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Annual Report 2019-20 INSIDE the REPORT Unleashing Limitless Energy GE T&D India Limited Annual Report 2019-20 INSIDE THE REPORT COMPANY FINANCIAL OVERVIEW 01 STATEMENTS 101 Corporate Information 01 Independent Auditor’s Report 101 Board of Directors and Key Managerial Balance Sheet 110 Personnel 02 Statement of Profit and Loss 111 General Electric Company (GE) 04 Cash Flow Statement 112 GE Renewable Energy 05 Statement of changes in Equity 113 GE T&D MAKING IN INDIA SINCE 1957 06 Notes to Financial Statements 114 Product Portfolio 08 GE’s Gridathon 10 Events & Awards 12 GLOSSARY 169 5 Years Financial Performance 14 DIRECTORS’ REPORT 15 MANAGEMENT DISCUSSION AND 60 ANALYSIS REPORT BUSINESS RESPONSIBILITY 68 REPORT REPORT ON CORPORATE 77 GOVERNANCE This report is also avaliable online at https://www.ge.com/in/ge-td-india-limited CORPORATE INFORMATION Board of Directors Corporate Social Responsibility Auditors Committee Vishal K Wanchoo - Chairman1 M/s B S R & Associates LLP Pitamber Shivnani - Managing Director & Dr. Kirit S Parikh, Chairman Chartered Accountants 2 Chief Executive Officer Vishal K Wanchoo1 Nagesh Tilwani - Whole-time Director Pitamber Shivnani2 Cost Auditors 3 Gaurav M. Negi - Director Gaurav M. Negi Kirit S. Parikh - Independent Director Nagesh Tilwani2 M/s Shome and Banerjee Rakesh Nath - Independent Director Sunil Wadhwa3 Cost Accountants Neera Saggi - Independent Director 1from October 1, 2019 to June 30, 2020 4 Sanjay Sagar - Independent Director 2w.e.f. July 1, 2020 Secretarial Auditors Stephane Cai – Chairman5 3Ceased to be member w.e.f. close of business Sunil Wadhwa - Managing Director6 hours of September 30, 2019 M/s VKC & Associates Bhanu Bhushan - Independent Director7 Company Secretaries 1w.e.f. July 24, 2019 Nomination and Remuneration 2 CEO w.e.f. January 15, 2020 and MD & CEO w.e.f. Registrars and Share July 1, 2020 Committee 3 Ceased to be Whole-time Director & Chief Transfer Agents Financial Officer w.e.f. close of business hours of Rakesh Nath, Chairman September 30, 2019 and continues to be Dr. Kirit S. Parikh C B Management Services (P) Limited Non-Executive Director Neera Saggi 4 P-22, Bondel Road, Kolkata - 700 019 w.e.f. July 1, 2020 Sanjay Sagar1 5 Retired by rotation at the 63rd Annual General Tel. No. : 91 33 40116700 (100 lines) Vishal K Wanchoo2 Meeting held on July 24, 2019 Fax No. : 91 33 40116739 3 6 Bhanu Bhushan Ceased to be Director w.e.f. close of business Email : [email protected] hours of September 30, 2019 Stephane Cai4 7 Ceased to be Director w.e.f. July 23, 2019 1w.e.f. July 1, 2020 2w.e.f. July 24, 2019 Bankers Committees of Directors 3Ceased to be Member w.e.f. July 23, 2019 4Ceased to be Member w.e.f. close of Annual Axis Bank Limited MUFG Bank, Ltd. Audit Committee General Meeting held on July 24, 2019 Citibank N.A. Rakesh Nath, Chairman Risk Management Committee Credit Agricole CIB Bhanu Bhushan1 Deutsche Bank Dr. Kirit S. Parikh Neera Saggi, Chairperson HSBC Neera Saggi Rakesh Nath HDFC Bank 1 Sanjay Sagar2 Vishal K Wanchoo ICICI Bank Limited 2 Gaurav M. Negi2 Pitamber Shivnani IDBI Bank Limited 3 Vishal K Wanchoo3 Stephane Cai Standard Chartered Bank 4 Stephane Cai4 Sunil Wadhwa State Bank of India 1Ceased to be Member w.e.f. July 23, 2019 Gaurav M. Negi YES Bank 2Member w.e.f. July 1, 2020 1w.e.f. October 1, 2019 3Member w.e.f. July 24, 2019 2w.e.f. July 1, 2020 4Ceased to be member w.e.f. close of Annual 3Ceased w.e.f. close of Annual General Meeting Corporate Identity Number General Meeting held on July 24, 2019 held on July 24, 2019 4Ceased w.e.f. close of business hours of L31102DL1957PLC193993 Stakeholders Relationship September 30, 2019 Registered Office Committee Chief Financial Officer A-18, First Floor, FIEE Complex, Rakesh Nath, Chairman1 Okhla Industrial Area, Phase II, Vishal K Wanchoo2 Sushil Kumar New Delhi - 110 020 Pitamber Shivnani3 w.e.f. October 1, 2019 Tel. No. 91 11 41610660 Gaurav M. Negi Sanjay Sagar3 Company Secretary Sunil Wadhwa4 Website 1Ceased to be member w.e.f. July 1, 2020 Manoj Prasad Singh 2from October 1, 2019 to June 30, 2020 www.ge.com/in/ge-td-india-limited 3w.e.f. July 1, 2020 4Ceased w.e.f. close of business hours of September 30, 2019 Annual Report 2019-20 BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL Mr. Vishal K Wanchoo Mr. Pitamber Shivnani Mr. Gaurav M. Negi Mr. Nagesh Tilwani Dr. Kirit S. Parikh Chairman Managing Director & Director Whole-time Director Independent Director (Non-executive) Chief Executive Officer * Mr. Vishal Wanchoo is Mr. Pitamber Shivnani has Mr. Gaurav M Negi has over Mr. Nagesh Tilwani is Professor Kirit Parikh the Strategic Advisor to extensive experience of 33 22 years of diverse exposure Bachelor of Engineering former Member of India’s the Global GE Corporate years in the transmission in the field of Finance, (Electrical). He has 25 Planning Commission Executive Office. He has and