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Annual Report 2019 - 20

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Annual Report 2019 - 20 Essar Ports Limited Annual Report 2019 - 20 INDEX 1 Corporate Information 02 2 Managing Director’s Message 03 3 Company Profile 04 4 Facility Details 06 5 Notice of Annual General Meeting 10 6 Directors’ Report 15 7 Auditor’s Report (Standalone) 38 8 Financial Statement (Standalone) 44 9 Auditor’s Report (Consolidated) 86 10 Financial Statement (Consolidated) 90 CORPORATE INFORMATION BOARD OF DIRECTORS NOMINATION AND REMUNERATION COMMITTEE Shri. P. K. Srivastava (Chairman) Shri. P. K. Srivastava Shri. Dilip J. Thakkar Chairman Shri. Nikhil Naik Shri. Rajiv Agarwal Capt. B.S. Kumar Managing Director & CEO CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Shri. Dilip J. Thakkar Shri. Rajiv Agarwal (Chairman) Independent Director Shri. P. K. Srivastava Capt. B. S. Kumar Shri. Nikhil Nail Independent Director Capt. B. S. Kumar Shri. K. K. Sinha REGISTRARS & TRANSFER AGENTS Wholetime Director Data Software Research Company Private Limited Shri. Nikhil Naik 19, Pycroft Garden Road, Nominee Director Off Haddows Road Nungambakkam Chennai 600006 Tel: + 91 44 2821 3738, 2821 4487 CHIEF FINANCIAL OFFICER Fax: +91 44 2821 4636 Shri. Sanjeev Taneja e-mail: [email protected] COMPANY SECRETARY CORPORATE INFORMATION Smt. Neelam Jagdish Thanvi REGISTERED OFFICE Salaya Administrative Building ER-2 Building, Salaya, Taluka Khambhalia AUDITORS District Devbhumi Dwarka, MSKA & Associates, Chartered Accountants Jamnagar Gujarat 361 305 Floor 2, Enterprise Centre, Nehru Road, Tel: +91 2833 664440 New Domestic Airport, Fax: +91 2833 661366 Vile Parle (E), Mumbai - 400 099 e-mail: [email protected] AUDIT COMMITTEE CORPORATE OFFICE Shri. Dilip J. Thakkar (Chairman) Essar House, 11, K. K. Marg, Shri. Nikhil Naik Mahalaxmi Mumbai 400 034 Shri. P. K. Srivastava Tel: +91 22 6660 1100 / 4001 1100 Capt. B. S. Kumar Fax: +91 22 2354 4330 e-mail: [email protected] STAKEHOLDERS’ RELATIONSHIP COMMITTEE Shri. Rajiv Agarwal (Chairman) Capt. B. S. Kumar Shri. K. K. Sinha Shri. Nikhil Naik 2 MANAGING Director’S MESSAGE Infrastructure is the backbone of any economy and plays 109 MMT and 101 MMT respectively. This financial year also a pivotal role. It enables trade and businesses to flourish, saw takeover of Essar Steel by Arcelor Mittal / Nippon Steel connects workers to their jobs, and creates opportunities for India Limited (AM/NS). Despite the change in Management of employment, healthcare and education. India plans to spend the Steel Plant, there has been no change in the day to day more than $1.4 Trillion on infrastructure by 2025 for projects operations at the facilities and port services have continued as identified under National Infrastructure Pipeline to realize its usual. vision of becoming a $5 Trillion economy by 2025, and this We are focused on developing and operating assets that are will enable the country to continue on an escalated growth trajectory of 10%-11% until 2030. In the coming era of supply environment friendly and offer world class infrastructure. Your chain disruptions and new technologies, infrastructure growth Company has an exemplary track record in health, safety and must keep pace with the exponential growth needs. Ports environment. Company has achieved zero Loss Time Injury infrastructure investments, particularly, have a significant (LTI) during the year. Your Company contributes significantly influence on GDP and needs to evolve rapidly to cater to the to the development of local communities through various CSR growing global trade requirements. The government has been initiatives undertaken in the areas of its presence. playing significant role in boosting the maritime sector and We are living in extraordinary times. The COVID-19 pandemic has taken several measures to promote efficiency of ports has brought to the front-fore the Darwinian evolution theory through various policy initiatives and embarking of Sagarmala about the “survival of the fittest”. This phrase now applies and Bharatmala initiatives. The focus is on reducing logistics not only to human lives but also to businesses. Only those cost and enhancing efficiency thereby improving India’s industries that show relevance and resilience today will competitiveness in the world economy making India as global emerge as winners out of the pandemic. Between March manufacturing hub. and May this year (2020), the longest lockdown of the world Your Company Essar Ports Ltd. is the holding company of was imposed across India to check the spread of COVID-19. Essar Vizag Terminals Ltd. which operates the 24 MMTPA Iron Business operations came to a halt and all industries were Ore Terminal in Vizag Terminal. Your Company has delivered affected. However, despite COVID-19 and unprecedented good performance. It