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Annual Report 2010-2011

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Annual Report 2010-2011 vakils Contents Chairman’s Address 1 Board of Directors 4 Consortium Bankers & Auditors 5 An Industry Leader 9 Region-wise Projects 10 Financial Highlights of the Decade 12 Performance Highlights 16 Key Projects 18 Public Private Partnership Projects 20 Directors’ Report 23 Report on Corporate Governance 30 Management Discussion and Analysis 46 Financial Statements 63 Consolidated Accounts 112 A NNUAL R EPORT I 2010/11 Chairman’s Address Dear Shareholders, The year 2010-11 tested the resilience and the innate construction and infrastructure domain. The sector potential of industry players, particularly in the therefore did not grow in line with earlier expectations construction and infrastructure space. As a Leader and failed to meet investment targets during the year. in the infrastructure and construction sector your We hope, the much talked about reform process will Company had to deal with an overall environment bring in the much needed funds from the global arena dominated by competitive pressures, strain on liquidity to the Indian infrastructure sector if we are to meet the and the resultant pressure on operating margins. planned target of over US$ one trillion (i.e. ` 45 lakh crores) earmarked for the infrastructure sector during The trickledown effect of the global meltdown and the the ensuing 12th five year plan 2012-17. It will be a increased uncertainties in markets across the world significant challenge as well as an opportunity for the contributed to the overall pessimism. Although India government, the public and private players involved continued to be largely insulated from the uncertainties with the sector to meet with the plan targets. The of the global market environment, there continued to opportunities for your Company in this growth agenda be a strain on large scale investments required in the of the Country are indeed promising. This industry is A NNUAL R EPORT I 2010/11 1 Reverting to the annual consolidated results the Annual report of the Company gives an overview of the operations, prospects and challenges faced by each of the group companies in its sphere of activity. While your Company’s consolidated Turnover during the financial year 2010-11 increased by 25.11% amounting to ` 8,899.70 crore, the Operating Profit margins were strained. These got further impeded by a less Gammon House than projected order inflow during the year under review. The Company’s order book position as on 31st March, 2011 was approximately ` 15,600 crore. Your Company will continue to grow in its core EPC business as well as in the energy space through its Associates/subsidiaries viz Sofinter group, Ansaldo the second largest contributor to the nation’s GDP after Caldaie, Franco Tosi Meccanica SpA and SAE Power the agricultural sector. Given the right platform this Lines, Italy by further consolidating its order bookings in sector can grow at a dynamic rate of over 9% year individual segments. on year. In addition, your Company has also embarked on some Further, as a major contributor at over 7% to the realty development projects through its subsidiary employment workforce of the country, the industry Gammon Realty, which has tied up with the Indian has significant prospects to register an impressive and arm of Multiplex Construction, Australia, part of sustained growth. In this scenario, your Company is well Brookfield Multiplex Group, Canada. Your Company will, equipped in terms of its legacy, strong track record and in the coming years, adopt such structured international professional expertise to play a lead role in the economic partnerships with strategic intent to strengthen its growth story of the country. geographical spread and resource capabilities. A NNUAL R EPORT I 2010/11 2 Kaiga Atomic Power Project, Karnataka, India The ultimate goal of your Company is to build on a strong base to act as a one-stop EPC resource entity, that is, a total solutions provider in the entire energy value chain while The Company has also put in place a new group website continuing to be a dominant player in the areas of public that is more customer and stakeholder centric, interactive private infrastructure projects covering bridges, flyovers, and informative. Your Company continues to play its role highways, mass transportation, irrigation and airports. as a responsible corporate citizen by taking initiatives both, Going forward, these initiatives and strategic moves will at the corporate level and across its various project sites to deliver increased value to benefit all stakeholders. undertake and partner in projects relating to community welfare and development. It has become important to gear up and upgrade the Company’s internal capabilities across its human, technical We owe a word of special thanks and gratitude to all our and capital resource base to ensure that corporate goals stakeholder constituents. This important group comprises are accomplished. of our