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Scheme of Arrangement Between Gammon India Limited And COMBATTING COMBATTING CHALLENGES ANNUAL REPORT - 2014 9 Months Gammon India Limited Ended September HEP BHUTAN COMBATTING CHALLENGES The infrastructural sector costs and creating operational continues to be faced by flexibility, we are optimising economic uncertainties. Order frugality and productivity. Our intake remains sluggish, since key priority is to deliver projects stalled projects are yet to be kick- held up due to working capital started. Projects already awarded shortage and sites that need to be are progressing slowly due to expeditiously concluded. These continuing problems on ground, actions will release resources, which remain unresolved over the improve cashflows and generally years leading to cost escalations. build confidence with our This has led to multiple cases stakeholders. of corporate debt restructuring (CDR) and high consequential costs for the industry at large. As we look into the distance, we are traversing a progressive and We too are combatting these forward looking journey. We are challenges as we are working confident of our solid foundation, towards steering the Company accumulated experience, out of the framework of CDR. engineering capabilities and Irrespective of all this, we are inherent strengths across geared to make transformative verticals. Our future is about moves to deliver value in the opportunities and growth, while future. Through a disciplined our progress is about exploring functioning, we are optimising and sustaining them. We intend resources and capitalising on to be enduring and be relevant our core strengths. By improving to India’s growing infrastructure efficiencies, lowering operating needs. 1 Gammon India Limited | Annual Report - September 2014 WHAT’S INSIDE 01Combatting Challenges 14 Overseas Presence 03Corporate Information 16 Operational Highlights 04About Gammon Group 17 Awards & Accolades 05Pan-India Presence 18 Management Discussion & Analysis 06Chairman’s Statement 35 Director’s Report 08Key Projects 44 Report on Corporate Governance 11T & D Projects 62 Financial Statements 12 Public Private Partnership Projects 124 Consolidated Accounts COOLING TOWERS & CHIMNEY - TUTICORIN 2 Gammon India Limited | Annual Report - September 2014 CORPORATE INFORMATION Bankers/Financial VIZAG SEA PORT Institutions ICICI Bank Limited Canara Bank UCO Bank Bank of Baroda Chief Financial Officer Mr. Vardhan Dharkar Syndicate Bank Bank of Maharashtra Company Secretary IDBI Bank Limited Ms. Gita Bade United Bank of India Union Bank of India Auditors Natvarlal Vepari & Co. Life Insurance Corporation of India General Insurance Corporation of India Registered Office Central Bank of India Gammon House United India Assurance Veer Savarkar Marg, Prabhadevi, Allahabad Bank Mumbai – 400 025 Karnataka Bank Indian Bank Tel: +91 22 6115 3000 +91 22 6111 4000 Oriental Bank of Commerce +91 22 6744 4000 Punjab National Bank Fax: +91 22 2430 0221 DBS Bank +91 22 6744 4105 Board of Directors Mr. Abhijit Rajan Mr. Ajit Desai Mr. Jagdish C. Sheth Chairman & Managing Director Executive Director & Independent Director Chief Executive Officer Mr. Digambar C. Bagde Mr. Atul Kumar Shukla Deputy Managing Director - Mr. Chandrahas C. Dayal Independent Director Transmission & Distribution Division Independent Director Mr. Atul Dayal Mr. Rajul A. Bhansali Mr. Naval Choudhary Independent Director Executive Director - International Operations Independent Director Mrs. Urvashi Saxena Independent Director 3 Gammon India Limited | Annual Report - September 2014 ABOUT GAMMON GROUP We are amongst the largest civil engineering firm and Our Area of Operations an EPC contractor associated with various landmark Engineering, Procurement and projects. With specific expertise in roads, flyovers & Construction - Civil bridges, and power projects, we are the leaders in construction and turnkey engineering projects. $ Transportation (highways, railways, metro rail, ports, bridges & flyovers), Power We have made a concrete contribution to India’s Generation (thermal, industrial and co- infrastructure sector by executing multifarious civil generation plants, nuclear and hydro energy, engineering works, designing and constructing cooling towers and chimney) ports, harbours, thermal and nuclear power stations, $ Transmission & Distribution (design, dams, high-rise structures, cooling towers, chimneys, engineering and manufacturing of high- metro stations, chemical and fertiliser complexes in voltage transmission towers, high mast/poles India and the Middle East. We also have diversified manufacturing) businesses, including a full-fledged EPC and $ Environmental engineering (water treatment, manufacturing capabilities for power equipment as transmission and distribution) well as power