has registered a 34% growth in cargo lockdown across India, our facilities have remained operational volumes in FY19-20 with a throughput of 12.87 MMT. Revenue with stringiest measures of safety, security and compliance to for the year stood at Rs. 167.46 Crores. The growth in EBITDA ensure its customer supply chains are up and running. This, is also remarkable at 23% from Rs. 89.55 Crores in FY2019 to in turn, has been helpful in the recuperation of the economy. Rs. 110.53 Crores in FY20. Our focus on driving operational We are ensuring that the lights are continuing to illuminate efficiencies and optimizing operations has helped in recording all homes, the machines are buzzing with noises and the good growth. During the same time, the Major Ports have seen economy is walking, if not running. a growth of 0.82% in cargo handling with handling of ~704.8 I would like to express my sincere gratitude to the Board of MMT in FY 20 as compared to ~699.1 MMT in FY 19. The Directors for their support and guidance and to all shareholders, heightened activity at our facilities has helped us consistently stakeholders and employees for their unwavering support surpass the average sectorial growth rate. during the year. As the manufacturing sector grows and trade Iron Ore and Steel Sector serves as key customer for our increases, traffic at ports is expected to increase substantially. facilities. In 2019 India became world’s second largest steel We are well-positioned to cater to the growing needs of the producer surpassing Japan. In FY2020, the crude steel nation going forward enabling Government of India to meet its production and finished steel production in India stood at ambitious target of becoming USD 5 Trillion economy. 3 COMPANY PROFILE REVIEW OF FACILITIES NOTICE Directors’ report financial statements ESSAR Ports – DELIVERING LOGISTICS ExCELLENCE Essar Ports Limited (“the Company”) is a public limited company domiciled in India and incorporated under the Companies Act, 1956. The Company was listed on Bombay Stock Exchange Limited (NSE) and the National Stock Exchange of India Limited (NSE) till 31st December, 2015. The Company through its subsidiaries develops and operates ports and terminals for handling bulk and general cargo. The Company has an existing capacity of 24 MTPA at its facility located at Visakhapatnam Port in the State of Andhra Pradesh on the east coast of India. The Company positively impacts the lives of all stakeholders including employees and the communities living close to its facilities. Community initiatives aim to enhance livelihoods through programs focused on entrepreneurship, education, empowering women, infrastructure, environment and health. It sees involving community leaders as key to success. Essar has transformed the neighboring areas of its operations by planting thousands of trees and laying water pipelines. Essar generates direct and indirect employment for thousands of people in the region it operates. The Company adheres to stringent Health, Safety & Environment standards wherever they operate. VIzAG TERMINAL (24MMTPA - Operational) Post winning the bid for mechanization and upgradation of iron 24 MMTPA Ore Handling Terminal at Vizag Port is an all-weather ore berths at Visakhapatnam port on Design-Build-Finance- deep draft facility that has the wherewithal to serve the rapidly Operate-Transfer (DBFOT) basis for a concession period of 30 growing markets of South-East Asia, including China, Japan, and years, The Company took over the Ore Handling Complex (Outer Korea. It can accommodate super capesize vessels and has Harbour Berths) from Visakhapatnam Port Trust in May, 2015. dedicated rail-connectivity with Bacheli & Kirandal Mining sources Post upgradation of the Terminal in 2018, the Vizag Terminal is by which the facility has an advantage to serve western-sector of now India’s largest Ore handling complex and delivers the best India. It is also integrated with a pellet plant in Vizag through a performance which can be benchmarked across the globe. The fully mechanized conveying facility with 6.7 km shipping conveyor Terminal has a comprehensive mechanized system ranging from system. wagon tipplers, Stackers, Reclaimers, closed conveying systems and largest ship loader which has been enabling cost effective iron ore exports from India. 4 SEctor INNOVatioN – Efficient Handling Environment & friendly Systems Essar Ports has been a pioneer in investing in technologies and developing environment friendly and efficient handling systems. Some of them include: Integrated Mechanized systems Deeper drafts leading to Covered & Closed comprising of wagon tipplers, stackers economies of scale and bigger Conveyors to avoid dust and Reclaimers, ship loaders and parcels reducing carbon pollution unloaders eliminating non mechanized
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