distribution sector in Corporate Governance years of experience in with a status of Minister been a GE Officer and the India. He was the President and Business Operations. the areas of operations, of State, is Chairman of President and CEO for GE of the Power Grid Division A Chartered Accountant business development, Integrated Research and India and South Asia – of ABB India from January 1, and Six Sigma Black Belt, service marketing, Action for Development responsible for all of GE’s 2016 till October 14, 2019. In he has been working with sales support, client (IRADe), New Delhi, a operations in the region this role he was responsible GE since 1999 and has held relationship management, non-profit NGO with focus besides being Chairman for its four business assignments with progressive techno-commercial on energy, environment, of GE Power India Limited. units - Transformers, High responsibilities both in India functions, project climate change, Prior to this, Vishal was Voltage, Grid Automation and Internationally. He has coordination and after urbanization and inclusive the Commercial Growth and Grid Integration. He been part of the prestigious sales service support development. He was the Leader for GE’s Global also led ABB India’s largest Leadership Programs of GE operations in the core Founder Director of the Indira Gandhi Institute of Growth Organization and manufacturing facility in in Finance and Executive engineering sector. He has Development Research responsible for developing Maneja, Vadodara. He Management and done been working with the (IGIDR), Mumbai and is growth and marketing started his career with certificate course from the Company since 1996 and a Fellow of the National strategies and execution ABB in 1987 and has Harvard Business School. currently leads the High Academy of Sciences, plans for all GE businesses held roles of increasing Mr. Negi is currently the CFO Voltage Switchgear (HVS) India. He was awarded responsibilities across for GE Renewables Onshore business division of the in the growth regions. “Padma Bhushan” by various divisions since then. Wind, Asia Pacific Region. Company. Vishal has been with GE the president of India, He played a major role in In the past, he has held the the third highest civilian for over 22 years and held the significant expansion position of Whole-time several senior leadership award in India. He has a of ABB’s transformer Director & CFO of GE T&D Doctor of Science in Civil positions including running business in India. Also, India Limited, and prior to GE’s global Healthcare Engineering and a Master’s under his leadership ABB joining the Company, he has degree in Economics IT business (HCIT) in the Grid’s business grew its held CFO & Senior Finance United States. Vishal has from Massachusetts manufacturing footprint positions in various GE Institute of Technology been a GE Officer since in India by adding new Joint Ventures & Business 2005 and started his career (MIT), USA and M. Tech factories and expanded its segments gaining a rich from IIT (Kharagpur). He with GE in November 1997, product portfolio by adding exposure in various industry has been a Professor of as the Vice President and Ultra High Voltage products. segments. His financial Economics since 1967. He General Manager of the expertise includes strategy, has also been a member Imaging and Information He earned an governance, corporate of the Economic Advisory Systems organization. undergraduate degree finance, risk management, Councils (EAC) of five He earned an in Electrical Engineering investor relations, planning Prime Ministers of India. undergraduate degree from IIT, Roorkee. He has and other domains of finance. in electrical engineering attended Senior Leadership from IIT Delhi and Development Program Mr. Negi is an alumnus of St. subsequently moved to from IMD, Switzerland and Columba’s School, New Delhi the US to do an MS in Harvard School of Business, and a commerce graduate computer engineering at USA. from The Hindu College, Delhi the University of Southern University and has done *Appointed as CEO w.e.f. January California. his articles from M/s. A.F. 15, 2020 and MD & CEO w.e.f. July Ferguson & Co., New Delhi. 1, 2020 02 GE T&D India Limited Annual Report 2019-20 Mr. Rakesh Nath Ms. Neera Saggi Mr. Sanjay Sagar Mr. Sushil Kumar Mr. Manoj Prasad Singh Independent Director Independent Director Independent Director* Chief Financial Officer Company Secretary Mr. Rakesh Nath has Ms. Neera Saggi has over Mr. Sanjay Sagar has Mr. Sushil Kumar has Mr. Manoj Prasad Singh about 42 years of varied 37 years of extensive almost four decades of rich finance experience has over 23 years of experience in power and varied experience, experience, of which the of 19 years working experience in Company sector planning, Operation both in the public and past two have been in with organizations Secretary function.
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