transmission and distribution (T&D). $ PPP Projects (Roads, Ports, Power) $ Irrigation Our infrastructure development/investment business involves undertaking the design, financing, $ High-rise buildings construction and operation of state-of-the-art infrastructure facilities such as toll roads, expressways, Design, Construction and Operation bridges, port projects (bulk & container), and power $ Infrastructure Investment and Development projects (hydro, thermal, among others). Our land (toll roads, expressways, bridges, bulk and parcels at strategic locations and our projects are container port projects and hydro/thermal expected to give high returns. power projects) Our overseas presence includes a strategic holding Oil Exploration and Production in Italy-based Sofinter Group, with state-of-the- art manufacturing facilities in Italy, Romania and Real Estate Development India. The Group is engaged in the engineering, procurement and construction of steam and power generation boilers, water and waste treatment and flameless combustion technology, with application in oil & gas, power generation and industrial sectors. Sofinter S.p.A., AnsaldoCaldaie S.p.A., AnsaldoCaldaie Boilers India, ITEA and Europower are some companies under the Group. Our overseas transmission and distribution projects are executed by our international subsidiary, SAE Powerlines S.r.L, Italy. We also have a substantial stake in Puma Oil Block in the Oriente basin in Eucador. 4 Gammon India Limited | Annual Report - September 2014 PAN-INDIA PRESENCE North Zone 4 Transportation 6 2 Energy Projects Hydro and / High-rise & Irrigation Industrial Structures 1 East Zone Environment West Zone 16 Transportation 16 8 Energy 3 Energy Projects / Projects / Hydro and High-rise & High-rise & Irrigation Industrial Structures Industrial Structures 1 Buildings 3 2 3 Buildings South Zone Environment 1 Transportation 8 Pipeline and Marine Environment 4 Transportation 40 1 14 Pipeline and Energy Projects / High-rise & Marine 3 Industrial Structures 27 Hydro and 2 Irrigation 12 11 Buildings 6 1 3 Pipeline and Marine Transport Energy, Hydro Power, Building Ground Pipeline Engineering High-rise, Tunnel, Works Engineering & and Industrial Irrigation Environment Marine Structures Projects Protection Projects 5 Gammon India Limited | Annual Report - September 2014 CHAIRMAN’S STATEMENT Abhijit Rajan Chairman & Managing Director Dear Shareholders, 2014 was another challenging year for EPC companies as also for infrastructure developers, owners and operators and your Company was no exception. The Indian economy continued to face troubled times with the depreciating rupee, high inflation and endemic liquidity problems. The falling price of oil in the world markets towards the end of the year was the only cause for cheer but was limited in its overall impact. Order intake remains sluggish, since many of the stalled projects are yet to be kick-started. Projects already awarded are generally progressing slowly due to various continuing problems on ground, which remain unresolved over the years leading to cost escalations which remain unpaid. All these factors combined, have led to a vicious cycle culminating in a pile up of debt or corporate debt restructuring and high consequential costs for the construction industry. New Ray of Light A lot of hopes were pinned on the new Government at the Centre to bring about much needed policy initiatives and systemic changes which alone would have brought the required equilibrium followed by growth trajectory. Regrettably, these have not so far been rolled out with the required speed and the problems are festering. For companies already in corporate debt restructuring, a turnaround in this situation is extremely challenging and calls for an urgent re-look of the relevant rules relating to CDR in the interest of stakeholders. 6 Gammon India Limited | Annual Report - September 2014 Industry Issues A key request of the construction industry for a long time has been a substantive change to the dispute resolution mechanism seeking payment of awarded amounts on completion of an arbitration and appealing against the same only in exceptional circumstances rather than as a rule. Another key request has been to ensure that all land is made available before award of projects so that works proceed speedily and disputes relating to idling are eliminated. Both these requests, if actioned, will bring about a tangible, qualitative change in the manner in which projects are executed and infrastructure is created in India, the benefits of which will be seen within the short to medium term. The ambitious GDP growth and job creation targets set by the present Government will then be a reality. The economies globally are facing their own challenges characterised by rapidly changing
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