecutive losses and is now on a path of Crore as against ₹146.10 Crore at the beginning of the sustainable growth. year, an improvement of over 40%. I am confident that this growth momentum will After a gap of two years, the Board of Directors of be maintained to enhance our turnover three folds your company have recommended Equity Dividend of to ₹1500 Crores in the next five years. This can be ₹10.27 Crore to the Government of India. achieved by strengthening our core business in Iron & Steel sector and by diversifying into priority/ strategic Your company’s effort to rationalize costs has been sectors of the Government, where our engineering and recognized by the Institute of Cost Accountants of technological capabilities can be best leveraged. India, who have conferred on us the National Award for “Excellence in Cost Management-2017”. We have taken important steps aimed at raising the visibility of our commitment and repositioned Your Company has developed and sustained client ourselves as an agile and responsive organization. The relationships by being recognized as a technology empowerment of our employees, with role clarity, has enabled organization and provider of diversified niche ensured a high level of motivation and dedication, services, leveraging domain expertise and technology. which has enabled them to apply their knowledge and Your Company is customer-centric and committed to expertise with enthusiasm and passion to achieve our organize itself to deliver “Customer Delight” through shared organizational objectives. I believe that our timely project execution and high quality services. 6 Annual Report 2017-18 Chairman’s Speech I am happy to share with you that despite a highly focus on sustainability as key driver through technology competitive business scenario, your Company was collaborations across the verticals, the plan shall also able to book orders worth ₹1003.43 Crore across the 3 encompass mechanisms to extend our geostrategic business verticals. reach to potential markets in the APAC and MENA I am delighted to inform that your Company has regions and our aspiration to foray into promising been conferred with “Institution of Engineers (India) areas of O&M business, Central Procurement Services, Industry Excellence Award 2017” for demonstrating Central Inspection Services and Import Substitution highest order of business excellence in providing initiatives. Engineering and Consultancy. It is envisaged that the combination of the Business Human Resource – Our Brand Ambassadors Strategy and Corporate Plan framework will facilitate A key deliberation in your Company has been in making informed and strategic decisions to ensure increasing credibility and enhancing company
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