investors, shareholders, customer groups and bankers. We will strive to meet each of our stakeholder’s Your Company constantly strives to improve its management expectations. Towards this I seek your continuing support and information systems as well as its plant and personnel and goodwill. deployment techniques. It has taken initiatives in areas such as integrated approach to management processes Thank you, and introduction of work methodologies such as the 5 S at project sites along with renewed attention to occupational health, safety practices, risk assessment and preparedness. This will significantly help your Company enhance its Abhijit Rajan organizational performance in the years to come. Chairman & Managing Director A NNUAL R EPORT I 2010/11 3 Board of Directors Mr. Peter Gammon Mr. Chandrahas C. Dayal Chairman Emeritus Non - Executive Director Mr. Abhijit Rajan Mr. Atul Dayal Chairman & Managing Director Non - Executive Director Mr. Rohit Modi Mr. Jagdish C. Sheth Dy. Managing Director Non - Executive Director Mr. Himanshu Parikh Mrs. Urvashi Saxena Executive Director Non - Executive Director Mr. Rajul A. Bhansali Mr. Atul Kumar Shukla Executive Director - International Operations Non - Executive Director Mr. Digambar C. Bagde Mr. Naval Choudhary Director & CEO (T & D Business) Non - Executive Director Davengere-Hubli Highway Project, Karnataka A NNUAL R EPORT I 2010/11 4 Vizag Berth (BOT), Andhra Pradesh Consortium Bankers Canara Bank Punjab National Bank Company Secretary Allahabad Bank Gita Bade ICICI Bank Auditors Syndicate Bank Natvarlal Vepari & Co. IDBI Bank Oriental Bank of Commerce Bank of Baroda A NNUAL R EPORT I 2010/11 5 Beas Bridge, Himachal Pradesh A NNUAL R EPORT I 2010/11 6 A NNUAL R EPORT I 2010/11 7 Aerial View of Sea Water Intake, Kalpakkam, Tamil Nadu Sohar Jetty, Oman A NNUAL R EPORT I 2010/11 8 An Industry Leader Balance Sheet (` in Crore) Source As at 31st As at 31st Application As at 31st As at 31st of Funds March 2011 March 2001 of Funds March 2011 March 2001 Own Funds 2116.80 162.75 Fixed Assets 1382.65 177.97 Borrowed Funds 2126.15 88.85 Investments 211.30 17.25 Deferred Tax 81.43 NIL Working Capital 2730.43 56.38 Liability Profit & Loss Account (` in Crore) Jan 05 to Apr 04 to Particulars 2010-11 2009-10 2008-09 2007-08 2006-07 Mar 06 Dec 04 2003-04 2002-03 2001-02 (15 mths) (9 mths) Turnover 5636.85 4534.25 3681.96 2513.74 2084.33 1645.69 866.60 1119.72 726.65 513.99 Profit 176.68 211.25 208.69 139.34 143.06 111.16 51.59 54.46 35.28 31.58 Before Tax Strong Financial Rating CARE has assigned the following ratings Facilities Amount Ratings (` in Crore) Long Term Bank Facilities 1,100.00 CARE AA- Long / Short Term Bank Facilities 10,400.00 CARE AA- / CARE A1+ Non Convertible Debentures 500.00 CARE AA- CP / STD 100.00 CARE A1+ CP / STD* 900.00 CARE A1+ * Carved out of working capital limits A NNUAL R EPORT I 2010/11 9 Region-wise Projects as on 31st March 2011 Areas of Specialisation North Zone South Zone East Zone West Zone Total Transport Engineering 12 11 12 6 41 Energy Projects/High-rise Structures/ 2 23 16 23 64 Industrial Structures Hydro Power/Tunnel/Irrigation Projects 7 5 2 1 15 Building Works 0 9 1 10 20 Ground Engineering & Environment 0 1 4 4 9 Protection Pipeline and Marine Projects 3 0 2 3 8 Total 24 49 37 47 157 Cooling Tower, Bhusawal, Maharashtra A NNUAL R EPORT I 2010/11 10 Signature Bridge, New Delhi Tunnel Work, Parbati Power Project, Himachal Pradesh A NNUAL R EPORT I 2010/11 11 CWG Flyover, Delhi Financial Highlights of the decade 2001-02 2002-03 2003-04* Apr04-Dec04 Jan05-Mar06 2006-07 2007-08 2008-09 2009-2010 2010-11 9 Months 15 Months A. FINANCIAL POSITION LIABILITIES: Share Capital 12.84 12.84 12.84 15.58 17.69 17.69 17.69 126.71 25.83 27.49 Employee Stock Option Outstanding - - - - - - - 1.81 1.75 1.16 Equity Shares Warrants 18.60 0 Reserves & Surplus (Excluding Revaluation of Assets) 98.31 113.55 139.25 309.62 840.79 879.78 961.31 1,206.55 1,656.29 1848.85 Revaluation reserves 73.32 71.73 70.22 69.13 67.34 252.80 249.66 245.57 242.43 239.30 SHAREHOLDERS FUNDS: 184.47 198.12 222.31 394.33 925.82 1,150.27 1,228.66 1,580.64 1,944.90 2,116.80 Loan Funds 149.17 188.26 218.18 303.10 170.59 371.49 377.06 972.27 1,294.56 2,126.15 Deferred Tax Liability 17.46 26.61 31.98 36.59 34.53 37.92 37.17 54.36 71.73 81.43 TOTAL CAPITAL EMPLOYED 351.10 412.99 472.47 734.02 1,130.94 1,559.68 1,642.89 2,607.27 3,311.19 4,324.38 ASSETS: Fixed Assets (Net) [Excluding Revaluation of Assets] 167.87 215.17 225.09 253.33 309.70 448.68 541.79 737.84 926.56 1,143.35 Amount of Revaluation 73.32 71.73 70.22 69.13 67.34 252.80 249.66 245.57 242.43 239.30 Total Net Fixed Assets (Including Revaluation of Assets ) 241.19 286.90 295.31 322.47 377.04 701.48 791.45 983.41 1,168.99 1,382.65 Current Assets (Net) 94.21 49.19 96.66 321.92 637.71 707.76 690.66 1,403.25 1,944.36 2,730.43 Investments 15.70 76.90 80.50 89.63 116.19 150.44 160.78 220.61 197.84 211.30 TOTAL ASSETS 351.10 412.99 472.47 734.02 1,130.94 1,559.68 1,642.89 2,607.27 3,311.19 4,324.38 B.
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